Few days back, Insurance Regulatory and Development Authority (IRDA), issued the following modified guidelines and published it on their website:
- In relation to Joint Sale Advertisements, IRDA has allowed Insurers to release Joint Sales Advertisements, without prior approval of the Authority if the advertisement is filed and is in accordance to the applicable regulations / guidelines in vogue. However, all the Joint Sale Advertisements filed with the Authority shall continue to carry a certificate from the Appointed Actuary as specified therein. It is also reiterated that a Joint Sale Advertisement is permitted to be issued only with its Corporate Agent or with a Micro Insurance Agent.
- All the joint Sale Advertisements released shall be filed separately specifically mentioning therein that the Advertisements filed are ‘Joint Sale Advertisements’.
- Further, all insurers shall file all types of the Advertisements, including Joint Sale Advertisements, within 7 days from the date of the release.
- All Advertisements approved by Insurers for their Insurance Agents (Individual and Corporate) shall also comply with all provisions of Advertisement Regulations and Guidelines and shall form part of Advertisement register. These Advertisements shall also be filed within 7 days as referred at point no. 3 above.
These modified guidelines on advertisements have been made effective from 17th July 2012.