Tuesday, December 24, 2013

SBI Life receives warning from IRDA over ad norm violation

Insurance watchdog in India, the Insurance Regulatory and Development Authority (IRDA), on Thursday, issued a warning to SBI Life Insurance Company Limited against violations to IRDA (Insurance Advertisements and Disclosure Regulations) 2000.

The regulator in the warning note to private insurer said, “Your company is also advised to adhere to the best practices and comply with the provisions of Advertisement Regulations, Guidelines and circulars issued while releasing insurance advertisements."

Sales leaflets of the company were in violation of advertisement norms and were persistent in circulation for which it has issued a show cause notice earlier in August, IRDA said in the note, adding, “Your submissions that all the checks and balances in the form of Internal SQS Policies are in place and the stated approach aimed at curbing the wrong practices seem to be not effective at ground level."

Furthermore, the regulator said the Authority, however, is taking into consideration company's assurance that it is serious about stopping circulation of such leaflets and undertaking that it shall take all possible measures to ensure compliance to the said regulations.

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