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IRDAI applies brakes on vehicle insurers' misleading advertisements
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SME Times News Bureau | 20 May, 2022
Applying brakes on general insurers taking vehicle owners for a ride,
insurance regulator IRDAI on Thursday asked the industry to desist from
issuing misleading advertisements.
In a circular to the
general insures, the Insurance Regulatory and Development Authority of
India (IRDAI) has asked the insurers to discontinue the advertisements
in respect of the services not related to insurance claims provided by
motor garages/workshops, to stop displaying discounts with reference to
erstwhile tariff/premium rates, and stop displaying of discounts/savings
in premium applicable only under extreme or exceptional scenarios as
examples.
According to the IRDAI, general insurers issuing
advertisements on free vehicle pick up and drop, body wash, interior
cleaning, and others are not related to servicing of claims and should
not be done.
The regulator also said perusal of some
advertisements of general insurers showing discounts and savings in
premium can be achieved only in extreme or exceptional scenarios.
It said such advertisements make prospective policyholders vulnerable for wrong understanding.
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