
IRDAI’s strict instructions regarding vehicle insurance, attractive offers will not be publicized
Taking Cognizance of the misleading advertisements for vehicle insurance, the Insurance Regulatory and Development Authority of India (IRDAI) on Thursday asked the industry to desist from issuing misleading advertisements. It said such advertisements make prospective policyholders vulnerable to wrong understanding.
In a circular to the general insures, the 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.
[With Inputs from IANS]
PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views
For all the latest updates, download PGurus App.
- Udaipur horror: Islamists behead Hindu shopkeeper for allegedly supporting Nupur Sharma; post video on social media threatening PM Modi - June 28, 2022
- Karnataka CM Bommai says Bengaluru to host 9 meets related to G20 Summit - June 28, 2022
- PM Modi, EU Commission President Ursula von Der Leyen hold talks in Germany - June 28, 2022
Toothless organizations waking up from deep slumbers – Rip Man Winkle