Every Insurer or Intermediary or Insurance Agent Shall –
- have a compliance officer, whose name and official position in
the organization shall be
communicated to the Authority, and he shall be responsible to
oversee the advertising program;
- establish and maintain a system of control over the content,
form, and method of dissemination of
all advertisements concerning its policies.
- maintain an advertising register at its corporate office which
must include:
- a specimen of every advertisement disseminated, or issued or a
record of any broadcast or telecast,
etc.;
- a notation attached to each advertisement indicating the
manner, extent of distribution and form
number of any policy advertised.
• maintain a specimen of all advertisements for a minimum period
of three years.
• file a copy of each advertisement with the Authority as soon
as it is first issued, together with information: an identifying
number for the advertisement;
• the form number(s) of the policy(ies) advertised and when the
product/s were approved by the Authority;
• a description of the advertisement and how it is used.
• the method or media used for dissemination of the
advertisement.
• file a certificate of compliance with their annual statement
stating that, to the best of its knowledge, advertisements
disseminated by the insurer or by its intermediaries during the
preceding year have complied with the provisions of these
regulations and the advertisement code as stated in
regulation 12.
• The advertisement register shall be subject to inspection and
review by the Authority for content, context, prominence and
position of required disclosures, omissions of required
information, etc.
Changes In Advertisement -
• Any change in an advertisement would be considered a new
advertisement.
• All the provisions of regulation 3 shall apply to an
advertisement referred to in sub regulation (i).
• The Authority shall be informed at the time of filing the
advertisement the extent of change the original advertisement
• Insurance company advertisements -
• Every insurance company shall be required to prominently
disclose in the advertisement and that part of the advertisement
that is required to be returned to the company or insurance
intermediary or insurance agent by a prospect or an insured the
full particulars of the insurance company, and not merely any
trade name or monogram or logo.
• Where benefits are more than briefly described, the form
number of the policy and the type of coverage shall be disclosed
fully. |
More Classifications...
