Irda warns SBI Life Insurance for violating advertisement norm

NEW DELHI: Insurance sector regulator Irda today issued warning to SBI Life Insurance Co Limited for violating advertisement norms.

"The Authority...issues warning to your company against violations to IRDA (Insurance Advertisements and Disclosure Regulations) 2000.

"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," Insurance Regulatory and Development Authority (Irda) said in a warning note to the company.

Irda said 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.

"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," Irda said.

Irda 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.