IRDAI Reg Section 8 : Products on Offer/Products Withdrawn

Explanation using Example

Example 1: Compliance with Product Information Requirements

Introduction: ABC Insurance, a leading insurance provider, offers a range of life insurance products. Recently, they decided to withdraw one of their older products due to low demand and introduce a new, more competitive product.

Application: According to Section 8, Sub-section (1) of the IRDAI Regulations, 2024, ABC Insurance must ensure that both the new product being offered and the withdrawn product are prominently published on their website. This includes details such as benefits, features, terms and conditions, premium, prospectus, Unique Identification Number, and benefit illustration.

Outcome: ABC Insurance updates their website to reflect these changes, ensuring compliance with the regulation. Failure to do so could result in penalties or sanctions as per the regulatory framework governing insurance companies. This proactive approach also helps maintain transparency and trust with their customers.

Conclusion: By adhering to the regulation, ABC Insurance not only avoids potential legal consequences but also enhances customer satisfaction by providing clear and accessible information about their products.

Example 2: Distribution Channel Compliance

Introduction: XYZ Brokers, an insurance brokerage firm, partners with multiple insurers to offer a variety of insurance products to their clients. They maintain a comprehensive website to facilitate easy access to information for potential customers.

Application: As per Section 8, Sub-section (2) of the IRDAI Regulations, 2024, XYZ Brokers must provide ...

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