IRDAI Regulations 2024: Comprehensive Overview of Policyholder Protection and Insurer Operations
5. Definitions applicable to Part A
Chapter 1 - Activities Prior to Sale of Insurance Policies
Products on Offer/Products Withdrawn
Bare Act
8. Products on Offer/Products Withdrawn
- (1) Every insurer shall ensure that the products that are being offered for sale and those that are withdrawn are published prominently on its website along with the benefits, features, applicable terms and conditions, premium, prospectus, its Unique Identification Number, benefit illustration, as applicable, and shall update regularly.
- (2) Every distribution channel shall provide a link prominently on its website, if maintained, to directly access the insurer’s website wherein products on offer are displayed with respect to insurers.
Simplified Act and examples below are previews.
Subscribe to KanoonGPT Pro for full contentSimplified Act
This section of the IRDAI Regulations, 2024, explains the responsibilities of insurers and their distribution channels regarding the display of insurance products. It ensures transparency by requiring insurers to make information about thei
Explanation using examples
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(1) of the IRDAI Regulations, 2024, ABC Insurance must ensure that both the new product being offered and the withdrawn product are prominently published on their website.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, pros
