With reference to the above, the Authority has examined your reply dated 30th Aug, 2013 in response to Show Cause and your submissions during Personal Hearing dated 4th Dec, 2013 and conclude its observations as follows:

      a. Violation of the IRDA (Insurance Advertisements and Disclosure Regulations) 2000 is clear specifically Regulation 3(1) V (a), Regulations 6(1), 6(2) and 2(d) iii.

      b.  The sales leaflets which violate the above mentioned Regulations are still persisting in circulation. 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.

 However your assurance that the company is serious about stopping the circulation of such leaflets and undertaking that the company shall take all possible measures to ensure compliance to the above referred regulations are taken into consideration.

 The Authority therefore 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.