The IRDAI circular of 2007 says: “No claim of ranking by an #insurance company as regards its position in the insurance market based on any criteria (like premium income or number of policies or branches or claims settlements etc) is permissible in any of the advertisements.”
It said issuing any advertisements in violation of regulatory stipulations will potentially mislead the prospects and any subsequent regret of the insurer cannot exonerate from the violations committed.
“In light of the above, your company is hereby warned for the above violations. You are directed to comply with the provisions of advertisement regulations, guidelines and circulars issued by the Authority while releasing insurance advertisements,” IRDAI said.
The advertisement read: “Star #Health Insurance ranks No. 1 among all private general and health insurance companies in India in health segment (2014-15).”