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The Insurance Regulatory and Development Authority has warned IndiaFirst Life Insurance Company Ltd on violation of norms related to advertisements.
Referring to an advertisement, the IRDA said it contained a reference to rejection of ‘many of the claims by other company on one pretext or other’ which is considered as ‘disparaging competitors’.
The advertisement also contained statements like ‘lowest operating expenses’, ‘the highest settlement of group claims’ and ‘best solvency ratio’.
Stating that these were violations of advertisement regulations and guidelines, the IRDA warned the company and directed it to strictly adhere to norms.
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