(1) Every insurer or intermediary or insurance agent shall -
(i) have a compliance officer, whose name and official position in the organisation shall be communicated to the Authority, and he shall be responsible to oversee the advertising programme;
(ii) establish and maintain a system of control over the content, form, and method of dissemination of all advertisements concerning its policies.
(iii) maintain an advertising register at its corporate office which must include:
(a) a specimen of every advertisement disseminated, or issued or a record of any broadcast or telecast, etc.;
(b) a notation attached to each advertisement indicating the manner, extent of distribution and form number of any policy advertised, and
(iv) maintain a specimen of all advertisements for a minimum period of three years.
(v) file a copy of each advertisement with the Authority as soon as it is first issued, together with information:
(a) an identifying number for the advertisement;
(b) the form number(s) of the policy(ies) advertised and when the product/s were approved by the Authority;
(c) a description of the advertisement and how it is used.
(d) The method or media used for dissemination of the advertisement.
(vi) File a certificate of compliance with their annual statement stating that, to the best of its knowledge, advertisements disseminated by the insurer or by its intermediaries during the preceding year have complied with the provisions of these regulations and the advertisement code as stated in regulation 12.
(2) The advertisement register shall be subject to inspection and review by the Authority for content, context, prominence and position of required disclosures, omissions of required information, etc.
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