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  • IA-2.3 IA-2.3 Product Comparisons

    • Policy for comparison and distribution of insurance products

      • IA-2.3.1

        Insurance aggregators must have a Board approved policy on the approach to be followed by the insurance aggregator in having multiple tie-ups, type of products sold, grievance redress mechanism, reporting requirements and any other item. The Board of the insurance aggregator must review the same at least once in three years.

        October 2019

    • Display of product comparisons on the insurance aggregator website

      • IA-2.3.2

        The insurance aggregator must adhere to the following conditions relating to display of product comparison on its website:

        a) Disclose prominently on the home page, a notice that
        i. the prospective client's/visitor's particulars could be shared with insurance firms;
        ii. the information displayed on the insurance aggregator's website is of the insurance firms with whom the insurance aggregator has an agreement;
        b) Product information displayed by the insurance aggregator must be authentic and be based solely on information received from insurance firms;
        c) Insurance aggregators must not display customer ratings, rankings, endorsements or bestsellers of insurance products on its website;
        d) The content of the website of the insurance aggregator must be unbiased and factual in nature;
        e) Basic features of products may be compared, such as:
        i. Eligibility criteria
        ii. Policy term
        iii. Premium
        iv. Inbuilt benefits/riders
        v. Premiums for different age groups
        vi. Benefits such as survival benefits/maturity benefits/death benefits etc.
        vii. Any other additional information/special product features relating to the products
        f) Product comparisons that are displayed must be up-to-date and reflect the true picture of the products.
        g) The product comparison must highlight whether a particular policy is a sharia compliant Takaful policy or a conventional insurance policy.
        October 2019

      • IA-2.3.3

        Insurance aggregators must not operate multiple websites or tie up with other un-registered websites for comparison of products.

        October 2019