The following Financial Services guidance note Produced in partnership with Khaitan & Co., Advocates & Solicitors provides comprehensive and up to date legal information covering:
In respect of the sales of insurance products/services, the Insurance Regulatory and Development Authority of India (IRDA) has published guidelines on ‘distant marketing of insurance products’ on 5 April 2011 (Guidelines). These Guidelines provide that agreements between insurers/insurance brokers and telemarketers should contain the following obligations on telemarketers:
the telemarketer shall maintain/preserve recordings of all the calls in accordance with the Guidelines until such records are transferred in satisfactory condition to the insurer
the telemarketer shall maintain records of all the tele-callers and authorised verifiers employed by them along with their training and assessment particulars; and
the aforementioned records shall be kept available for inspection by the IRDA
The Guidelines further provide that:
the tele caller and the authorised verifier shall ascertain if the client is interested in continuing with the subject, and the process of solicitation shall proceed further only on receiving the consent in explicit terms
the client shall be given an option to continue with the subject or exit the page at every stage in case of electronic modes. The hours during which calls are made shall be in accordance with
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