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Insurance Regulatory and Development Authority of India (IRDAI) has given a warning to Star Health for bringing out an advertisement (that appeared in a financial daily) where it said it was number one in health segment among private general and health insurers (FY14-15).
The regulator said that as per its rules, no insurer in their ad can make any claim of ranking based on their position in the insurance market using criteria like premium or number of policies.
IRDAI said that Star Health has already responded to their concerns and has said that this mistake will not recur in future and regretted it.
The regulator also said that such ads could potentially mislead customers.
