What are the guidelines issued by IRDAI regarding prospectus?

'Prospectus' has been defined in the Regulation 2(1) (e) of the IRDA (Protection of Policyholders' Interest) Regulations, 2002 to mean a document issued by the insurer or in its behalf to the prospective buyers of insurance, and should contain such particulars as are mentioned in Rule 11 of Insurance Rules, 1939 and includes a brochure or leaflet serving the purpose. Such a document should also specify the type and character of riders on the main product indicating the nature of benefits flowing thereupon. Regulation 6 provides for the matters to be stated in the insurance policy. The Regulation 7(1) (n) of 2002 Regulations read thus a general insurance policy shall clearly state: Provision for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured. All literature relating to the product should be in simple language and easily understandable to the public at large. As far as possible, a similar sequence of presentation may be followed. All technical terms should be clarified in simple language for the benefit of the insured. The product should be a genuine insurance product of an insurable risk with a real risk transfer. "Alternate risk transfer" or "financial guarantee" business in any form will not be accepted. Insurers should use as far as possible, similar wordings for describing the same cover or the same requirement across all their products. For example clauses on renewal of insurance, basis of insurance, due diligence, cancellation, arbitration etc., should have similar wordings across all products. The pricing of products should be based on appropriate data and with technical justification.