The disclosures must accord to the format published by Insurance Regulatory and Development Authority, Sebi said.
While equity markets are regulated by Sebi, Irda supervises the insurance industry. In the past, the two regulators have clashed over who should regulate unit-linked insurance products, or Ulips. While Irda claimed that Ulips came under its jurisdiction, being insurance-related products, Sebi had said that since these were in the equity markets, they should come under its ambit. The issue was later resolved with each regulator agreeing to stick to their own turf.
Under the new IPO norms issued by Sebi, GICs must also declare cross-selling and claims while going in for an IPO, and must declare risk factors, which will act as guidance.
A GIC will also be mandated with declaring the maximum possible loss ratio to potential investors, the markets regulator said.
Claims under review must also be disclosed and classified by age and type, Sebi said.