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| By Samudranil Mukherjee |
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Tuesday, April 13, 2010 (13:09:58) |
| Tags : Insurance, India, Unit Linked Insurance Products, Pranab Mukherjee |
India finance ministry for maintaining status quo of ULIPs |
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| New Delhi, April 13: The insurance regulator and the capital markets operating in India have finally consented to allot current status to the Unit Linked Insurance Products. This statement was made by the Union Finance Minister Pranab Mukherjee.
He said that the regulating bodies have agreed to seek, in a combined effort, a legal mandate that would be applicable for the insurance products that have been at the center of a storm for the past couple of days.
On 9th April the Securities and Exchange Board of India had, on its website, issued an order whereby it had banned 14 life insurance enterprises from trading the ULIPs for having launched them without seeking its consent. SEBI had said that they had not registered with it.
On 10th April, the umbrella organisation of insurance companies in India, the Insurance Regulatory Development Authority had assured the holders of insurance policies about the safety of their investments. They had also said that the orders issued by SEBI would be looked at a proper forum.
On Monday, J Hari Narayan, the chairman of the IRDA had told the media that the ULIPs were not under the jurisdiction of SEBI. He also said that SEBIs decision would leave a negative effect on insurance companies and policy holders. |
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