Sebi notice to insurers on Ulips rattles Irda, players

The Insurance Regulatory & Development Authority of India (Irda) has expressed concern over the Sebi notice to life insurance companies on sale of unit-linked insurance plans (Ulips). Nowhere in the world are multiple regulators allowed to regulate the same financial products, Irda chairman J Hari Narayan told FE on Saturday. He, however, maintained he would have to examine the notice before making further comments. On Friday, Sebi issued notices to a host of life insurers, including ICICI Prudential, Max New York, Bajaj Allianz, Aviva and Aegon Religare Life Insurance, saying Ulips fall under the collective investment scheme category, which are ...

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