Irda hits back at Sebi over Ulip bar order

In an unprecedented development, two regulators capital market watchdog Sebi and insurance regulator Irda are openly fighting out a battle over the regulation for unit-linked insurance products (Ulips). Coming to the rescue of the 14 life insurers who were restrained by Sebi from dealing in Ulips, the Insurance Regulatory and Development Authority, in a late evening order on Saturday, asked these companies to continue selling the products. In exercise of the powers vested in the Authority under Section 34(1) (a) and (b) of the Insurance Act, 1938, and after due consultation with the members of the consultative committee, all the ...

More...