Irda plans more Ulip reforms

The Insurance Regulatory and Development Authority is now ready to launch a host of reforms for unit-linked insurance plans (Ulips) to make the products more risk-based and reduce agents commissions. Hopefully, the Ordinance, effective April 9, will put an end to our turf war with the capital market regulator over Ulip regulations. The Ordinance will pave the way for a suitable legislation in the next six months, said a top official of Irda. As desired by the finance ministry, Irda would continue its drive to add more risk features in Ulip which had come under attack for being a more ...

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