Ulips life insurance products, Irda to regulate, rules govt

The government has put to rest the two-month-long turf war between insurance regulator Irda and capital market watchdog Sebi, clarifying that life insurance business includes any unit-linked insurance policy, scripts or similar instruments. Life insurance business shall include any Ulip or any such instruments. This would set at rest all the issues regarding Ulips between two financial regulators, the government said in a statement after promulgating the Securities & Insurance Laws(Amendment & Validation) Ordinance 2010 to make necessary changes in the law. With the President s Ordinance on Friday amending the RBI Act 1934, Insurance Act 1938, Sebi Act 1992 and ...

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