As per Insurance Regulatory & Development Authority (Registration of Insurance Companies) Regulations, 2000 the life insurance includes contracts of both unit linked insurance products (ULIPs) and non-linked insurance products. However, the Securities and Exchange Board of India (SEBI) is of the view that ULIPs have an investment component and are offered for sale to the general public for which SEBI has the mandate to regulate. Since the issue pertains to jurisdiction of the respective regulators for regulating linked life insurance products, the two regulators have agreed to make a joint application before an appropriate court for decision on the question of jurisdiction.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Lok Sabha today.
