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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.
The episode on Unit linked Insurance Plans (Ulips) started on 9th April, 2010 when SEBI issued notice u/s 11 of the SEBI Act, 1992 to the 14 life insurance companies namely, Aegon – Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vysa Life, Kotak Mahindra Old Mutual Life, Max New Life, Metlife India, Reliance Life, SBI Life and Tata AIG Life, banning them from selling Ulips. This surprised all particularly when the insurance regulator had approved the scheme.
Corporate Affairs Minister Salman Khurshid on Wednesday downplayed fears that investors would lose confidence due to the row between SEBI and IRDA over market-linked insurance policies, as the issue will be resolved in favour of either one regulator or the other by the courts.
A day after the finance ministry brokered a truce between two financial sector regulators, SEBI today said any new ULIP scheme launched after April 9, 2010 by insurance companies will remain covered by its earlier ban order.
In the context of the recent directions of the Securities and Exchange Board of India (SEBI) to 14 insurance companies directing them not to issue any offer document, advertisement, brochure soliciting money etc from investors, the IRDA deems it appropriate to issue the following statement.
The government today said the two regulators SEBI and IRDA have agreed to maintain the status quo that existed before market regulator’s ban on 14 life insurers from raising funds for unit-linked schemes. The status quo will be maintained till a court decides who can regulate ULIP schemes, Finance Minister Pranab Mukherjee told reporters here. ULIP is an insurance product in which a bulk of the premiums is invested in equities and bonds.
SEBI chairman C B Bhave, and IRDA chief J Harinarayan had separate meetings with finance secretary Ashok Chawla on Monday over the ongoing tussle between the two regulators over equity-linked insurance schemes. The differences between the two regulators over administration of the unit-linked insurance products (ULIPs) are likely to be resolved by this evening, IRDA chief Harinarayan indicated after his meeting with Chawla.
In a piquant situation, insurance regulator Irda on saturday rejected the market regulator Sebi’s ban on life insurance companies from raising funds through unit-linked insurance policies and asked them to do business as usual. Taking Sebi head on in the turf war over who would administer Ulip (unit-linked insurance products) scheme, Irda, in a surprise order, told the 14 affected life insurance companies that it has set aside the Sebi ban.
Against the backdrop of Sebi banning 14 life insurers from selling ULIPs, the insurers are likely to meet here on Monday to discuss their future course of action against the order. SEBI had, late yesterday night, banned 14 life insurance companies from selling ULIPs–insurance products that invest in equity–on the ground that they were akin to mutual funds and were launched without obtaining registration from it.
Insurance regulator IRDA on Saturday said that ULIP policies, under which a portion of funds is invested in the stock markets, are safe and secure. “Policy holders of the Unit Linked Insurance Products (ULIPs) offered by different insurance companies are assured that these policies are safe and secure”, said IRDA chairman J Hari Narayan in a release that followed market regulator Sebi banning such schemes of select companies last night.
