The capital markets and insurance regulators have agreed to maintain current status on unit-linked insurance products, television channel CNBC TV18 showed Finance Minister Pranab Mukherjee as saying on Monday.
The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory Development Authority (IRDA) have also agreed to abide by legal verdict, Mukherjee told reporters after meeting the heads of the regulatory bodies.
Late last Friday, the SEBI said it barred 14 life insurance companies from issuing unit-linked insurance products (ULIPs) without the capital markets regulator's approval with immediate effect.
In response, insurance regulator IRDA on Saturday assured policyholders their investments are safe and issues arising out of SEBI orders will be addressed in the "appropriate forum".
(Reporting by Manoj Kumar; editing by Malini Menon)
(For more business news on Reuters Money visit http://www.reutersmoney.in/)
The Securities and Exchange Board of India (SEBI) and the Insurance Regulatory Development Authority (IRDA) have also agreed to abide by legal verdict, Mukherjee told reporters after meeting the heads of the regulatory bodies.
Late last Friday, the SEBI said it barred 14 life insurance companies from issuing unit-linked insurance products (ULIPs) without the capital markets regulator's approval with immediate effect.
In response, insurance regulator IRDA on Saturday assured policyholders their investments are safe and issues arising out of SEBI orders will be addressed in the "appropriate forum".
(Reporting by Manoj Kumar; editing by Malini Menon)
(For more business news on Reuters Money visit http://www.reutersmoney.in/)
Source:Yahoo Finance >
http://in.news.yahoo.com/137/20100412/748/tbs-mukherjee-sebi-irda-to-maintain-ulip.html
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