IRDA to contest SEBI order (With SEBI bans 14 insurance companies from selling ULIPs)
April 10th, 2010 - 11:05 pm ICT by IANSChennai, April 10 (IANS) The Insurance Regulatory and Development Authority (IRDA) Saturday said it will challenge, in a legal forum, market watchdog Securities and Exchange Board of India’s order banning 14 life insurers from selling unit linked insurance products (ULIPs).
“Policyholders of the unit linked insurance products offered by different insurance companies are assured that these policies are safe and secure and the matters arising out of the recent orders of the SEBI will be addressed expeditiously in the appropriate forum in accordance with the law,” the IRDA said in a statement released here.
The 14 companies banned by SEBI are Aegon Religare, Aviva, Bajaj Allianz, Bharti AXA, Birla Sun, HDFC Standard, ICICI Prudential, ING Vyasa, Kotak Mahindra, Max New York, Metlife India, Reliance Life Insurance, SBI Life Insurance and TATA AIG.
ULIPs constitute nearly 90 percent of the sales for many private life insurers. The industry average is around 85 percent.
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- IRDA asks life insurers to defy SEBI ban (Lead) - Apr 11, 2010
- SEBI bans 14 insurance companies from selling ULIPs - Apr 10, 2010
- Life insurers asked to defy SEBI ban - Apr 11, 2010
- Day after truce, SEBI says order applies to new ULIPs - Apr 13, 2010
- SEBI restrains 14 insurance companies from raising fresh money - Apr 10, 2010
- Move to end regulatory turf war over insurace plans (Lead) - Apr 12, 2010
- Mukherjee ensures status quo on ULIPs (Roundup) - Apr 12, 2010
- More than 250 ULIPs sucked out of the market - Sep 02, 2010
- Government would look into ULIP ban issue: Ashok Chawla - Apr 12, 2010
- IRDA bans universal life products - Oct 21, 2010
- 'ULIPs have potential for life insurers despite curbs' - Nov 22, 2010
- Ordinance declares ULIPs life insurance product (Lead) - Jun 19, 2010
- Ergo looking for partners to start life insurance business - Aug 26, 2010
- Insurance regulator bracing for spat with judiciary - Feb 14, 2011
Tags: accordance with the law, aegon, bajaj allianz, bharti axa, birla, exchange board, hdfc, icici prudential, ing vyasa, insurance products, insurance regulatory and development authority, kotak mahindra, legal forum, life insurers, market watchdog, prudential ing, religare, securities and exchange board of india, tata aig, ulips