Earlier SEBI had stated that its approval is required for insurance companies to offer ULIPs products to customers. Later SEBI stated that this direction would apply only to any new ULIP schemes / products launched after 9 April 2010. IRDA, however, protested that SEBI has no jurisdiction over ULIPs and that regulating any product related to insurance fell under its domain. Meanwhile the fight between regulators had reached the Supreme Court of India, where a petition filed by SEBI is pending.Government also stated that a high level committee under chairmanship of union finance minister has been constituted in order to sort-out all issues of jurisdiction regarding hybrid products.
Posts
2 comments:
It shows how helpless the government is before the powerful insurance lobby. It has kneel-down before the money trickster (ULIP Sellers) by bypassing the law enacted by parliament giving the powers to SEBI & related rules & regulations prescribed under SEBI Act. More over when existing ULIP's were permitted to be sold ...as earlier & matter sub-judice before the Supreme Court, what prompted the need for such a hasty ordinance. Govt. owes an explanation to people of India as to why Life Insurance was nationalized on 19 Jan 1956 by closing about 245 insurers & now what they or IRDA is doing to prevent repetition of then prevailing situation(s) in future & also to safe guard the interest of investors of ULIP. This also reveals how our law makers enact laws without applying mind & then do such tricks to undo their firm belive/thoughts.
@ CitizenOfFeeIndia... Thanks for your comment...
Post a Comment