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Ordinance makes ULIPs life insurance product

New Delhi/Chennai, June 19 (IANS) Setting at rest the tussle between the Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA), President Pratibha Patil Friday night promulgated an ordinance amending four laws at one go to make unit linked insurance policies (ULIP) an insurance product.

‘This would set at rest all the issues regarding ULIPs between two financial regulators i.e. Securities Exchange Board of India (SEBI) and Insurance Regulatory Development Authority (IRDA),’ an official statement issued in New Delhi Saturday evening said.

The ordinance amended the Reserve Bank of India Act 1934, the Insurance Act 1938, the SEBI Act 1992 and the Securities Contract (Regulation) Act 1956 to clarify that life insurance business shall include ULIPs or scrips or any such instruments.

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