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In what could be seen as intensifying turf war between SEBI and IRDA, the market regulator has banned 14 private life insurance companies from selling ULIPs (unit-linked insurance plans). Aegon Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vyasa Life, Kotak Mahindra Old Mutual Life, Max New York Life, Metlife India, Reliance Life, SBI Life, TATA AIG Life are the companies in question.
Besides this, SEBI has also come out with a circular saying that the insurance companies will need to get its approval before selling any kind of ULIPs.
A few months back, the same issue was raised by SEBI. At that time the companies had said that as per IRDA regulations as well as the current rules, they were allowed to sell ULIPs. At that time, SEBI had supported the views of the individual companies.
But now, the things have changed and Prashant Sharn, Wholetime Director, SEBI said that the companies (mentioned above) are not allowed to sell ULIPs and not present the offers in any form in their promotional activities.
He said that the companies have divided the ULIPs on their own discretion, something which is not acceptable.