Published on Tue, Feb 02, 2010 at 20:43 | Source : Moneycontrol.com
Updated at Tue, Feb 02, 2010 at 20:46
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Insurance cos to meet IRDA over SEBI row
Life insurance companies are likely to meet insurance regulator IRDA on Wednesday over the issue of market regulator SEBI sending show-cause notices to a number of insurers.
Life insurance companies are likely to meet insurance regulator IRDA on Wednesday over the issue of market regulator SEBI sending show-cause notices to a number of insurers.
SEBI had issued notices to a number of life insurance companies over unit-link insurance plans (ULIPs) and said since these products were similar to mutual fund products, they would require clearance from the market regulator.
However, the insurance regulator has opposed the SEBI stand and said insurance companies have not violated norms by not getting SEBI approval.
Sources say companies like Kotak Life, Reliance Life and Birla Sun Life among others are meeting the insurance regulator on the issue. The Life Insurance Council is also expected to attend the meeting.
