IRDA asks life insurers to defy SEBI ban
Chennai, April 11: The Insurance Regulatory and Development Authority (IRDA) has asked 14 life insurers to defy the ban imposed by the Securities and Exchange Board of India (SEBI) on selling unit linked insurance policies (ULIP). The IRDA, contending that the ban would bring the life insurance sector to a standstill, on Saturday night directed the 14 insurance companies mentioned in Friday’s SEBI order to “continue to carry out insurance business as usual, including offering, marketing and servicing ULIPs in accordance with the Insurance Act, 1938, Rules, Regulations and Guidelines issued by it.”
Meanwhile, the life insurers — 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 — are expected to approach the court Monday to get a stay on the operation of SEBI’s ban order.
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