ULIP investors are safe, assures IRDA

Posted By: Staff
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New Delhi, Apr 12: Insurance regulator IRDA on Monday, Apr 12, assured that the Unit-linked equity products (ULIPs) investors are safe.

Speaking to reporters, IRDA Chairman J Harinarayan, "I think we will have to have greater clarity on respective jurisdiction. Investors are safe."

Harinaryan arrived in New Delhi to give his side of the picture to the Finance Ministry officials.

"I don't think I have come here for a decision. I am here to give a perspective on the issue. SEBI does not have jurisdiction on ULIPs. Sebi believes otherwise," he said.

SEBI Chairman C B Bhave, who is here to attend a function, may also meet the ministry official on the issue.

On late Friday night, Apr 9, SEBI banned 14 life insurance firms from raising money from public for any ULIPs citing that policies have been launched without the regulator's consent.

A day after, IRDA asked these companies to continue their business as usual, questioning the SEBI's authority to issue such an order.

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