SEBI On Insurance Companies Replies To Notice On ULIPs
SEBI, the capital market regulator, is studying the reply given by few life insurance companies. Because few weeks back, the life insurance companies sent notice to them on the ULIPs issue.
C B Bhave, Chaiman of SEBI said: “We are considering the reply to the (SEBI) notice that has been received.”
The regulator had issued a show-cause to a host of life insurers asking them for an explanation as to why they had not taken its permission before launching ULIPs.
Only a handful of life insurers such as Max New York Life, Bharti AXA Life, Bajaj Allianz and HDFC Standard Life have replied to SEBI on the notice issued to them.
“Whenever we issue a notice to anybody we consider what is their reply. Whatever action we will take would be made public,” Bhave added.
In the issued notice, SEBI had argued that the structure of ULIPs is similar to that of mutual funds. That’s why, they believe that in the nature of collective investment schemes, ULIPs fall under their purview.
ULIPs are those insurance products where a part of the premium goes towards providing life-cover while the balance is invested in stocks or bonds.
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