Sunday, April 11, 2010

SEBI bans 14 insurance cos

Market regulator SEBI has barred 14 private life insurance companies from selling unit-linked insurance plans without its approval, on Friday night giving a fresh twist to the turf war between SEBI and insurance watchdog IRDA.

"I hereby direct the entities...not to issue any offer document, advertisement, brochure soliciting money from investors or raise money from investors by way of new or additional subscription for any product (including ULIPs),"said Prashant Saran, wholetime SEBI member in an order.While passing the order late Friday night, SEBI said the entities have not obtained any registration from the regulator though the ULIPs launched by them had an investment component in the nature of mutual funds.Adding further the order states that companies banned having an investment component in the nature of mutual funds is expected to move the court.
Prashant Saran said that they need to wait till they obtain the requisite certificate of registration from SEBI.
The 14 companies mentioned in this order include
*Aegon Religare
*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

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