Tuesday, April 13, 2010
SEBI Bans ULIP of 14 Insurance Companies
SEBI on Friday has banned 14 big insurance companies like SBI Life, TATA AIG and ICICI Prudential. The ban for receiving money for any Unit Linked Insurance Products (ULIP).
SEBI has also banned ULIP products of other companies also. The following are the list of banned companies of ULIP Products by SEBI.
List of Banned Companies of ULIP by SEBI
Aegon Religare Life,
HDFC Standard Life,
ING Vysya Life,
Kotak Mahindra Old Mutual Life,
Max New York Life,
Metlife India and Reliance Life.
Many other insurance companies officials, on the condition of anonymity, said they would approach IRDA on the issue before taking any call. Earlier in January, SEBI had issued a notice to these companies asking why they did not seek its permission before offering ULIP schemes.