July 27 (Reuters) – India on Tuesday introduced a bill in parliament to allow insurers to sell unit-linked insurance plans (ULIPs), without seeking the capital markets regulator’s approval.
The Securities and Exchange Board of India (SEBI) and the insurance regulator had locked horns on who should regulate ULIPs, mutual fund instruments with an added life cover, given the products combined insurance and investments.
The bill will seek to formalise an earlier presidential decree which permitted such sales. (Reporting by Manoj Kumar; editing by Malini Menon)
