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Curbing mis-selling of ULIPs

HYDERABAD: The Insurance Regulatory and Development Authority (IRDA) will initiate steps to prevent the mis-selling of Unit Linked Insurance Plans (ULIPs), as many such instances are being reported, according to the Chairman of the IRDA, J. Hari Narayan.

He was speaking to the reporters on the sidelines of graduation function of Executive Programme in Insurance and Risk Management (EPIRM) conducted jointly by ICICI Prudential Life and Institute of Insurance and Risk Management (IIRM) here on Friday.

The Actuarial Society of India is working on the norms for evaluation of insurance companies so as to enable them to go public and the IRDA would take a call after the recommendations were made by the society.

Mr. Hari Narayan said that Life Insurance Corporation of India would have to adhere to the new rule that it should restrict its new investments to below 10 per cent of equity of a single company.

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