Bill to replace ULIP ordinance soon: Finance Secretary

Jul 20, 2010 |

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New Delhi, July 20: Amid the Reserve Bank expressing reservations over the ULIP ordinance, the Finance Ministry today said a bill to replace the ordinance would be placed in the forthcoming session of Parliament beginning July 26.

"Regulators have raised their points of view. The Finance Minister has taken note of those issues. The ordinance in whatever form has to be placed before Parliament. It is matter of a few days when this (bill) will be tabled and everybody would know what the future course of action on this particular piece of regulation is," Finance Secretary Ashok Chawla said.

After market watchdog SEBI and insurance regulator IRDA locked horns over jurisdiction of Unit Linked Insurance Products (ULIPs), the government issued an ordinance giving IRDA the powers to regulate these schemes.

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