The finance ministry has said that it will set up a panel to look into the matter. Both IRDA and SEBI have agreed that the decision of this panel will be legally binding on them. However, the membership of this panel has not yet been announced, nor has any timeframe for its working been proposed.
For the time being, insurance companies can continue operating and marketing ULIPs as they were earlier.
Even though ULIPs will continue to operate unfettered while the panel does its job, the move is clearly a step forward for SEBI. For the first time, there is recognition of the fact there is an issue with ULIPs that needs attention. The earlier attitude of IRDA and the insurance industry was that all was well and there was nothing about ULIPs about which there could be any doubt.
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