Life companies, when contacted, state they would stick to the line that the products diminish at a lower place IRDA regulation and are unlikely to either check mark selling ULIPs or obtain registration with SEBI. Insurers say for the riposte to be now closed, the governors will have to sort it let out among themselves or it will require the intervention of the government.
Among biography insurance companies, Reliance Life Insurance had announced its intent to go for an IPO. Some time ago, HDFC Standard Life too had said it would look at an IPO in 2010-11. The Aditya Birla Group is looking for at hiving off its financial services business under a recent entity â€" an exercise which would require listing of the new arm.
Although there are no guidelines in place for life insurance IPOs, IRDA is expected to come out with disclosure norms for companies quest a listing by end February. Following this, SEBI is too expected to come out with the disclosure requirement in a couple of months.
Only after the market regulation nonifies the disclosure norms, the first life insurance company dope go public.
When contacted by ET, Reliance Capital chief executive director Sam Ghosh, said: We hope this issue gets resolved originally we file our draft prospectus.
Most of the life companies do not agree with SEBIs interpretation of laws with respect to regulation of ULIPs. The market regulator last week wrote to most of the life insurance companies stating that their ULIP products cosmetic surgery money from the public and the money is invested in a parentage chosen by public and the calculation is through last asset value which is unitised fund value.
According to SEBI, all these characteristics are akin to mutual fund schemes.
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