The stand-off on regulatory jurisdiction on unit-linked insurance plans (ULIPs), between the Insurance Regulatory and Development Authority and the Securities and Exchange Board of India (SEBI), will have no impact on new product approvals.

“There are no pending approvals of new ULIP products with us, as per the new guidelines issued by the Authority recently,” a senior IRDA official told Business Line here.

In its new guidelines announced last month, the Authority had said that all top-up premiums made during the period of contract in ULIPs, should include compulsory insurance cover treating it as a single premium.

“As the product designing according to these norms will take some time, they must be busy with it. As such, there are no products awaiting approval,” the official said.

Ref :- http://www.blonnet.com/2010/06/14/stories/2010061451620800.htm