Every life insurance company can do business in equity and bond-linked products, such as unit-linked insurance policies (ULIPs), as per insurance regulator IRDA's rules, Parliament was informed today.
"The Insurance Regulatory and Development Authority has reported that every life insurance company registered under the IRDA Regulations, 2000, can transact life insurance business, which includes linked business," Minister of State for Finance, Namo Narain Meena, told the Rajya Sabha in a written reply.
After clearance from IRDA, the insurance companies must launch the products within three months from the date of clearance, he said.
The number of new products cleared by the IRDA during the 2009-10 financial year in respect of private insurance companies was 236, he added.