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Dear Members
The Indian bourses swung between gains & losses, largely due to volatile global equities and closed at 17,509 points on 1st July, 2010.
The IRDA issued new ULIP guidelines which now come under IRDA’s purview and as per the new guidelines:
1.
Insurers cannot front load costs
2.
Three-year lock-in period for all Ulips increased to five years
3.
Minimum cover doubled on all life Ulips
4.
Stipulation of 4.5% guaranteed return on pension and annuity plans
5.
All limited premium unit-linked insurance products, other than single premium products, shall have premium paying term of at least 5 years
On regulatory front, SEBI released, “Account maintenance charges collected upfront on annual/ half yearly basis on demat accounts” & “Reporting of lending of securities bought in the Indian Market” circulars and RBI released master circulars. Request you all to access the same under
“Circular Corner” in the home page of the RAIN website.
Nothing much to report on RAIN front.
With best regards
V.
Ganesh
Chairman – RAIN
www.rainnet.org
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