March 18, 2010

To

CEOs
All Life Insurers

Sub: Controlled Fund- Life Insurance Companies- clarification

With reference to circular no. IRDA/F&I/CIR/F&A/045/03/2010 dated 17.03.2010, Authority is in receipt of inquiries from insurers about the investment patterns of ULIP, Pension and Annuity Fund as the above said circular now covers these funds in Controlled Fund.

It is hereby clarified that all the funds will continue to be governed by IRDA (Investment) Regulation, 2000 (as amended) which provides specific regulations for investments of ULIP and other funds. Hence there will not be any change in the investment pattern of any of these funds.

/Sd.-
(A Giridhar)
Executive Director