The government on Monday said the two regulators SEBI and IRDA have agreed to maintain the status quo that existed before marketSEBI-IRDA ULIP Row regulator's ban on 14 life insurers from raising funds for unit-linked schemes.
The status quo will be maintained till a court decides who can regulate ULIP schemes, Finance Minister Pranab Mukherjee told reporters here.
ULIP is an insurance product in which a bulk of the premiums is invested in equities and bonds.
"To resolve any ambiguity and to ensure smooth functioning in the market, the regulators have agreed to jointly seek a binding legal mandate from an appropriate court," Mukherjee said.

"Meanwhile, status quo ante is being restored," he told reporters outside the finance ministry.