The Insurance Regulatory and Development Authority (IRDA) has asked 14 life insurers to defy the Securities and Exchange Board of India (SEBI)-imposed ban on selling unit linked insurance policies (ULIP).

The IRDA, contending that the ban would bring the life insurance sector to a standstill, Saturday night directed the 14 insurance companies mentioned in Friday's SEBI order to "continue to carry out insurance business as usual, including offering, marketing and servicing ULIPs in accordance with the Insurance Act, 1938, Rules, Regulations and Guidelines issued by it."