Do insurance companies afford two regulators on their head, and the benefit to the investors of the same?

We have seen some developments in past weekend for ULIP (unit linked insurance plans), firstly SEBI has ordered 14 life insurers to stop issuing the new ULIP product but it’s not the sudden development. SEBI is thinking on the same for past some years. Now the question is will two regulators are allowed to regulate one industry by government.
When we talk for SEBI concern, they are saying the ULIP has a big component of mutual fund so they must regulate that for any irregularity, now the question is what SEBI wants to do “ will they do the same with insurance what they have done with mutual fund” means no advisory fees for insurance. But is the consumer get security with SEBI governing OR regulating Insurance industry, unfortunately not because if SEBI has that much caliber to save investors interest they may have done in the satyam case and other big market frauds in past like IT bubble.
So we can say it will not help the customers as far as the security is concerned, lets come to return for customer, what SEBI has done in Mutual Funds is they have restricted companies to charge any kind of advisory fees but if the same has been done with ULIPS how can the insurers and brokers will give expert advice to customer free of cost.
We can conclude that leave the insurance regulations for IRDA, the commission structure and charges will come in equilibrium as and when the industry mature i.e 1 to 2 years.