The government has ended a two-month long turf war between insurance regulator – IRDA and capital market watchdog SEBI, saying Unit Linked InsuranceProducts (ULIPs) will be regulated by IRDA. An ordinance amending several laws to this effect has been promulgated by the President last evening. According to an official press release, government has also set-up a high-level committee chaired by Finance Minister Pranab Mukherjee to sort out all issues of jurisdiction regarding hybrid products. AIR correspondent adds that ULIPs account for more than 50 per cent of the life insurance business and the money collected is invested in equities.