The Insurance coverage Regulatory and Growth Authority of India (IRDAI) has proposed implementing Indian Accounting Requirements (Ind AS) for insurance coverage firms on April 1, 2026.
The regulator mentioned the date applies to all classes of insurance coverage firms, together with life insurance coverage firms, non-life insurance coverage firms, medical insurance firms and reinsurance firms, and has printed an publicity draft and session paper within the public area for feedback.
The publicity draft units out a proposed regulatory framework governing the popularity, measurement, presentation, and disclosure of monetary statements by insurance coverage firms adopting Ind AS. IRDAI mentioned the swap is aimed toward growing consistency, transparency and comparability of monetary reporting throughout the insurance coverage sector, consistent with globally accepted requirements, whereas sustaining regulatory prudence and defending the pursuits of policyholders.
The framework was developed following complete engagement with insurers, together with structured hole assessments and evaluation of professional forma monetary submissions to evaluate operational readiness and influence assessments. These measures are aimed toward facilitating a clean and orderly transition to India AS-based monetary reporting, it mentioned on Wednesday.
