India's Insurance Regulatory and Development Authority approves Ind AS framework for insurers
Change
Insurance Regulatory and Development Authority of India (IRDAI) mandated all life, general, standalone health insurers and reinsurers to prepare and present financial statements under Indian Accounting Standards (Ind AS), effective April 1, 2026, with two years of parallel reporting and a one-year forbearance option for firms needing more time.
Why it matters
Insurer finance, actuarial and compliance teams must convert measurement, valuation and disclosure processes to match Ind AS requirements, creating mandatory restatements and control changes ahead of regulatory filings. Boards and external auditors will need to accept Ind AS outputs as the compliance baseline and verify reconciliations to legacy figures during the transition.
Implications
- • Chief Financial Officers at life, general, standalone health insurers and reinsurers must deploy Ind AS accounting templates, update internal controls and complete system changes before the next statutory filing cycle or face submission non-compliance with the regulator.
- • External audit firms auditing insurers must redesign audit programmes to cover Ind AS measurements and disclosures and issue audit opinions on Ind AS financials or their reports will not satisfy regulatory filing requirements.
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Topics
Policy & Regulation Regulatory Actions Financial Services Insurance