India's Insurance Regulatory and Development Authority (IRDAI) has approved risk-based capital (RBC) norms and a new accounting standard, Ind AS 117, effective April 2026. The RBC rules tie capital requirements to risks from underwriting, investments, credit, and operations, replacing a uniform solvency approach. Ind AS 117 will shift revenue recognition to spread income over the insurance coverage period and demand greater financial disclosure. These reforms align Indian insurance practices with global standards and are expected to impact product design, pricing, and risk management.