2 months ago
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The Insurance Regulatory and Development Authority of India (IRDAI) has projected April 1, 2026, for insurers to instrumentality Indian Accounting Standards (Ind AS).
The day volition beryllium applicable to each categories of insurers, including beingness insurers, wide insurers, wellness insurers and re-insurers, the regulator said, placing an vulnerability draught and a consultation insubstantial successful the nationalist domain for comments.
The vulnerability draught sets retired the projected regulatory model governing the recognition, measurement, presumption and disclosure of fiscal statements by insurers adopting Ind AS. The swtich is aimed to beforehand greater consistency, transparency and comparability successful fiscal reporting crossed the security sector, successful alignment with globally accepted standards, portion preserving regulatory prudence and safeguarding policyholder interests, IRDAI said.
The model has been developed aft broad engagement with insurers, including structured spread assessments and investigation of pro-forma fiscal submissions, to measure operational readiness and the interaction assessment. These measures are intended to facilitate a creaseless and orderly modulation to Ind AS-based fiscal reporting, it said connected Wednesday.
