The Insurance Regulatory and Development Authority of India approved amendments to its regulations on insurers’ actuarial, finance and investment functions to introduce an Indian Accounting Standards (Ind AS) based financial reporting framework. From 1 April 2026, all categories of insurers including life, general, stand-alone health insurers and reinsurers must prepare and present financial statements in accordance with applicable Ind AS. The amendments set the regulatory framework for the recognition, measurement, presentation and disclosure of financial statements under Ind AS, and provide for parallel reporting for two years or a period specified by the Authority, with Ind AS financial statements alongside financial information under the existing accounting framework. A one-year forbearance option is included for insurers facing difficulties in immediate transition, during which they must continue submitting Ind AS based financial information to the Authority; the framework follows stakeholder consultations including public comments on an exposure draft, with support signalled by the Institute of Chartered Accountants of India and the Institute of Actuaries of India.
Insurance Regulatory and Development Authority of India 2026-03-30
Insurance Regulatory and Development Authority of India mandates Ind AS financial statements for all insurers from 1 April 2026
The Insurance Regulatory and Development Authority of India has amended regulations on insurers’ actuarial, finance and investment functions to introduce an Indian Accounting Standards (Ind AS) based financial reporting framework for all insurers and reinsurers from 1 April 2026. The framework sets requirements for recognition, measurement, presentation and disclosure, provides for parallel reporting with the existing accounting regime for a period specified by the Authority, and includes a one-year forbearance option for insurers facing transition challenges, with continued Ind AS-based submissions.