The Insurance Regulatory and Development Authority of India reported that 11 insurers have implemented Indian Accounting Standards (Ind AS) from fiscal 2026-27 following the accounting framework’s introduction from April 1, 2026. The adopters comprise two life insurers, four general insurers, four health insurers and one foreign reinsurance branch. SBI General Insurance Company, Niva Bupa Health Insurance Company and Star Health and Allied Insurance Company have submitted first-quarter financial numbers under Ind AS. The milestone follows implementation circulars issued in April and July and a technical workshop for insurers’ chief financial officers and appointed actuaries. Insurers granted forbearance until fiscal 2027-28 are being monitored against board-approved monthly implementation milestones. The authority will use its Joint Expert Group with accounting, actuarial and securities bodies to address emerging issues and support consistent implementation.
2026-09-09Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India reports Ind AS adoption by 11 insurers for fiscal 2026-27
The Insurance Regulatory and Development Authority of India reported that 11 insurers have adopted Indian Accounting Standards from fiscal 2026-27, with three already submitting first-quarter financial numbers under the framework. Insurers granted forbearance until fiscal 2027-28 are being monitored against board-approved monthly milestones.