The Insurance Regulatory and Development Authority of India (IRDAI) on March 30, 2026, notified the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers), (Amendment) Regulations, 2026 to amend IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024.
The following has been stated: -
•The IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026 introduce Ind AS-based financial reporting for insurers, effective from Gazette publication or April 01, 2026.
•The objective is to ensure true and fair financial statements in line with Indian Accounting Standards (Ind AS).
•A new Schedule IIA is added, detailing preparation, disclosures, and governance for Ind AS financial statements across all insurers.
•Insurers may get one-year forbearance for transition (apply by April 30, 2026), subject to action plans, progress reporting, and quarterly Ind AS data submission.
•During transition, insurers must follow parallel reporting, maintain policyholder–shareholder fund separation, ensure compliance with Ind AS 117, and undergo independent validation.
These Regulations shall come into force from March 30, 2026, or April 01, 2026, whichever is later.
URL: https://irdai.gov.in/web/guest/document-detail?documentId=9065713
The detailed notification is given in the document below.
[Notification No.: F. No. IRDAI/Reg/2/216/2026]
