The Insurance Regulatory and Development Authority of India (IRDAI) on March 30, 2026, issued the notification regarding the Introduction of Ind AS based Financial Reporting Framework for Insurance Sector.
The following has been stated namely: -
• The Insurance Regulatory and Development Authority of India has approved amendments requiring insurers to prepare financial statements as per Indian Accounting Standards (Ind AS) from April 01, 2026.
• The new framework applies to all insurers, including life, general, standalone health insurers, and reinsurers, covering recognition, measurement, presentation, and disclosure norms.
• To ease transition, insurers must follow parallel reporting for 2 years, preparing financials under both Ind AS and the existing accounting framework.
• A one-year forbearance is allowed for insurers facing implementation challenges, though they must still submit Ind AS-based financial information to IRDAI.
• The move, supported by Institute of Chartered Accountants of India and Institute of Actuaries of India, aims to improve transparency, comparability, and global alignment in the insurance sector
