IRDAI forms panel for smooth transition to new accounting norms for insurers
This story was originally published at 21:12 IST on 1 April 2026
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NEW DELHI – In order to ensure smooth transition in implementation of Indian Accounting Standards by insurers, the Insurance Regulatory and Development Authority of India has set up a joint expert group. The panel will comprise representatives from the IRDAI, Institute of Chartered Accountants of India, Institute of Actuaries of India, the Securities and Exchange Board of India, and National Financial Reporting Authority.
IRDAI's Whole-time Member for Finance and Investment Rajay Kumar Sinha will chair the joint expert group, the regulator said in a circular. The joint expert group will function for a period of two years from the date of constitution. The regulator has approved a shift to Indian Accounting Standards for insurers while allowing a one-year regulatory forbearance to ease the transition.
The panel will provide implementation support, including recommendation to address transition issues. It will also recommend the scope and approach for independent validation of process adopted and provide clarity on audit requirements, including involvement of actuaries, the regulator said.
The panel will recommend the role of the appointed actuary in preparation of Indian Accounting Standards financial statements. It will also examine and address any other issues relevant to facilitating the implementation of Indian Accounting Standards. End
Reported by Sagar Sen
Edited by Ashish Shirke
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