प्रेस प्रकाशनी / Press Release

भारतीय बीमा विवियामक और विकास प्राविकरण Insurance Regulatory and Development Authority of India प्रेस प्रकाशिी I 05 जूि 2026 Press Release | 05th June 2026 आईआरडीएआई िे बीमा क्षेत्र के विए भारतीय िेखा मािक ों(आईएिडी एएस) के कायाान्वयि पर कायाशािा का आय जि वकया IRDAI Organises Workshop on Implementation of Indian Accounting Standards (Ind AS) for Insurance Sector As part of its ongoing efforts to facilitate a smooth transition to Indian Accounting Standards (Ind AS) across the insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI), in collaboration with the Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI), organised a workshop on implementation of Ind AS for the insurance sector in Mumbai on 05 June 2026. The workshop, while bringing together Chief Financial Officers (CFOs) and Appointed Actuaries (AAs) from insurance companies, assumed particular significance in the backdrop of the recent notification of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026, which mandates the preparation and presentation of financial statements by insurers in accordance with applicable Ind AS with effect from 1 April 2026. Reflecting the distinct requirements of different segments of the industry, the programme was conducted in two dedicated sessions. The morning session was attended by life insurers, while the afternoon session was attended by general insurers, health insurers and reinsurers. Shri Ajay Seth, Chairman, IRDAI, while inaugurating the workshop, emphasised that adoption of Ind AS marks a significant milestone in the evolution of the insurance sector's financial reporting framework. Highlighting the transformative potential of Ind AS, he noted that the new accounting framework would enhance transparency and strengthen governance standards in the sector, while enabling more efficient utilisation of capital. He urged insurers to closely follow the monthly implementation roadmap and foster stronger collaboration between finance and actuarial functions. He further encouraged insurers to actively leverage the Joint Expert Group on Ind AS, comprising representatives from IRDAI, ICAI, IAI, NFRA and SEBI, as a platform for seeking guidance and resolving implementation-related issues during the transition process. The technical sessions that followed reflected the collaborative approach being adopted across the insurance sector to ensure implementation readiness. IRDAI officials provided participants with an overview of the regulatory framework and keyimplementation requirements. Experts from ICAI elaborated on the accounting and auditing implications of Ind AS, while specialists from IAI discussed the actuarial dimensions of the new framework, including valuation methodologies and the critical interface between actuarial and finance functions. Both the Institutes highlighted their ongoing collaborative efforts in developing guidance notes, educational material and training programmes to support the industry's transition. The technical sessions were followed by interactive discussions and extensive question-and-answer sessions with participants. Concluding the workshop, Shri Rajay Kumar Sinha, Member (Finance & Investment), IRDAI, highlighted the enhanced transparency, improved financial reporting and greater stakeholder confidence that Ind AS is expected to bring to the insurance sector. He stressed the importance of continuous capacity building and strengthening internal capabilities as insurers navigate the transition. He also appreciated the active participation of CFOs and Appointed Actuaries and acknowledged the continued support of ICAI and IAI in facilitating the sector's preparedness for Ind AS implementation. The workshop forms part of IRDAI's broader efforts to facilitate a smooth transition to Ind AS and promote consistent implementation of the new accounting framework across the insurance industry. Through continued engagement with insurers and professional institutions, IRDAI remains committed to supporting the industry's transition towards globally aligned financial reporting standards.