India’s regulator mandates Ind AS transition for insurers

Companies must still submit updated financial data even if relief is granted.

The Insurance Regulatory and Development Authority of India (IRDAI) approved the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026.

In a press release issued last March about the changes, all insurers, including life, general, standalone health insurers and reinsurers, must prepare and present financial statements in line with Ind AS. 

The framework sets out requirements for recognition, measurement, presentation and disclosure of financial information.

To support the transition, insurers will follow a parallel reporting approach for two years, or a period specified by the regulator. 

During this time, companies will publish financial statements under Ind AS alongside those prepared under the existing accounting framework. 

The regulations also include a one-year forbearance option for insurers that face challenges in immediately shifting to Ind AS. 

These firms will still be required to submit Ind AS-based financial information to the regulator during the transition period.