In March 2026, the Insurance Regulatory Development Authority of India (IRDAI) mandated insurers to prepare and present financial statements in accordance with applicable Indian Accounting Standards (Ind AS) effective from April 01, 2026.

• • The decision was taken during the IRDAI’s 135th meeting, which has approved the Insurance Regulatory and Development Authority of India (IRDAI) (Actuarial, Finance, and Investment Functions of Insurers) (Amendment) Regulations, 2026.
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• The decision was taken during the IRDAI’s 135th meeting, which has approved the Insurance Regulatory and Development Authority of India (IRDAI) (Actuarial, Finance, and Investment Functions of Insurers) (Amendment) Regulations, 2026.

Key Details:

Applicability: IRDAI has clarified that the implementation of Ind AS will apply to all categories of insurers which include life, general, stand alone health insurers and reinsurers.

Reporting Time Period: IRDAI approved new regulations providing parallel reporting for a period of 2 years, or such period as may be specified by authority, covering financial statements prepared in accordance with Ind AS alongside financial information under the existing accounting framework.