IRDAI sets April 1 deadline for insurers to adopt Indian Accounting Standards

The Insurance Regulatory and Development Authority of India (IRDAI) has proposed April 1, 2026, for insurers to implement Indian Accounting Standards (Ind AS).

The date will be applicable to all categories of insurers, including life insurers, general insurers, health insurers and re-insurers, the regulator said, placing an exposure draft and a consultation paper in the public domain for comments.

The exposure draft sets out the proposed regulatory framework governing the recognition, measurement, presentation and disclosure of financial statements by insurers adopting Ind AS. The swtich is aimed to promote greater consistency, transparency and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards, while preserving regulatory prudence and safeguarding policyholder interests, IRDAI said.

The framework has been developed after comprehensive engagement with insurers, including structured gap assessments and analysis of pro-forma financial submissions, to evaluate operational readiness and the impact assessment. These measures are intended to facilitate a smooth and orderly transition to Ind AS-based financial reporting, it said on Tuesday.

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