Insurance Regulatory and Development Authority of India (IRDAI) proposes mandatory Ind AS adoption for insurers from April 2026.

Key facts

• IRDAI has released a consultation paper proposing mandatory adoption of Indian Accounting Standards (Ind AS) for all insurers effective April 1, 2026.
• The move would bring life insurers, general insurers, health insurers, and reinsurers under a globally aligned financial reporting framework converged with International Financial Reporting Standards (IFRS).
• The new standards introduce market-consistent liability valuation, expected credit loss methodology, and different underwriting performance from investment returns.
• IRDAI has been preparing the sector since 2022 through mandatory gap assessments, training programmes, and phased submission of Ind AS-compliant proforma financial statements.
• Most major insurers have already submitted proforma statements for FY 2023–24 and FY 2024–25.
• Stakeholders have until March 24, 2026 to submit feedback to IRDAI.