The Insurance Regulatory and Development Authority of India (IRDAI) issued a press release on 3 March 2026 introducing the Exposure Draft of the IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026 along with a consultation paper. The proposal aims to align India’s insurance financial reporting framework with globally accepted standards by mandating the adoption of Indian Accounting Standards (Ind AS) for all insurers from 1 April 2026. The requirement will apply to life insurers, general insurers, health insurers, and reinsurers. The draft regulations establish a regulatory framework governing the recognition, measurement, presentation, and disclosure of financial statements under Ind AS. According to IRDAI, the proposed amendments are intended to enhance consistency, transparency, and comparability in financial reporting across the insurance sector while maintaining regulatory prudence and protecting policyholder interests. The framework was developed after extensive engagement with insurers, including gap assessments and analysis of pro-forma financial submissions to evaluate operational readiness. IRDAI has invited public comments from stakeholders.
Insurance Regulatory and Development Authority of India
Press Release | 3rd March, 2026
Exposure Draft of Insurance Regulatory and Development Authority of India
(Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026
A Step Towards Aligning India’s Insurance Financial Reporting Framework with
Globally Accepted Standards
As part of its ongoing commitment to strengthening policyholder protection and reinforcing confidence in the insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has issued the Exposure Draft of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026, along with a detailed consultation paper.
IRDAI proposes to implement Indian Accounting Standards (Ind AS) for all insurers with effect from 1st April 2026. The proposed effective date shall be applicable to all categories of insurers, including Life Insurers, General Insurers, Health Insurers and Re-insurers.
The Exposure Draft sets out the proposed regulatory framework governing the recognition, measurement, presentation and disclosure of financial statements by insurers adopting Indian Accounting Standards (Ind AS). The proposed amendments aim 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.
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.
IRDAI invites public comments, including insurers, industry associations, professional bodies, actuaries, auditors and other interested entities, on the Exposure Draft.
The Exposure Draft is available on the IRDAI website (www.irdai.gov.in).
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Insurance Regulatory and Development Authority
Ref No: 100/2/IFRS-Mission Mode/2026/Vol 3 | Dated: 03rd March, 2026
Exposure draft
Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026
1. Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS), aim to enhance transparency, consistency and comparability of financial statements across jurisdictions.
2. Pursuant to the notification of Ind AS 117 (Insurance Contracts) in August, 2024 and Ind AS 109 (Financial Instruments) in February, 2015 by the Ministry of Corporate Affairs, a structured transition to Ind AS for insurers has become both relevant and necessary. The adoption of Ind AS represents a significant step towards aligning financial reporting in the Indian insurance sector with globally accepted accounting practices.
3. In view of the preparedness of insurers, IRDAI proposes implementation of Ind AS by all insurers with effect from 1st April 2026. The proposed timeline applies to all insurers including Life Insurers, General Insurers, Health Insurers and Reinsurers.
4. Further to the proposed adoption of Ind AS, it is necessary to suitably revise the regulatory framework to ensure alignment with the new accounting standards. Accordingly, an Exposure Draft of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026 is proposed. The draft of the proposed Regulations is placed at Annexure 1.
5. A detailed Consultation Paper on the Implementation of Ind AS in the Insurance Sector in India is placed at Annexure 2. The Consultation Paper outlines economic and business objectives of transition to Ind AS, industry preparedness, key policy considerations, the proposed implementation approach, transitional arrangements and the required amendments to regulations. It also sets out specific questions on key aspects of the proposed implementation and invites constructive feedback from all stakeholders.
6. All stakeholders are requested to submit their comments/suggestions on the proposed Regulations (Annexure 1) and the specific questions set out in Consultation paper (Annexure 2), in the prescribed feedback format (Annexure 3) on or before 24/03/2026 to ifrs-team@irdai.gov.in with a copy to latha@irdai.gov.in.
