The Insurance Regulatory and Development Authority of India, through its order dated April 1, 2026, has constituted a Joint Expert Group (JEG) on Ind AS following amendments to the Insurance Regulations, 2026. The group comprises representatives from key institutions including Institute of Chartered Accountants of India, Institute of Actuaries of India, Securities and Exchange Board of India, and National Financial Reporting Authority, and is chaired by IRDAI’s Whole-Time Member (Finance & Investment). The JEG is tasked with facilitating Ind AS implementation by addressing transition challenges, recommending audit and validation frameworks, clarifying the role of appointed actuaries, and suggesting improvements in financial disclosures. It will also examine broader issues related to Ind AS adoption in the insurance sector. The group is constituted for a tenure of two years, aiming to ensure a smooth, consistent, and transparent transition to Ind AS-compliant financial reporting.
Insurance Regulatory and Development Authority of India
IRDAI/IFRS/ORD/MISC/44/04/2026 01st April, 2026
Order
Constitution of Joint Expert Group (JEG) on Ind AS
1. This is pursuant to the notification of the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers), (Amendment) Regulations, 2026 issued on 30th March 2026.
2. Clause 6 (Part I) of Schedule IIA: Ind AS Finance Functions of the said Regulations, provides for constitution of a Joint Expert Group comprising representatives from the Insurance Regulatory and Development Authority of India (IRDAI), Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India (IAI), Securities and Exchange Board of India (SEBI) and National Financial Reporting Authority (NFRA).
In view of the above, the Joint Expert Group (JEG) is constituted as below:
Joint Expert Group Chair:
1. Whole time Member (Finance and Investment), IRDAI
Members:
2. Mr. Amit Kumar Jain, Chief General Manager, NFRA
3. Mr. Rajesh Kumar Dangeti, Chief General Manager, SEBI
4. CA. (Dr.) Sanjeev Kumar Singhal, Chairman, Accounting Standards Board, ICAI
5. CA. Vishal Doshi, Vice-Chairman, Accounting Standards Board, ICAI
6. Mr. Anurag Rastogi, Vice President, IAI
7. Ms. Asha Murali, Honorary Secretary, IAI
8. Head of Department (Finance and Investment), IRDAI (Member-Convener)
3. Terms of References for the group are:
i. To provide implementation support, including recommendation to address transition issues.
ii. To recommend the scope and approach for independent validation of process adopted and provide clarity on audit requirements, including involvement of actuaries.
iii. To recommend the role of the Appointed Actuary in preparation of Ind AS financial statements.
iv. To recommend revisions, if any, to Ind AS financial statement formats and disclosures to enhance clarity, while also considering developments in Ind AS.
v. To examine and address any other issues relevant to facilitating the implementation of Ind AS.
4. Tenure of the group
The Joint Expert Group shall remain in force for a period of two years from the date of constitution.
(A. Ramana Rao)
CGM (GA&HR)
