Ajay Seth, chairman, IRDAI
Seth encouraged insurers to actively leverage the Joint Expert Group on Ind AS, comprising representatives from IRDAI, ICAI, IAI, NFRA and SEBI, as a platform for seeking guidance and resolving implementation-related issues during the transition process
Mumbai:Emphasising the transformative impact of Indian Accounting Standards (Ind AS), Ajay Seth, Chairman of IRDAI, said the new accounting framework would usher in greater transparency, reinforce governance standards across the insurance sector, and facilitate more efficient deployment of capital.
Seth had addressed a workshop of actuaries and chief financial officers in Mumbai on Friday where he emphasised that adoption of Ind AS marks a significant milestone in the evolution of the insurance sector’s financial reporting framework.
He urged insurers to closely follow the monthly implementation roadmap and foster stronger collaboration between finance and actuarial functions.
Seth further encouraged insurers to actively leverage the Joint Expert Group on Ind AS, comprising representatives from IRDAI, ICAI, IAI, NFRA and SEBI, as a platform for seeking guidance and resolving implementation-related issues during the transition process.
Rajay Kumar Sinha, member (Finance & Investment), IRDAI, explained that the enhanced transparency, improved financial reporting and greater stakeholder confidence that Ind AS is expected to bring to the insurance sector.
He stressed the importance of continuous capacity building and strengthening internal capabilities as insurers navigate the transition. He also appreciated the active participation of CFOs and Appointed Actuaries and acknowledged the continued support of ICAI and IAI in facilitating the sector’s preparedness for Ind AS implementation.
As part of its ongoing efforts to facilitate a smooth transition to Ind AS across the insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI), in collaboration with the Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI), organised a workshop on implementation of Ind AS for the insurance sector.
The workshop, while bringing together CFOs and appointed actuaries (AAs) from insurance companies, assumed particular significance in the backdrop of the recent notification of the IRDAI (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026, which mandates the preparation and presentation of financial statements by insurers in accordance with applicable Ind AS with effect from 1 April 2026.
Reflecting the distinct requirements of different segments of the industry, the programme was conducted in two dedicated sessions. The morning session was attended by life insurers, while the afternoon session was attended by general insurers, health insurers and reinsurers.
The technical sessions that followed reflected the collaborative approach being adopted across the insurance sector to ensure implementation readiness. IRDAI officials provided participants with an overview of the regulatory framework and key implementation requirements.
Experts from ICAI elaborated on the accounting and auditing implications of Ind AS, while specialists from IAI discussed the actuarial dimensions of the new framework, including valuation methodologies and the critical interface between actuarial and finance functions.
Both the Institutes highlighted their ongoing collaborative efforts in developing guidance notes, educational material and training programmes to support the industry’s transition. The technical sessions were followed by interactive discussions and extensive question-and-answer sessions with participants.
The workshop forms part of IRDAI’s broader efforts to facilitate a smooth transition to Ind AS and promote consistent implementation of the new accounting framework across the insurance industry.
Through continued engagement with insurers and professional institutions, IRDAI remains committed to supporting the industry’s transition towards globally aligned financial reporting standards