IRDAI announced a 12-month forbearance period for all insurance companies transitioning to Indian Accounting Standards (Ind AS) from April 1, 2026. The move is designed to ease the operational burden of migrating to the new accounting framework.
Key Provisions: Insurers must submit Ind AS proforma financial statements on a quarterly basis during the forbearance period. Parallel reporting under both Ind AS and IGAAP will be required for two years from the date of implementation. The forbearance allows insurers time to build systems, train staff, and resolve transition complexities.
Source: Moneycontrol (April 1, 2026)