IRDAI Notifies Ind AS Implementation Framework for Insurers, Effective April 1, 2026

IRDAI issued a comprehensive circular on April 1, 2026, providing the detailed framework for implementation of Indian Accounting Standards (Ind AS) by insurers, effective from April 1, 2026.

Key Provisions: All insurers must prepare financial statements under Ind AS. Parallel reporting (Ind AS + IGAAP) required for the first two years. Independent validation from IRDAI-empanelled auditors in the first year. One-year forbearance option available with board-approved action plan.

Sources: IRDAI Circular (April 1, 2026), IRDAI Exposure Draft