Insurance regulator – Artifex.News https://artifex.news Stay Connected. Stay Informed. Mon, 30 Mar 2026 16:37:00 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://artifex.news/wp-content/uploads/2026/05/cropped-cropped-app-logo-32x32.png Insurance regulator – Artifex.News https://artifex.news 32 32 IRDAI approves India AS framework for insurers from April 1 https://artifex.news/article70803511-ece/ Mon, 30 Mar 2026 16:37:00 +0000 https://artifex.news/article70803511-ece/ Read More “IRDAI approves India AS framework for insurers from April 1” »

]]>

Insurance regulator IRDAI has approved amendments mandating insurers to prepare and present financial statements in accordance with applicable Indian Accounting Standards effective April 1, 2026.

The implementation of Ind AS will be applicable to all categories of insurers — life, general, stand alone health insurers and reinsurers. The amendment sets out the regulatory framework governing the recognition, measurement, presentation and disclosure of financial statements under Ind AS.

Introduction of Ind AS aims to enhance consistency, transparency and comparability in financial reporting across the insurance sector, in alignment with globally accepted standards, IRDAI said on Monday, announcing approval for the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) (Amendment) Regulations, 2026.

The regulations provide for parallel reporting for a period of two years, or as specified by IRDAI, comprising financial statements prepared in accordance with Ind AS alongside financial information under the existing accounting framework. This is intended to enable insurers to stabilise processes and controls, while allowing stakeholders to understand and assess the impact of the new accounting framework, the regulator said.

For insurers facing challenges in immediately shifting to Ind AS, a provision has been made to grant forbearance for one-year. During this period, such insurers will continue to submit Ind AS based financial information also to the Authority.

The Institute of Chartered Accountants of India (ICAI) and the Institute of Actuaries of India (IAI) have welcomed the adoption of Ind AS and expressed their readiness to support insurers, auditing professionals and actuaries. IRDAI said the framework has been developed after extensive stakeholder consultations, including consideration of public comments on the exposure draft and engagement with insurers and industry professionals.

Published – March 30, 2026 10:02 pm IST



Source link

]]> Bancassurance channel | IRDAI constitutes taskforce to review model, carry out modifications https://artifex.news/article67482001-ece/ Wed, 01 Nov 2023 05:38:18 +0000 https://artifex.news/article67482001-ece/ Read More “Bancassurance channel | IRDAI constitutes taskforce to review model, carry out modifications” »

]]>

IRDAI has constituted a taskforce on the Bancassurance channel for the distribution of insurance policies through banks.

Insurance Regulatory and Development Authority of India (IRDAI) has constituted a taskforce on the Bancassurance channel for the distribution of insurance policies through banks with an objective to review the model and carry out modifications if required.

Citing mis-selling/forced selling complaints being received in this distribution model, the insurance regulator said the terms of reference of the taskforce include “to suggest regulatory stipulations on the market conduct requirements of bancassurance partners.”

It wanted the taskforce, comprising officials of IRDAI and as many 10 representatives of banks and insurers, to study the effectiveness of existing bancassurance model of insurance intermediation and recommend ways and means of improving the efficiency. “The international best practices in this model should be examined and suggestions made for suitable modifications, if any, to the domestic regulatory requirements,” the regulator said, setting a two month deadline for the taskforce to submit its recommendations.

In an order constituting the taskforce, IRDAI said banks play an important role in distribution of insurance products. They are engaged in distribution of insurance products as corporate agent and/or as master policyholder subject to the applicable regulatory framework. While the option to set up a separate legal entity for distribution of insurance products as insurance brokers is available, the banks have not exercised it.

Notwithstanding their large network across country, through branches, the contribution of banks as corporate agents was 5.93% of non-life premium and 17.44% of new business premium for life insurance in 2022-23. “One of the ways of reaching the last mile and making available insurance products to the nook and corner of the country is leveraging the vast bank branch network,” the regulator said.

“It is felt necessary to review the existing Bancassurance intermediation model and carry out modifications, if any, to the regulatory framework governing the same with focus on the protection of policyholders’ interest,” said IRDAI, which is pursuing insurance for all by 2047 goal.

At another level, the regulator had recently introduced a lead insurer programme under which it designates a life and a general insurer each for every State primarily to create awareness of insurance. Providing the cue for the programme is the lead banker scheme, for each State, of the government.



Source link

]]>