Discussion Paper on Convergence to Ind-As in Insurance Sector

Insurance sector convergence to Ind AS: standardized financial statements, valuation rules, actuarial certification and stronger disclosure and audit obligations. The Regulations require insurers to converge to Ind AS with specified modifications, mandating standardized formats for Revenue Account, Profit & Loss and Balance Sheet (including separate linked/segregated fund statements and consolidated financials), distinct valuation rules for investments, loans and real estate, actuarial certification of life and long tail liabilities, expensing of acquisition costs, and comprehensive disclosure, management report and auditor reporting obligations; the Authority retains power to issue further directions on reserve releases, auditor appointment and impairment guidance.