IRDAI has issued an Order pertaining to the constitution of an ‘Expert Committee on i mplementation of Ind AS / IFRS in i nsurance sector’ dated August 22, 2022.
Highlights of the Order are as follows:
- The Authority has been working on implementation of Ind AS in Insurance sector including new standard on insurance contracts in India which is equivalent of IFRS 17 (Insurance Contracts) promulgated by the International Accounting Standards Board (IASB).
- Considering the operational complexities involved in the implementation of Ind AS/ IFRS, the Authority has decided to constitute an Expert Committee involving Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India (IAI) and Insurance industry to address implementation issues of Ind AS/ IFRS in Insurance sector.
- The Expert Committee is chaired by Dr Mamta Suri, Executive Director, IRDAI and has 15 other nominated members (including Mr Prasun Sarkar, Appointed Actuary, ICICI Lombard)
- The Terms of reference of Expert Committee will be as follows:
a. Steps as may be taken towards effective implementation of Ind AS/IFRS along with phase-wise timelines
b. Recommendations on key interpretations (best practices) while implementing Ind AS/IFRS
c. Recommendation on proforma financial statement to be made effective on half yearly basis effective 30th September, 2022
d. Recommendation on Financial Disclosures in compliance with Ind AS/IFRS along with those which can be mandated with immediate effect
e. Requirements of Guidance notes, APS and Education Material from respective professional institute
f. Addressing any key issues and concerns arising out of transition activities
g. Any other issue as may be considered necessary for effective implementation of Ind AS/IFRS
The Expert Committee shall meet as often as may be required and may co-opt/invite any expert/official, as may be considered necessary
Source category: IRDAI
Attachments
- /2022/79_ORDER_~1.PDF
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