Reconstitution of Expert Committee on Implementation of Ind AS/IFRS in the Insurance Sect

The Insurance Regulatory and Development Authority of India (IRDAI) issued an order on February 16, 2024, regarding the reconstitution of the Expert Committee on the implementation of Ind AS/IFRS in the Insurance Sector. The Authority has actively undertaken the implementation of Ind AS (Indian Accounting Standards) in the insurance sector, including the adoption of the new standard on insurance contracts equivalent to IFRS 17 (Insurance Contracts) issued by the International Accounting Standards Board (IASB).

Due to operational complexities and concerns related to the implementation of Ind AS/IFRS, as well as changes in the profiles of existing committee members, the Authority has opted to reconstitute the Expert Committee. This committee includes representatives from the Institute of Chartered Accountants of India (ICAI), Institute of Actuaries of India (IAI), and the insurance industry, with the aim of addressing the implementation issues of Ind AS/IFRS in the insurance sector.

Composition of the Expert Committee:

– Chair: Member F&I, IRDAI

– Members:

1. Chairman, ASB, ICAI

2. President, IAI

3. CGM & HOD, Actuarial Dept., IRDAI

4. CA Ashutosh Pednekar

5. CA. Murtuza Vajihi

6. CA. Parminder Kaur

7. Mr. Kunj Maheshwari

8. Mr. Prasun Sarkar

9. Mr. Garth Jones

10. Mr. Sharad Ramnarayanan

11. Mr. Shatmanyu Shrivastava

12. Mr. G. Rambabu (Member Convener)

The Expert Committee is tasked with the following responsibilities:

a. Develop steps for the effective implementation of Ind AS/IFRS, including phase-wise timelines.

b. Provide recommendations on key interpretations (best practices) during the implementation of Ind AS/IFRS.

c. Make recommendations on proforma financial statements.

d. Suggest financial disclosures in compliance with Ind AS/IFRS, including those that can be mandated immediately.

e. Identify requirements for guidance notes, APS, and educational material from respective professional institutes.

f. Address key issues and concerns arising from transition activities.

g. Discuss any other issues deemed necessary for the effective implementation of Ind AS/IFRS.

The Expert Committee will convene as often as necessary and may co-opt/invite additional experts or officials as deemed necessary.

This reconstitution and the outlined responsibilities will take effect immediately.

Source category: IRDAI

Attachments

• /2024/353_Re-Constitution_of_Expert_Committee_on_Implementation_of_Ind_AS__IFRS_in_Insurance_sector.pdf