Insurance Contract Ind AS 117 – Deferral of Applicability for Insurance Companies
IRDAI had indicated Ind AS implementation for insurance companies in a phased manner between FY2026 to FY2028. Key challenges for companies requiring implementation related to changes in actuarial and risk models, deferment of acquisition costs, deferment of reinsurance commissions, etc. This also required Change in budgeting system to align business