India’s insurance regulator has approved two new entrants in the market while beginning work on new regulations following recent amendments to the country’s insurance laws.
The IRDAI’s draft regulations would require Indian insurers to adopt Ind AS from April 2026, with parallel reporting and independent audit checks in the first year.
As India moves toward global accounting alignment and risk-based capital norms, the IRDAI chair has highlighted the critical role of actuaries while warning of a widening talent gap.
With banks accounting for 32.5% of life individual new business premium and meaningful shares in group, general and health lines, the reforms could materially reshape India’s bancassurance distribution...
The regulator advised insurers that sustained reductions in complaints would be critical as the industry seeks to grow while maintaining consumer trust.
