Insurance companies seek early implementation of IFRS from govt

Currently, India follows the old solvency standards where insurers have to hold a percentage of reserve as capital.

Insurance companies have sought early implementation of the International Financial Reporting Standards (IFRS) from the government. The move would help insurers in India in shifting towards a risk-based solvency and supervision regime.

The request was made when the government had sought suggestions on amendments to the Indian Insurance Companies (Foreign Investment) Rules, 2015, that impose certain restrictions on insurers with foreign investment over 49 per cent.

The industry has been seeking clarity on the implementation of IFRS, as its timeline has been deferred by the Insurance Regulatory and Development Authority of India (Irdai), said a senior government official. 

“Insurance companies have been keen