As many as 11 insurance companies have begun the transition to Indian Accounting Standards (Ind AS) from the current financial year (FY27), the Insurance Regulatory and Development Authority of India (IRDAI) said on Wednesday.

Among these, SBI General Insurance, Niva Bupa Health Insurance and Star Health and Allied Insurance have submitted their financial numbers for the first quarter of FY27 under Ind AS, marking a key milestone in the sector’s shift to the new accounting framework.

The other insurers that have started the transition include life insurers Acko and Tata AIA, general insurers Acko, Kiwi and ECGC; health insurers Aditya Birla and Galaxy; and foreign insurance branch XL Insurance Company SE-India Reinsurance Branch (Axa XL).

IRDAI said it is continuing to facilitate the smooth and consistent implementation of Ind AS across the insurance sector. The regulator is also closely monitoring insurers that have been granted forbearance and are scheduled to adopt Ind AS from FY28.

The regulator said it is engaging with these insurers on an ongoing basis, with implementation-related challenges and delays being discussed and appropriate sensitisation measures being undertaken to keep the transition on track for FY28.

The adoption of Ind AS is expected to strengthen financial reporting and governance in the insurance sector while providing stakeholders with more transparent and meaningful information on insurers’ financial performance and position, IRDAI said.

The regulator will also work closely with the industry and leverage the Joint Expert Group, comprising representatives from IRDAI, the National Financial Reporting Authority (NFRA), Securities and Exchange Board of India (SEBI), Institute of Chartered Accountants of India (ICAI) and Institute of Actuaries of India (IAI), to address emerging issues and facilitate consistent implementation.