IRDA recommends slow introduction of rules

INDIA’S insurance authorities are recommending a phased introduction of new accounting standards, rather than an overnight switch. New rules bringing insurance accounting standards in India in line with frameworks are due to come into force within two years. A committee established by the Insurance Regulatory and Development Authority warned there were “various practical constraints” that meant the rules should be adopted in a phased manner. The committee said: “In view of the various constraints involved in the implementation programme, it is recommended that the desired road map should be drawn in a phased manner instead of a sudden transfer to the new accounting regime.”