The National Financial Reporting Authority (NFRA) has held an interaction with members of the life insurance industry to discuss the proposed changes in Ind AS 117 -- accounting standard for insurance contracts.
Ind AS 117 is based on high quality global standard IFRS 17, insurance contracts issued by the IASB (International Accounting Standard Board) of IFRS foundation. It is going to help investors and others to better understand insurers' risk exposure, profitability and financial position.
Ind AS 117 is specifically designed to capture the unique features of the insurance and investment contracts of the insurance entities, according to an official release.
"Given the importance of the insurance sector, it was important to appreciate the practices and standards followed by the industry and the expected benefits of their convergence with international standards and best practices," Ajay Bhushan Pandey, Chairperson, NFRA, said.
Further, the discussions were also held with representatives of IRDAI (Insurance Regulatory and Development Authority of India), where they provided insights into the intricacies of the proposed Ind AS 117, in capacity building and knowledge sharing to equip companies and professionals (accounting, actuaries and technology teams) to handle change, the release said.
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