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Title: Order
Reference No.: IRDA/F&A/ORD/ACTS/ 184 /08/2017
Date: 21/08/2017
Working Group on new standard on Insurance Contracts (equivalent to IFRS 17
                                                                 ORDER
  
Working Group on new standard on Insurance Contracts (equivalent to IFRS 17 Insurance Contracts)
 
It has been decided that IRDAI shall commence work on early adoption of new standard on insurance contracts in India equivalent of IFRS 17 Insurance Contracts promulgated by the International Accounting Standards Board (IASB) on 18th May 2017. In order to work towards early adoption of new standard on insurance contracts, equivalent to IFRS 17, the following Working Group is constituted:
 
Working Group Head:
 
1.    Sri Ashutosh Pednekar
 
 
Partner, M/s M. P. Chitale & Co.
 
Members:
 
2.    Sri Dinesh Pant
Appointed Actuary, Life Insurance Corporation of India
3.    Ms. Asha Murali
Appointed Actuary, M/s ICICI Prudential Life Insurance Co. Ltd
4.    Sri P. Kutumbe
ED-F&A, Life Insurance Corporation of India
5.    Sri G. Sai Kumar
Sr VP & Financial Controller – F&A, M/s Star Union Dai-ichi Life Insurance Co. Ltd
6.    Smt. S.N. Rajeswari
GM-F&A, New India Assurance Co. Ltd.
7.    Smt. Shefali Sehwani
M/s ICICI Lombard General Insurance Co. Ltd.
8.    Sri Rahul Ahuja
M/s Max Bupa Health Insurance Co. Ltd.
9.    Sri Murtuza Vajihi
Partner, M/s M. P. Chitale & Co.
10.Representative of Institute of Chartered Accountants of India (ICAI)
11.President of Institute of Actuaries of India (IAI)
12.Smt. J. Meena Kumari, CGM (Inspection), IRDAI
13.Sri S.P. Chakraborty, GM (Actuarial), IRDAI
14.Smt. J. Anita, GM (NL), IRDAI
15.Sri C.S. Kumar, DGM (Actuarial), IRDAI
16.Smt. Uma Maheswari, DGM (F&A-NL), IRDAI
 
Member-Convener
 
Smt. B. Padmaja, DGM (F&A-L), IRDAI
The Working Group shall work on the following Terms of Reference:
 
1.    Review of the new standard ‘IFRS 17 – insurance contracts’  and to identify relevant areas/aspects, which require suitable adoption in the Indian context
 
2.    Identify changes arising out of new standard on insurance contracts
a.    To be carried out in the draft regulations/formats recommended by the Implementation Group vide their report dated 29th December 2016
b.    To be carried out in other regulations/guidelines etc.
 
3.    Any other aspects that may arise in the course of implementation of the standard in the insurance sector
The Working Group may meet as many times as required and co-opt members (experts from industry and within IRDAI) as may be considered necessary. Expenses incurred by external Members in attending various meetings may be reimbursed as per the norms of the Authority.
The Working Group shall report within three months of the order
 
 
Chairman
 
 
 
 
 
 
 

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