Insurance industry to move towards IFRS compliance by 2011- IRDA constitutes a committee

The accelerated globalization of business and the internationalization of capital markets have lent greater urgency to the drive towards more standardized reporting system.

One of the important developments in the Financial Sector is the preparation for moving towards International Financial Reporting Standards (IFRS) compliance. In order to prepare the insurance industry to meet all the requirements of IFRS and to position various policy measures to move towards IFRS compliance by 2011, IRDA has constituted the following committee:-

Dr. R. Kannan, Member (Actuary), IRDA, Chairperson
Prof. R. Vaidyanathan, Professor of Finance & Insurance, IIM, Bangalore
Sri V. Manickam, Executive Director (Investment), LIC of India .
Sri K.S. Gopalakrishnan, Appointed Actuary, Aegon Religare Life Insurance Co
Sri John Poole, Appointed Actuary, MAX New York Life Insurance Co
Sri N.S. Kannan, Executive Director, ICICI Prudential Life Insurance Co.
Sri D. Varadarajan, Consultant, Supreme Court Lawyer on Company Law matters
Sri K.P. Sarma, Appointed Actuary, Cholamandalam MS General Insurance Co.
Sri Mayank Bathwal, Chief Financial Officer, Birla Sun Life Insurance Co.
Sri V. Sreenivasan, Chief Financial Officer, Bharti Axa Life Insurance Co.

The committee will examine the requirements of IFRS, current availability of various requirements including accounting standards, identify gaps and suggest various measures required to fill the gaps so that the industry can move towards IFRS compliance by 2011. In this exercise the group may also draw lessons from international experience. The committee shall submit the report by March 31, 2009 .

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