ICMAI framework aims to improve cost governance, transparency and assurance across insurance industry
New Delhi: The Institute of Cost Accountants of India (ICMAI) is introducing INSCOST, a dedicated framework aimed at improving cost management, governance, disclosure and assurance practices in the Indian insurance industry.
The First Edition, 2026 of the framework, titled “INSCOST – Cost Management, Cost Governance, Cost Disclosure & Cost Assurance Framework for the Indian Insurance Sector,” has been developed with the specific requirements of the insurance sector in mind.
INSCOST covers key insurance segments, including Life, General, Health, Reinsurance and Public-Sector insurers. The framework is intended to provide sector-specific guidance on managing and reporting costs while supporting greater transparency and accountability.
CMA Chittaranjan Chattopadhyay, President of ICMAI, will attend the presentation along with senior officials of the institute. Insurance professionals, Cost and Management Accountants and other stakeholders from the industry are also expected to participate.
The framework comes at a time when the insurance industry is witnessing changes in its regulatory environment. On September 23, 2026, IRDAI released a Public Consultation Paper on “Reforms for Recalibrating Economics of Insurance Distribution.”
The consultation is part of the broader regulatory developments affecting insurance distribution and economics in India.
