New INSCOST framework targets better cost governance, disclosure and transparency in insurance sector
New Delhi: The Institute of Cost Accountants of India (ICMAI) will present a new sector-specific framework aimed at improving cost governance and transparency in India’s insurance industry.
The INSCOST – Cost Management, Cost Governance, Cost Disclosure & Cost Assurance Framework for the Indian Insurance Sector, First Edition 2026, focuses on four key areas: cost management, cost governance, cost disclosure and cost assurance.
The framework provides guidance tailored to different parts of the insurance industry, including Life, General, Health, Reinsurance and Public-Sector insurers. It is designed to support consistent approaches to cost-related practices and improve transparency across the sector.
The presentation will bring together CMA Chittaranjan Chattopadhyay, President of ICMAI, senior representatives of the institute, insurance professionals, Cost and Management Accountants and other industry stakeholders.
The launch comes against the backdrop of ongoing regulatory developments in the insurance sector. IRDAI issued a Public Consultation Paper on “Reforms for Recalibrating Economics of Insurance Distribution” on September 23, 2026, covering issues related to the economics of insurance distribution.
With the insurance sector continuing to evolve, the INSCOST framework is expected to provide a sector-focused reference for cost management, disclosure and assurance practices.
