New framework to strengthen cost management, transparency and assurance in insurance sector
New Delhi: The Institute of Cost Accountants of India (ICMAI) is set to present the first edition of its INSCOST Framework, designed to provide a structured approach to cost management, governance, disclosure and assurance in India’s insurance sector.
Titled “INSCOST – Cost Management, Cost Governance, Cost Disclosure & Cost Assurance Framework for the Indian Insurance Sector,” the framework offers sector-specific guidance for insurers operating across Life, General, Health, Reinsurance and Public-Sector segments.
The initiative seeks to strengthen practices related to cost management and improve transparency and governance across the insurance industry. It also aims to provide a common framework for addressing cost-related practices and disclosures.
The event will be attended by CMA Chittaranjan Chattopadhyay, President of ICMAI, along with senior representatives from the institute, insurance professionals, Cost and Management Accountants and other industry stakeholders.
The presentation comes as India’s insurance sector undergoes regulatory changes. The Insurance Regulatory and Development Authority of India (IRDAI) issued a Public Consultation Paper titled “Reforms for Recalibrating Economics of Insurance Distribution” on September 23, 2026.
