HYDERABAD: Insurance Regulatory and Development Authority (IRDA) chairman C.S. Rao on Tuesday called for adoption of universal accounting practices by the insurance industry in view of the massive growth being witnessed in the sector.

Inaugurating a round table meeting on ‘Compliance aspects of accounting, auditing and regulatory requirements of insurance companies’ here, he stated that common accounting practices were also necessary keeping in view the huge interest being taken by foreign institutions in the country’s insurance market. Mr. Rao said the European Union had already taken the lead in implementing the international financial reporting standard for insurance contracts by the end of 2007-08. “We should facilitate the entry of this language into India”.Over 120 representatives of all 40 insurance companies attended the meeting.