Irdai mission mode teams on risk-based capital, risk-based supervision framework and convergence to Ind AS/IFRS presented the progress made in the respective areas. The transition to the India model of RBC & RBSF and adoption of Ind AS is possible only with the active role and participation of the industry, and thus the expectation from the industry including continued participation in data submission, testing and pilot stage, prompt responsiveness, better synergies, etc were highlighted,” the release said.