Insurance Regulatory and Development Authority of India (IRDA) invites application for the post of 30 Assistant Manager through open competition on all India basis for its various offices. Apply Online before 05 September 2017. Qualification/ eligibility conditions, how to apply & other rules are given below…
IRDA Recruitment 2017 For Assistant Manager
- No. of Vacancy : 30 Posts
- Pay Scale : Rs.28150-55600/-
Specialization wise Vacancy :
- Actuarial : 04 Posts
- Accounts : 04 Posts
- Legal : 02 Posts
- General : 20 Posts
Eligibility Criteria for IRDA Recruitment :
- Educational Qualification : Graduation from a recognized University with minimum 60% marks OR Graduation from a recognized University with minimum 60% marks and LL.B with 60% marks OR Graduation from a recognized University with minimum 60% marks, and ACA/AICWA/ACMA/ACS/CFA.
- Nationality : Indian
- Age Limit : Minimum & Maximum age limit is 21 to 30 years As on 05.09.2017
- Age of Relaxation : SC & ST Category 5 years, OBC Category 3 years & PWD Category 10 years
Job Location : All India
IRDA Selection Process : Selection will be Made on through On-line Preliminary Examination, Descriptive Examination & Interview.
Application Fee : Candidates have to pay Rs.100/-For SC/ST/PWD/Ex-servicemen & Rs.650/-for Other than SC/ST/PWD/Ex-servicemen & through using Debit Cards (RuPay/Visa/MasterCard/Maestro), Credit Cards, Internet Banking, IMPS, Cash Cards/ Mobile Wallets.
How to Apply for IRDA Vacancy : Interested candidates may online through the website www.irdai.gov.in from 15.08.2017 to 05.09.2017.
Important Dates to Remember :
- Starting Date for Submission Of Online Application : 15.08.2017
- Last Date for Submission of Online Application : 05.09.2017
- Date of On-line Preliminary Examination : 04.10.2017
About Insurance Regulatory and Development Authority of India
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutary agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an act of Parliament passed by the government of India. The agency’s headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
In India insurance was mentioned in the writings of Manu (Manuscript), Yagnavalkya (Dharmasastra) and Kautilya (Arthashastra), which examined the pooling of resources for redistribution after fire, floods, epidemics and famine. The life-insurance business began in with the establishment of the Oriental Life Insurance Company in Calcutta; the company failed in 1834. In 1829, Madras Equitable began conducting life-insurance business in the Madras Presidency. The British Insurance Act was enacted in 1870, and Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were founded in the Bombay Presidency. The era was dominated by British companies.
In 1914, the government of India began publishing insurance-company returns. The Indian Life Assurance Companies Act, 1912 was the first statute regulating life insurance. In 1928 the Indian Insurance Companies Act was enacted to enable the government to collect statistical information about life- and non-life-insurance business conducted in India by Indian and foreign insurers, including provident insurance societies. In 1938 the legislation was consolidated and amended by the Insurance Act, 1938, with comprehensive provisions to control the activities of insurers.
The Insurance Amendment Act of 1950 abolished principal agencies, but the level of competition was high and there were allegations of unfair trade practices. The Government of India decided to nationalise the insurance industry.
An ordinance was issued on 19 January 1956, nationalising the life-insurance sector, and the Life Insurance Corporation was established that year. The LIC absorbed 154 Indian and 16 non-Indian insurers and 75 provident societies. The LIC had a monopoly until the late 1990s, when the insurance industry was reopened to the private sector.
General insurance in India began during the Industrial Revolution in the West and the growth of sea-faring commerce during the 17th century. It arrived as a legacy of British occupation, with its roots in the 1850 establishment of the Triton Insurance Company in Calcutta. In 1907 the Indian Mercantile Insurance was established, the first company to underwrite all classes of general insurance. In 1957 the General Insurance Council (a wing of the Insurance Association of India) was formed, framing a code of conduct for fairness and sound business practice.
Eleven years later, the Insurance Act was amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee was established. In 1972, with the passage of the General Insurance Business (Nationalisation) Act, the insurance industry was nationalized on 1 January 1973. One hundred seven insurers were amalgamated and grouped into four companies: National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. The General Insurance Corporation of India was incorporated in 1971, effective on 1 January 1973.
The re-opening of the insurance sector began during the early 1990s. In 1993, the government set up a committee chaired by former Reserve Bank of India governor R. N. Malhotra to propose recommendations for insurance reform complementing those initiated in the financial sector. The committee submitted its report in 1994, recommending that the private sector be permitted to enter the insurance industry. Foreign companies should enter by floating Indian companies, preferably as joint ventures with Indian partners.
Following the recommendations of the Malhotra Committee, in 1999 the Insurance Regulatory and Development Authority (IRDA) was constituted to regulate and develop the insurance industry and was incorporated in April 2000. Objectives of the IRDA include promoting competition to enhance customer satisfaction with increased consumer choice and lower premiums while ensuring the financial security of the insurance market.
The IRDA opened up the market in August 2000 with an invitation for registration applications; foreign companies were allowed ownership up to 26 percent. The authority, with the power to frame regulations under Section 114A of the Insurance Act, 1938, has framed regulations ranging from company registrations to the protection of policyholder interests since 2000.
In December 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and the GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from the GIC in July 2002. There are 28 general insurance companies, including the Export Credit Guarantee Corporation of India and the Agriculture Insurance Corporation of India, and 24 life-insurance companies operating in the country. With banking services, insurance services add about seven percent to India’s GDP.
In 2013 the IRDAI attempted to raise the foreign direct investment (FDI) limit in the insurance sector to 49 percent from its current 26 percent. The FDI limit in the sector was raised to 49 percent in June 2016.