• IRDAI Assistant Manage 2017 Notification Out

    Posted on by in Insurance Exams, Notification, Education & Training

    IRDAI invites applications from eligible Indian citizens for filling up the post of Assistant Manager through open competition on all India basis for its various offices. Selection will be through a country-wide competitive Phase – I “On-line Preliminary Examination” followed by Phase – II “Descriptive Examination” at select centres and Interview. Category-wise number of vacancies is as under:
    Name of the Post
    Unreserved, i.e. General (UR/GEN)
    Other Backward
    Classes (OBC)
    Scheduled Castes (SC)
    Scheduled Tribes (ST)
    Assistant Manager
    30 # @
    The tentative schedule of recruitment is given below:
    Website Link Open for on-line registration of applications
    Last date for on-line application and payment of examination fee/intimation charges
    Conduct of Phase – I On-line Preliminary Examination (Objective type)


    The details of shortlisted candidates for Phase – II Descriptive Examination will be published on IRDAI website. The date of conduct of Phase – II Descriptive Examination at select centres will be communicated later.
    Eligibility criteria
    Age Limit (as on 5.9.2017): Not below 21 years and not above 30 years as on 5.9.2017, i.e., candidates should have been born not earlier than 6.9.1987 and not later than 5.9.1996 (both  days inclusive)
    Educational Qualifications: Candidates should possess any of the following qualifications, at the minimum.
    Sl. No.
    Number of posts
    Qualification/s required
    1. Graduation from a recognized University with minimum 60% marks, and
    2. Pass in Nine (9) Papers of the Institute of Actuaries of India (IAI) Examination.
    1. Graduation from a recognized University with minimum 60% marks, and
    1. Graduation from a recognized University with minimum 60% marks, and
    2. LL.B with 60% marks
    Graduation from a recognized University with minimum 60% marks
    Selection process:
    The selection process shall be as follows:
    Phase – I On-line Preliminary Examination (Objective Type). This is a qualifying examination to be eligible for Phase – II Descriptive Examination. Through this, candidates for Actuarial, Accounts and Legal specializations and General vacancies will be shortlisted separately for Phase – II Descriptive Examination as per standards to be decided separately by IRDAI (approximately 20 times the number of vacancies subject to availability). Marks secured in the Phase – I On-line Preliminary Examination will not count for interview or final selection.
    Phase – II Descriptive Examination comprising 3 Papers (Paper I, II and III) and
    Phase – III   Interview
          Candidates for Actuarial, Accounts, Legal specializations and General vacancies will be shortlisted for Phase – III Interview based on the aggregate marks obtained  in Papers I, II and III of Phase – II Descriptive Examination only. The minimum cut-off marks for being shortlisted for Phase – III Interview will be decided separately for each specialization and General vacanciesby IRDAI. Final selection will be based on the merit performance of the candidates under respective specialization in Phase – II Descriptive Examination and Phase – III Interview taken together.
    The Phase – I On-line Preliminary Examination (Objective Type) will be for 160 marks with four Tests as under:
    Sr. No.
    Name of Tests (Objective)
    No of Questions
    Maximum Marks
    Total Time
    Test of Reasoning
    Composite time of 90 minutes
    Test of English Language
    Test of General Awareness
    Test of Quantitative Aptitude
    A candidate has to qualify in each Objective Test separately and in aggregate as per the cut-off marks for each test and in aggregate to be decided by IRDAI. Separate cut-offs may also be applied for each of the specializations and general posts. Tests will be provided in English and Hindi (except test of English Language which will be provided only in English).
    The scores of Phase – I On-line Preliminary Examination will be computed by adopting the
    following procedure:
     i.    There will be negative marks for wrong answers in the Objective Tests. 1/4th mark will be deducted for each wrong answer.
    ii.    Number of questions answered correctly by a candidate in each Objective Test is considered for arriving at the Corrected Score after applying penalty for wrong answers.
    iii.    The Corrected Scores so obtained by a candidate are made equivalent to take care of the minor difference in difficulty level, if any, in each of the Objective Tests held in different sessions to arrive at the Equated Scores *.
    * Scores obtained by candidates in any test are equated to the base form by considering the distribution of scores obtained in all examinations, if the examination is conducted in more than one session.
    iv.    Test-wise scores and scores on total is computed with decimal points up to two digits.
    Candidates are required to appear for all three papers in Phase – II Descriptive
    Examination in one session. Separate Admission letter will be issued for the purpose. The time-table for Phase – II Descriptive Examination will be intimated to the candidates concerned along with Admission Letter for Phase – II. The Phase – II Descriptive Examination will consist of threepapers as under:
    Name of Paper
    Type of Paper
    Time (Minutes)
    Paper-I: English
    Descriptive (question papers displayed on computer and to be written using pen and paper)
    Paper-II: Economic and Social Issues impacting Insurance
    Paper-III: Insurance and Management
    Syllabus for Phase – II Descriptive Examination
    (i) Paper I – English
    a)      Essay;
    b)      Precis writing;
    c)      Comprehension and Business/Office Correspondence.
    (ii) Paper II – Economic and Social Issues impacting Insurance
    a)      Economic Growth, business cycles and Insurance penetration, impact of age structure on economy, application of utility theory to Insurance premium setting, macroeconomic factors including catastrophes and pandemics that may impact insurers and insurance markets;
    b)      Financial markets, Financial Institutions and financial services integration and risks arising from interconnectedness; systemic risk and concentration risk;
    c)      Economic capital and risk based capital requirements, economic impact of risk transfer arrangements including reinsurance, contribution of Insurance sector to sustainable and responsible development of economy, Insurance Investments in Infrastructure sector
    d)      Economic reforms in India leading to Insurance sector reforms, Insurance regulation – financial and market conduct regulations, functions of IRDAI, role of an Actuary, de-tariffing in India, motor business and Indian experience, changing Insurance Regulations/Laws and FSLRC.
    e)      Social structure in India, Insurance in rural and social sectors and obligations of Insurers thereto, Indian Micro-Insurance experience, Social security laws and implementation thereof. RSBY – Health insurance scheme for Below Poverty Line (BPL) families.
    (iii) Paper III – Insurance and Management
    Part 1 – Insurance
    a)      History of Indian Insurance, principles of Insurance;
    b)      Risk and uncertainty, pooling and diversification of risk, Indemnity and Insurable interest;
    c)      Legal foundations of Insurance, basics in Group/Health Insurance/Pensions; Intermediation: role in mobilising savings, evolution of various types and Bancassurance in India;
    d)      Functions performed by Insurers: Product design, pricing, distribution, underwriting, claims, Investment and Reinsurance;
    e)      Insurance lines and products : Property-Liability, Life Insurance and Annuities and Health Insurance; Liability risks and Insurance, valuation and Solvency requirements, Specialist Insurance lines in India – Agricultural and Export Credit Guarantee; Reinsurance, GIC of India, obligator sessions and retention of risk within the Country.
    Part 2 – Management
    a)      Its nature and scope;
    b)      Management Processes – Planning, Organisation, Staffing, Directing and Controlling; role of a Manager in an Organisation;
    c)      Leadership: The tasks of a leader; leadership styles; leadership theories; A successful leader versus an effective leader;
    d)      Human Resource Development- Concept of HRD; Goals of HRD; Career Planning – Training and Development;
    e)      Performance Appraisal – Potential appraisal and development – feedback and performance counselling – rewards – employee welfare;
    f)       Motivation, Morale and Incentives: Theories of Motivation; How Managers Motivate; Concept of Morale; Factors determining morale; Role of Incentives in Building up Morale;
    g)      Communication: Steps in the Communication Process; Communication Channels; Oral versus Written Communication; Verbal versus non-verbal Communication; upward, downward and lateral communication; Barriers to Communication;
    h)     Role of Information Technology;
    i)       Corporate Governance: Factors affecting Corporate Governance; Mechanisms of Corporate Governance.
    Phase – III – Interview
    Candidates who have been shortlisted in Phase – II Descriptive Examination will subsequently be called for an Interview. At this stage, in respect of 10 posts proposed to be filled up by the candidates with professional qualifications, the availability of suitable candidates with horizontal (inter-locking) reservation for each such earmarked specialization will be examined for decision by the Competent Authority. Exact venue, its address, time and date of interview will be notified later on IRDAI’s website and the shortlisted candidates for Interview shall download their call letters from IRDAI website as per schedule to be announced.
    Click Here To Download the Notification
    Click Here To Apply Online
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