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IRDAI Assistant Manager Exam Syllabus 2023
Name of Organization : Insurance Regulatory and Development Authority of India (IRDAI)
Number of Vacancies: 45 Posts
Name of Posts: Assistant Manager
Kind of Declaration: Exam Syllabus/ Pattern
Type of Exam: Written Examination and Interview
Selection Procedure : The selection process will comprise of Preliminary Examination, Descriptive Examination & Interview.
Official Website : www.irdai.gov.in
Scheme of Examinations & Syllabus
The selection process shall be as follows:
i) 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, Finance, Law, IT, Research streams and General stream shall 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
ii) Phase II : Descriptive Examination comprising 3 Papers (Paper I, II and III).
iii) Phase III : Interview
(a) Candidates for Actuarial, Finance, Law, IT, Research and General stream shall be shortlisted for Phase III – Interview based on the aggregate marks obtained in Papers I, II and III of Phase II – Descriptive Examination only.
(b) The minimum cut-off marks for being shortlisted for Phase III – Interview shall be decided for each stream by IRDAI.
(c) Final selection shall be based on the performance and merit of the candidates under respective stream in Phase II – Descriptive Examination and Phase III – Interview, taken together
Phase I – On-line Preliminary Examination: There will be four tests of objective type as under:
A candidate has to qualify in each of the four Objective Test separately and also in aggregate as per the cut-off marks for each test and in aggregate to be decided by Tests will be conducted in English and Hindi (except Test of English Language which will be provided only in English). There will be negative marks for wrong answers in the Objective Tests. 1/4th mark will be deducted for each wrong answer.
Phase II – Descriptive Examination: Candidates must appear for all three papers in Phase II – Descriptive Examination. Separate Admission Letter will be issued for the purpose.
The Phase II – Descriptive Examination will consist of three papers as under:
The syllabus for Phase II – Descriptive examination comprising Papers I, II and III . Tests will be conducted in English and Hindi (except Test of English Language which will be provided only in English).
Phase III – Interview : Candidates who have been shortlisted in Phase II – Descriptive Examination only will subsequently be called for an Interview. IRDAI shall notify the exact venue, its address, time and date of interview later on IRDAI’s website . Final selection will be on the basis of candidate’s performance in Phase II – Descriptive Examination and Interview taken together (combined score) in order of merit.
The weightage of Phase II – Descriptive Examination and Interview will be 85:15. The combined final score of candidates shall be arrived at on the basis of scores obtained by the candidates in the Phase II – Descriptive Examination and Interview
Syllabus for Phase II – Descriptive Examination
1. Paper I – English
a) Essay;
b) Precis writing;
c) Comprehension and Business/Office Correspondence.
2. 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.
3. 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.
