IRDAI Assistant Manager Exam: Pattern, Streams, Eligibility and Preparation

IRDAI does not hold one exam for one post. It recruits Assistant Managers in separate streams, each with its own eligibility.

Not every stream is advertised in every cycle. The streams on offer and the vacancies are given in each notification. A candidate can apply in only one stream.

After joining, an Assistant Manager is posted to one of IRDAI's departments. Common areas of work are:

• Life, general and health insurance - product approvals, solvency and compliance of insurers.
• Intermediaries - brokers, agents, corporate agents and web aggregators.
• Policyholder protection - grievance handling and awareness.
• Actuarial, finance and investment - reserves, accounts and investment rules of insurers.
• Legal and enforcement - inspections, penalties and regulations.

Officers move between departments over their career. Promotion to higher grades follows IRDAI's own rules.

Phase I is an online objective test. In recent cycles it has had four sections:

• English Language
• Reasoning
• General Awareness, with a focus on the economy, insurance and current affairs
• Quantitative Aptitude

Each section has its own cut-off. Phase I is qualifying; its marks are used only to short-list candidates for Phase II.

Negative marking has applied in the objective tests, usually one-fourth of the marks for a question per wrong answer. The number of questions, marks and time are given in the notification.

Phase II has had three papers:

• Paper I - English (descriptive): essay, precis and comprehension, typed online.
• Paper II - Economic and Social Issues: growth and development, the Indian economy, globalisation, social structure and government policy.
• Paper III - Insurance and Management: principles of insurance, the insurance market in India, the role of IRDAI, and basic management topics such as leadership and communication.

For specialist streams, the Phase II papers have included the subject of the stream, such as actuarial science, finance, law or IT.

Phase II marks count towards the final merit. The papers, marks and time are set in each notification.

Candidates who clear the Phase II cut-off are called for an interview. The panel asks about insurance, the economy, IRDAI's role, current issues and the candidate's own subject.

The final merit has been made from Phase II and the interview, with Phase II carrying the larger share. Phase I marks are not counted.

Selected officers are placed on probation and posted mainly at the Hyderabad head office, with some postings in other offices.

Prepare for the interview by reading your own application form carefully. Many questions start from your education, your stream subject and your reasons for choosing a regulator job over a job in an insurance company. Keep two or three recent insurance developments ready to discuss.

Some background helps in Phase II and in the interview:

• The Insurance Act, 1938 is the main law for insurance business in India.
• Life insurance was nationalised in 1956, when the LIC was formed. General insurance was nationalised in 1972.
• The Malhotra Committee, headed by R. N. Malhotra, recommended opening the sector to private companies and setting up a regulator.
• Parliament passed the IRDA Act, 1999, and the authority was set up in 2000. Its head office moved to Hyderabad in 2001.
• The limit on foreign investment in insurance companies has been raised in steps over the years.

Know these milestones, and follow recent IRDAI regulations and insurance news before the interview.

The academic requirement depends on the stream, as shown in the table above. For the Generalist stream it has been a graduation with a minimum percentage, relaxed for SC, ST and PwBD candidates.

The age limit has been 21 to 30 years on a date stated in the notification, with relaxations for reserved categories, persons with disabilities and ex-servicemen under government rules.

The qualification per stream, percentage rule, age band and relaxations are set in each notification. Check them before applying.

Start Phase II reading early. It needs depth, not just speed.

Insurance basics. Learn the principles of insurance, types of policies, the IRDA Act, 1999, the Insurance Act, 1938 and how the insurance market in India works.

Economy and social issues. Use the Economic Survey and the Union Budget. Add social issues such as health, education and inclusion.

English writing. Type one essay and one precis every week within the word limit.

Phase I speed. Practise reasoning and quant at the bank PO level, and follow insurance and economy news daily.

For other regulator exams, see the RBI Grade B, SEBI Grade A and NABARD Grade A guides. For insurance jobs, see the LIC AAO guide.

1. Applying in the wrong stream. Each stream has its own eligibility.
2. Ignoring insurance. It is the subject that sets this exam apart.
3. Not typing answers. Descriptive papers are typed online.
4. Ignoring sectional cut-offs. One weak section can end the attempt.
5. Using an old pattern. Work only from the current notification.