Irdai recruitment 2017-18

IRDAI bs his name

IRDAI assistant manager post advertisment is out.

This thread seems dead so i am going to create another thread for the assistant manager post. Follow "IRDAI assistant manager post 2017"

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 About GIC:General Insurance Corporation (GIC) of India is the sole reinsurance company in the Indian insurance market with over four decades of experience.The entire general insurance business in India was nationalized by General Insurance Business (Nationalization) Act, 1972 (GIBNA). General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA.

It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. As soon as GIC was formed, GOI transferred all the shares it held of the general insurance companies to GIC. Simultaneously, the nationalized undertakings were transferred to Indian insurance companies.After a process of mergers among Indian insurance companies, four companies were left as fully owned subsidiary companies of GICNational Insurance Company Limited
The New India Assurance Company Limited
The Oriental Insurance Company Limited
United India Insurance Company Limited.
In November 2000, GIC was renotified as India’s Reinsurer, but its supervisory role over its subsidiaries was ended. This was followed by the General Insurance Business (Nationalisation) Amendment Act of 2002. Coming into effect from 21 March 2003, this amendment ended GIC’s role as a holding company of its subsidiaries. The ownership of the subsidiaries was transferred to the Government of India.As a result of these reforms, GIC became the sole Re-Insurer in India, and is now called GIC Re.


 What is FSLRC?The Financial Sector Legislative Reforms Committee (FSLRC)Let’s try to understand the significance of FSLRC and its role.Formation of the CommissionThe Finance Minister in his Budget speech of 2011-2012 announced the formation of FSLRC to rewrite and harmonise financial sector legislations, rules and regulations. The resolution notifying the FSLRC was issued by the government in March 2011.
Chaired by Justice BN Srikrishna, the Commission has a diverse mix of expert members drawn from the fields of finance, economics, public administration, law, etc.Purpose of formationFSLRC was formed as most legal and institutional structures of the financial sector in India had been created over a century. Many financial sector laws date back several decades, when the financial landscape was very different from that seen today.
There are over 61 Acts and multiple rules and regulations that govern the financial sector. For example, the SEBI (Securities and Exchange Board of India) Act does not give the regulator powers to arrest anyone but tasks it with penalising all market related crimes stiffly. The Reserve Bank of India (RBI) Act and the Insurance Act are of 1934 and 1938 period, respectively.
The Commission was formed to review and recast these old laws in tune with the modern requirements of the financial sector. FSLRC plans to eliminate 25 of the current 61 laws that currently govern the financial sector and amend many others.
FSLRC moots single regulator
The FSLRC submitted its report in March 2013. It came up with its recommendation spread over two volumes and 439 pages. The Commission has proposed an Indian Financial Code Bill 2013 to create a Unified Financial Authority (UFA) and bring about reforms in financial sector regulations. The panel suggested that SEBI, IRDA, PFRDA (Pension Fund Regulatory and Development Authority) and the Forward Markets Commission (FMC) be merged under one regulator—UFA.
However, RBI (Reserve Bank of India) will continue to be the banking regulator. The new UFA would subsume watchdogs for insurance, capital markets, pension and commodities while letting the RBI continue its supervisory role over the banking industry.Consumer protectionAccording to FSLRC, all financial laws and regulators are intended to protect the interest of consumers. Hence, a dedicated forum for relief to consumers and detailed provisions for protection of unwary customers against mis-selling and defrauding by smaller print etc has been recommended.
The FSLRC report proposes certain basic rights for all financial consumers. For lay investors, the report proposes additional set of protections. The Commission has recommended some amendments to existing laws and new legislations. These changes will have to be carefully brought about accordingly.
Some basic protections consumers would expect include that financial service providers must act with due diligence. It is essential to protect investors against unfair contract terms, unjust conduct and protection of personal information. The FSLRC report also recommends fair disclosure and redressal of investor complaints by financial service providers.
Financial Regulatory Architecture Act
The proposed regulatory structure will be governed by the Financial Regulatory Architecture Act that will ensure a uniform legal process for the financial regulators. The finance ministry will unify the regulatory structure before tweaking the legislative structure. It may take two years for the report to be implemented in a phased manner.Judicial reviewThe panel has recommended judicial review of regulations. The report has suggested a sunset clause of 10 years. In other words, the laws would be reviewed every 10 years. The committee also recommended giving required attention to debt management and setting up a financial redressal agency and a financial stability and development council. 

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 Hello All. Can someone let me know the equivalent percentage of 6.06 CGPA as per the guideline provided in the recruitment advertisement?

I graduated from pune university where degree is on final year marks basis and i have 64% in final year but my 4 years aggregate is below 60, please help am i eligible?


Target GroupThe unorganized sector workers below poverty line (BPL) and their families are proposed to be covered under Rashtriya Swasthya Bima Yojana (RSBY).Understanding the characteristics of the target group was found to be absolutely imperative in evolving a scheme that could have a meaningful impact. An analysis of this group reveals that they are primarily:–

– Illiterate
– Migratory

Thus, the scheme had to be cashless because there was no way in which the beneficiary could raise the financial resources and then claim reimbursement from any agency. The reimbursement process itself is normally so cumbersome that it would have been virtually impossible for those below poverty line, even if they could raise the resources upfront, to claim the benefit.A large number of workers in India migrate from one State to the other in search of employment. So far, none of the health insurance schemes, for that matter any other scheme, addresses this aspect. An added complexity emerges when only some in the family migrate and rest of them stay back.On account of illiteracy, repeated documentation cannot be resorted to and, in this sense, the cashless system was the only alternative.


The beneficiary, under RSBY, is eligible for the following minimum benefits: 

(a) Total sum insured of Rs 30,000 per BPL family per annum on a family floater basis.

(b) Pre-existing conditions to be covered.

(c) Cashless coverage of all health services related to hospitalization, including maternity benefit and such services of a surgical nature which can be provided on a daycare basis. (Though OPD facilities are not covered under the scheme, OPD consultation is free)(d) Provision for pre and post-hospitalization expenses for one day prior and 5 days after hospitalization.(e) Provision for transport allowance.Funding(a) Contribution by Government of India: 75% (90% in case of the States in the North-East and J&K) of the estimated annual premium. Additionally, the cost of the smart cards to be borne by the Central Government @ Rs.60 per card.(b) Contribution by the respective State Governments: 25% (10% in case of the States in the North-East and J&K) of the annual premium.(c) Rs30 per annum as registration/renewal fee by the beneficiary.ROLL-OUT OF THE SCHEMEProcess Flow:The State Governments are required to select one or more health insurance service providers on a periodic basis according to a tender process which would take account of both the price of the insurance package and technical merit of the proposal. The tender is open to both public and private insurers who meet the standards fixed by Insurance Regulatory Development Authority (IRDA).The selected insurance company has to have back to back arrangement with:a) Health service providers
b) Smart card service providers
c) IntermediariesOnly such health service providers are empanelled by the insurance company as are able to meet the predefined criteria. The hospitals have also to agree to a predetermined package of medical and surgical procedures and the costs thereof to obviate subjectivity. No preauthorization is required in case of predetermined packages. Majority of the ailments fall within these packages. However, in case the ailment does not fall in such packages, the procedure for preauthorization has been prescribed.Information Technology Application:Smart Card is central to RSBY as it enables cashless transaction as well as inter-compatibility in network hospitals throughout the country. It also enables foolproof biometric identification of the beneficiary. The cards are printed on the spot and delivered by the Insurance Company at the time of enrolment itself.
In view of the possible migration of BPL workers, there is a facility of split card under the scheme.
A new card can be issued in case of loss of smart card. However, the beneficiary will have to bear the cost of duplicate card. As the details of the family are available in the database, the card can be issued at the district kiosk.
The hospitals are mandated to possess necessary hardware of predetermined specifications to read and operate the data on the smart card. Transaction software, based on the specifications, is to be prepared by the service provider for use in the hospitals.A back-end data base management is in place for transmission from hospitals to a designated server and for electronic settlement of claims to make the scheme not only cashless but also paperless. An elaborate MIS has been developed for close supervision and monitoring at various levels.Security:With a view to imparting security to the entire process of issuing and use of smart card, an elaborate key management system (KMS) has been evolved by the National Informatics Centre (NIC). A Central Key Generation Authority (CKGA) has been set up for creating root keys and to manage the entire key management system at the Central level. The district keys are generated by CKGA. Thereafter, the keys for field key officers (FKOs) are generated at the district level. The district keys are transferred by the CKGA to the district key managers.Role of Intermediaries:The Intermediaries between the insurance companies and the beneficiary have a very important role in carrying the scheme to such beneficiaries. These intermediaries can be in the form of TPA, NGOs, MFIs, Panchayati Raj Institutions or a combination of these depending upon the requirement in each region and the capacity and capability of the intermediaries. However, without such ‘social aggregators’ it will be virtually impossible to roll out the scheme.UNIQUE FEATURES OF THE SCHEME1) IT tools for poorest of the poor:In all 60 million cards will be issued under RSBY to the BPL families. This will be the biggest ever exercise involving IT applications in India or anywhere else in the world. So far, IT applications had been used primarily in the urban areas. The smart card is now traveling to rural areas on such a large scale.2) Empowering Below Poverty Line families:Unlike the previous Government sponsored schemes, where the beneficiaries did not have option to select the service delivery point, under RSBY, the beneficiary can choose the hospitals from a list of network hospitals, including private hospitals, for seeking treatment.3) RSBY operates on a business model:In view of the numbers and the fund involved, there are business opportunities for all the key players, like Insurance Companies, Hospitals, Smart Card Service Providers and the Intermediaries. On an average, around Rs.50 million (US $ 1.2 million) is being pumped in each district every year. This has created business opportunity as there would be incentive for private sector health providers to set up health related infrastructure. Similarly, on account of sheer volumes, smart card service providers will have the incentive to deliver the cards even in the rural areas. The insurance companies obviously can also make decent money on account of the proposed volumes.4) Security of Cards:A key management system has been evolved by National Informatics Centre to ensure that the smart cards are fully secure. There would be no scope of cards being duplicated or being misused. The smart card also envisages use of biometrics (finger print verification).RSBY GETS GOINGThe response of the State Governments and other stakeholders has been very encouraging. The Scheme became operational from 1.4.08. So far, 26 out of 29 State Governments have initiated steps to implement the scheme. Smart cards have started rolling out in 22 of them. By 20.07.10, more than 17 million cards, providing health insurance cover to around 70 million persons, have already been issued. Around 700,000 persons have already availed of free hospitalization facility.
A decision has been taken to extend the scheme to categories beyond BPL. Thus the benefits have now been extended to the building and other construction workers. The Finance Minister has also announced extension of RSBY benefits to such MNREGA beneficiaries as have worked for 15 days or more during the previous year. The Railway Minister has announced similar benefits for railway coolies and vendors.
The scheme has come in for appreciation both within and outside the country. The World Bank has called it “one of the most promising efforts in India”. It has commented that “the program is now internationally recognized for its innovative approach to harnessing information technology to reach the poor.” The UNDP has selected the scheme as a Social Protection Floor success story to be published in its document “Sharing Innovative Experiences: Social Protection Floor success stories”. The initial evaluations of the scheme have revealed some very encouraging trends in terms of beneficiary satisfaction.THE CHALLENGES AHEAD:Reaching out to such huge numbers in far flung areas is a stupendous task. Evolving communication modules and delivering them on such a scale continues to test the capacity and capabilities of the Insurance Companies whose task is to sell this product. And finally, the challenge is not merely of quantity but also of quality of service by various service providers. 


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Is there anyone in this group who attended last year IRDAI junior officer phase 2 exam ?

When can we expect admit cards?

phase 2  current Affairs Range  ?

Hi can anyone tell about the book to be referred for phase -I

is there any body applied for IRDA Manager ? any body knows the exam pattern ???