Insurance regulatory and Development Authority also called IRDA, is an autonomous, statutory body to regulate and develop the insurance sector. IRDA was incorporated as statutory body in 2010, and its key objectives include creating of level playing field among different insurance players, safeguarding investors from bad practices and ensuring the financial security of the insurance market.
IRDAI headquarter is located at Hyderabad, Telangana, with 2 regional offices at Delhi and Mumbai. As on May 2018, total employee strength of IRDAI was 255, with 72 people working as IRDA Assistant Manager.
IRDAI regulates several public insurance companies (LIC, GIC, New India insurance, United Insurance, Oriental Insurance, Agriculture Insurance, etc) and private companies (ICICI Prudential, Pnb-Metlife, SBI Life etc) for life and non life insurance segments.
Organisation structure of IRDAI
Insurance Regulatory and Development Authority of India (IRDAI) has following departments.
- Accounts department
- Actuarial department
- Administration department
- Agency distribution department
- Communication department
- Consumer affairs department
- Corporate services department
- Enforcement department
- Estates department
- F&A department (Life)
- F&A department (Non-Life)
- Health department
- HR department
- Information Technology department
- Inspection department
- Intermediaries department
- Distribution development
- Internal Audit
- Investment department
- Legal department
- Life department
- Non-Life department
- Official language department
- Re-Insurance department
- Sectoral development department
- Surveyor and IMF department
- Vigilance department
The posting of the selected candidates can be in any of the Offices of IRDAI and they are liable to be transferred from one Department/Office to another during any time in their career.
Job hierarchy at IRDAI
At the executive level, IRDAI has 1 chairmain, 5 full time members and 4 part time members to look at the overall functioning of IRDAI. All of these executive members were appointed by government of India.
- Assistant (Junior Officer)
- Assistant Manager (AM)
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
Recruitment at IRDA
Irda recruits for its Assistant Manager (AM) and Assistant (Junior officers) through online recruitment tests. Recruitment at other posts are through internal promotions and through lateral hiring.
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