Last Date: 25 October,2020
GENERAL INSURANCE CORPORATION OF INDIA (GIC)
All India
GIC India Recruitment 2020 aka General Insurance Corporation of India notification page for latest vacancy updates, eligibility criteria and how to apply GIC India Vacancy 2020. We check and verify the job location, selection process and age limit from GIC India Job 2020 Official website. We provide all details including application fee, salary pay and scale and GIC India Exam 2020 Date. Sarkari Result Naukri is best Place for searching all GIC India recruitment 2020 updates. Moreover we will provide you full syllabus of GIC India vacancy 2020 and current exam parent to get success. Official Website is www.gicofindia.com
Employment Notification 07 Actuarial Apprentice Vacancy – GIC,All India
JOB DETAILS:
Name of the post – Actuarial Apprentice
No of post – 07
Pay Scale – 14000 – 16000 per month
Educational Qualification:
Graduate, Post Graduate.
Apply to 07 Actuarial Apprentice Vacancy – GIC,All India
General Information:
- GIC Re, the ‘National Reinsurer of India’ with a global footprint, is a 5 billion USD Dollar Reinsurer and 11 th largest Reinsurance Company in the world with the network in India and abroad, is looking for Young, Energetic Graduates/ Post Graduates with Brilliant Academic record in the disciplines mentioned below to fill-in the positions of 7 Actuarial Apprentices, who have passed at least 7 actuarial subjects of exam conducted by Institute of Actuaries of India(IAI) / Institute and Faculty of Actuaries, UK.
- Total Number of vacancies: 7* (Four for Non-Life Reinsurance & Two for Life Reinsurance & One for Obligatory Cell)
- Reservations shall be applicable as per the Government guidelines.
- The total number of vacancies, including the number of vacancies for reserved categories may increase or decrease depending on the total number of vacancies at the final selection.
- 21 years (completed) and not more than 27 years i.e. candidate should have been born not earlier than 30.09.1993 and not later than 30.09.1999 both days inclusive, relaxation up to 30 years for OBCs and 35 years for SCs/STs. Age relaxation for PWD candidates is as per rules.
- Graduation/Post Graduation in Science from recognized University with Mathematics or Statistics as main subject with 60% or more marks in aggregate, or
- Graduation/Post Graduation in Commerce from recognized University with Statistics/Actuarial Science as main subject with 60% or more marks in aggregate, or
- Graduation in Arts with Actuarial Science as major subject from recognized University with 60% or more marks, or
- Post-graduate Diploma in Actuarial Science with 50% or more marks
- 10% relaxation in marks for SC/ST candidates.
- The candidate should have passed at least 7 actuarial subjects of exam conducted by Institute of Actuaries of India (IAI) or Institute and Faculty of Actuaries (IFA).
- A three-year period of Apprenticeship.
- May be eligible for being considered for the post of Assistant Manager after passing 10 or more subjects.
- Apprentice to pass total nine subjects by the end of 3 years.
- A further extension of 1 year (2 years in case of SC/ST candidates) shall be granted if the apprentice passes 9 subjects within the initial 3 years of apprenticeship for passing another 1 papers so as to complete 10 papers.
- Termination of apprenticeship on failure to pass 9 subjects within three years.
- On absorption on regular basis, as Assistant Manager (Scale I Officer) after passing minimum 10 papers, the emoluments will be fixed in the scale of Basic Pay Rs.32,795/- per month in the scale of Rs.32795 -1610(14) – 55335 -1745(4) – 62315 and other admissible allowances like DA, HRA, CCA, etc. The total emoluments will be about Rs.53400/-p.m. plus other benefits which are New Pension Scheme and Newspaper /Internet Allowance Leave Travel Subsidy, Medical Benefits, Personal Accident cover, housing and vehicle loans with subsidized interests, and interest free advances for
festival, natural calamities and any other benefits as per rules and on confirmation of service in the Corporation. The officers are also entitled for Corporation’s / leased accommodation as per norms. - Presently Corporation owned accommodations are not available, whereas lease accommodation will be permitted as per norms). The present lease accommodation limits at Mumbai is Rs.30,000/- per month, subject to terms and conditions.
- The Apprentice selected with 10 or more number of Actuarial subjects passed before joining or have passed after joining the Corporation has to compulsorily serve the Corporation as an apprentice at least for 1 year before being absorbed as Scale I officer on probation i.e. all apprentices have to serve the Corporation as an apprentice for a minimum of one year before being absorbed as Scale I officer on probation. The apprentice absorbed as Scale I officer will be treated as a fresh Direct Recruit Officer in Scale I on probation.
- Interested candidates may apply in the prescribed application form as per Annexure.
- Attach self-attested copies of the Caste Certificate (wherever applicable), School Leaving Certificate/ Matriculation Certificate showing Date of Birth or Birth Certificate separately,Degree Certificate & Mark-sheets, Certificate of the Actuarial papers passed.
- Affix passport size photograph at the right hand top corner of the application.
- Then send the scan copy of the application along with the other required documents to the email id recruitment@gicofindia.com
- The original application along with the original certificates are to be brought during the Interview/Group Discussion.
- Incomplete applications without the copies of the relevant certificates and those received late are liable to be rejected.
About Us:
Vacancy Notice 07 Actuarial Apprentice Vacancy – GIC,All India
- The entire general insurance business in India was nationalised by General Insurance Business (Nationalisation) Act, 1972 (GIBNA).The Government of India (GOI), through Nationalisation took over the shares of 55 Indian insurance companies and the undertakings of 52 insurers carrying on general insurance business.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 nationalised 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.
- The next landmark happened on 19th April 2000, when the Insurance Regulatory and Development Authority Act, 1999 (IRDAA) came into force.This Act also introduced amendment to GIBNA and the Insurance Act, 1938. An amendment to GIBNA removed the exclusive privilege of GIC and its subsidiaries carrying on general insurance in India.In November 2000, GIC was renotified as the Indian Reinsurer and through administrative instruction, its supervisory role over the four subsidiaries was ended.With the General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) coming into force from March 21, 2003; GIC ceased to be a holding company of its subsidiaries.The ownership of the four erstwhile subsidiary companies and also of the General Insurance Corporation of India was vested with Government of India.
- The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United India Fire & General Insurance Company Limited, Madras, Oriental Fire & General Insurance Company Limited, Bombay and National Insurance Company Limited, Calcutta (New India Assurance Co. Ltd., United India Insurance Co. Ltd., The Oriental Insurance Co. Ltd., and National Insurance Company Co. Ltd. respectively).
- The General Insurance Business (Nationalisation) Act, 1972 (GIBNA) that followed paved the way for the Government to take over ownership of these businesses. Accordingly, GIC was incorporated on 22 November 1972 as a private company under Companies Act, 1956 in Bombay and received its Certificate for Commencement of Business on 1 January 1973.
- GIC’s stated role was to function as the holding company of the four companies, and superintend, control and carry on the business of General insurance on behalf of the Government of India.
- The first Chairman of GIC was A Rajagopalan, an Actuary and an officer of the Indian Administrative Service (IAS). M K Venkateshan and S K Desai were appointed the two Managing Directors of GIC.
- On 1 January 1973, GIC was notified as the reinsurer under Section 101 A of Insurance Act, 1938,[6] making it the Indian reinsurer for receiving obligatory cessions, a role hitherto played by two companies called India Reinsurance Corporation Limited (India Re) and Indian Guarantee and General Insurance Company Limited (Indian Guarantee).
VACANCY NOTIFICATIONS
click above to download
the employment notification
APPLY NOW
click above to apply
now online or download form
