Insurance Education
National Insurance Academy, Pune, has a 32 acre campus & 30-plus faculty, specialized in teaching, conducting research and providing consulting services in the insurance sector. NIA offers a two year PGDM program in insurance. NIA was founded as Ministry of Finance initiative with capital support from the then public insurance companies, both Life (LIC) and Non-Life (GIC, National, Oriental, United & New India).
Amity School of Insurance Banking and Actuarial science (ASIBAS) of Amity University, located in Noida and established in 2000, offers MBA programs in Insurance, Insurance and Banking, and M.Sc./B.Sc. actuarial sciences.
The Institute of Insurance and Risk Management (IIRM) is an international education and research organization. The Institute was set up jointly by the Insurance Regulatory and Development Authority (IRDA) of India and the State Government of Andhra Pradesh, in 2002 for promotion of International Post Graduate Diploma Courses in Insurance / Risk Management(Regular and Distance learning) . International School of Actuarial Sciences (ISAS) opened on 6th August 2007 leading to a Post Graduate Diploma in Actuarial Sciences.
Birla Institute of Management Technologyn a graduate business school located in Greater Noida, established in 1988, offers a PGDM-IBM program in insurance business management.This program was launched in 2000 by the Centre for Insurance and Risk Management and is accredited by the Insurance Regulatory and Development Authority. Life Office Management Association (LOMA),USA is BIMTECH's educational partner and BIMTECH is an approved centre for LOMA examination.
The Chartered Insurance Institute(CII), UK has accorded recognition (by way of credits) to the BIMTECH PGDM-IBM program.Their two year PGDM program in insurance business has been recognized as equivalent to the Associate level of the Insurance Institute of India, Mumbai.
NLU, Jodhpur, offers a two year MBA and one year MS (for engineering graduates) program in insurance.
IRDA controls all the Insurance business in India. They are setting structure and boundaries for the insurance companies to act within. Starting from licensing to approving the products, IRDA directs the companies in India. They also protect customer interests in the country.
- As per current guidelines issued by IRDA, Insurance Companies are not permitted to invest in Indian Depository Receipts ( IDR), while they are permitted to invest in Equity shares/ Bonds/ Debentures. IRDA needs to remove this disparity to open up investment opportunity by Ins Companies and thereby also enhance the liquidity of IDRs ( Contributed by Sanjay Banka, FCA FCS)
To become an insurance advisor in India insurance act 1938 mandates that the individual has to be Major with sound mind. After the advent of IRDA as Insurance Regulator IRDA has framed various regulations viz training hours, examination, fee etc. which are amended from time to time. Since November 2011 IRDA the Insurance Regulator in India has introduced a new syllabus(IC-33) conceived and developed by CII, London.The syllabus mainly aims to make an Insurance Agent as a Financial Professional. But almost all insurers are facing tough time making the candidates pass the examination which has become relatively tough.
Read more about this topic: Insurance In India
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—C. John Sommerville (20th century)