Introduction

A critical element of financial sector reforms is the development of a pool of human resources having right skill and expertise in each segment of the industry to provide quality intermediational to market participants.Quality intermediation requires personnel working in the industry need to (i) follw a certain code of conduct and (ii) have an understanding of business and skills to service different constituents in the market.In order to ensure this,the Insurance Regulatory and Development Authority(hereinafter referred to as the “Authority) constituted under the Insurance Regulatory Regulatory and Development Authority Act,1999 has notified the IRDA(licensing of Insurance Agents) Regulations 2000 (hereinafter referred to as the “Regulations”)Regulations 6 of the regulation requires that a person desiring to obtain or renew a license to act as an insurance agent or a composite insurance agent shall pass the pre-recruitment examination in life or general insurance business, or both as the case may be,conducted by the Insurance Institute of India,Mumbai(hereinafter to as the “Institute”) or any other examination body “duly” recognized by the Authority.

National Stock Exchange of India Limited

National Stock Exchange of India Limited ,a company registered under the Companies Act ,1956,provides a testing and certification mechanism called NSE’s Certification in Finacial Markets(NCFM) to test practical knowledge and skills that are required for operations in financial markets in a secure and unbiased manner.NCFM is designed to administer tests in a modular fashion.It offers a comprehensive range of modules that cover many different areas of finance.It is an on-line nation-wide testing and certification system where the entire process from generation of question paper,invigilation,testing,assessing,scores reporting and certifying is fully automated.

Names Of Examinations

This examination is called pre-recruitment examination for Insurance Agents.It is administered separately for Life Insurance Agents and General Insurance Agents,manually by the Institute and electronically by the NSE.The examinations are called as follows :

(i) Pre-recruitment Examination for Life Insurance Agents,and
(ii) Pre-recruitment Examination for General Insurance Agents.
The Manual and electronic modes of administering examination are the sponsoring insurer has the option to choose either of the modes of examination.

Pattern Of Examination

Only objective /multiple choice questions are asked.A candidate is required to indicate the correct answer.The examination is of 2 hours duration.Maximum marks are 100.Numerical questions carry 10% of the marks.A candidate is required to secure at least 50% of marks to be declared successful.

Liability
In the event of any failure to administer the examinations and announce the results as specified here,for any reason whatsoever,the liability of the Institute Or the NSE,as the case may be,shall be limited to a refund of examination fee paid for the examination.

Agent's Exam - Topics

With the opening up of the Insurance Business in India, Insurance Regulatory and Development Authority (IRDA) has issued licence to a number of private business houses. A new dimension has emerged in the country in so far us insurance industry is concerned. The main objective of all the insurance companies will be to satisfy the customerso satisfaction. The product design will be on need based. With the competition amongst the companies, the IRDA will keep a watch over the performance of the companies.
The Insurance Institute of India established in 1955 is a pioneer Institute engaged in imparting insurance education, training and research activities in India. The Certificates / Diploma awarded by it have recognition internationally. In the changed scenario of insurance industry in India, we are assigned an important role by IRDA. We have successfully conducted two international conferences in 1999 & 2000.