Insurance regulator Irda on Friday prescribed minimum qualifications for insurance executives and faculty members of training institutes to keep pace with demands of the growing industry.
In a statement, Insurance Regulatory and Development Authority (Irda) said a corporate insurance executive has to be an associate or fellow of Institute of Chartered Accountants of India, Institute of Costs and Works Accountants of India or Actuarial Society of India, among others, with a diploma in insurance and risk management.
For the post of faculty of Agents’ Training Institute (ATI), the Irda said every institute should have at least one qualified permanent faculty who is an associate or fellow from the Insurance Institute of India for each stream?Life and Non-Life. However, training institutes can employ faculty with more than 15 years of service in the industry who should have spent the last 3 years of service as a manager.
Earlier, Irda constituted a standing panel to identify the qualifications suitable for the above positions and evaluate their equivalence to presently specified qualifications.