GIC Re recruitment 2018
GIC Re, the ‘National Reinsurer of India’ with a global footprint, is a 5 billion USD Dollar Reinsurer and 12th 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 25 Officers in the cadre of Assistant Manager (Scale-I) to be based in its offices in India and abroad (primarily to be posted in Head Office, Mumbai) and will be liable to be posted anywhere in India as well as abroad as per the requirement of the Corporation. Applications are invited from Indian Citizens for recruitment of 25 Officers in the cadre of Assistant Manager (Scale I) from the open market.
Name of the Organisation : General Insurance Corporation of India (GIC Re)
- General Stream – 24 Vacancies
- Hindi Stream – 01 Vacancy
Selection Process : Online Test + Group Discussion + Interview
Important Dates :
On line Registration commences from : 08.05.2018
Last Date for Online Registration : 29.05.2018
Payment of Application fees : From 08.05.2018 to 29.05.2018
Tentative Date of online Examination : June/ July 2018
Downloading of call letters for examination commences from : Around 10 days prior to the date of examination
Online Pre-recruitment training for SC/ST/OBC/PWD candidates : 11.06.2018 to 14.06.2018
About GIC Re
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 GIC
- National 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.