AIC of India Recruitment 2025 for post of Appointed Actuary – On full-time contractual basis

AIC of India Recruitment 2025 for post of Appointed Actuary – On full-time contractual basis

• Recruitment for the post of Appointed Actuary – On full-time contractual basis.¹

Overview

Agriculture Insurance Company of India Limited (AIC) was formed under the aegis of the Government of India and promoted by six Public Sector Companies to act as a specialty Crop Insurance provider to the Indian farming community. AIC was incorporated on December 20, 2002, and commenced business operations from April 1, 2003, by taking over Crop Insurance operations from General Insurance Corporation of India. AIC is the largest Crop Insurance Company in the Indian non-life Insurance Sector, holding approximately 32% market share as of March 31, 2025, in Crop Insurance, and aims to cover the protection gap for other agricultural risks. The company has expanded into allied areas of agriculture insurance, offering a diverse range of products beyond conventional crop insurance. AIC is currently inviting applications for the full-time contractual position of Appointed Actuary.

Key Details

About the Company

Agriculture Insurance Company of India Limited (AIC) is the largest Crop Insurance Company in the Indian non-life Insurance Sector.

Nature of Appointment

The company is inviting applications for the position of full-time Appointed Actuary on a contractual basis.

Number of Posts

There is one (1) post available for the Appointed Actuary.

Place of Posting

The place of posting will be the Head Office, New Delhi.

Emoluments and Benefits

Emoluments and benefits are negotiable and will be commensurate with the candidate’s qualifications and experience. Applicants should indicate their current CTC and expectations.

Service Conditions

The selected candidate will work as a full-time employee of AIC on a contract basis. After appointment, the individual cannot act as an Appointed Actuary for any other insurance company or work in any other capacity in the insurance industry or allied fields. The service conditions are subject to the IRDAI (Actuarial, Finance, and Investment Functions of Insurers) Regulations, 2024.

Tentative Scope of Work

The Appointed Actuary’s duties and obligations will be as per the IRDAI (Actuarial, Finance, and Investment Functions of Insurers) Regulations, 2024, including amendments, and as detailed in Annexure-1. Key duties include:

• Ensuring availability of requisite records for actuarial valuation.
• Rendering actuarial advice on product design, pricing, contract wording, investments, and reinsurance.
• Identifying and monitoring risks.
• Complying with statutory provisions regarding asset and liability valuation (Section 64V of the Act) and solvency margin maintenance (Section 64VA of the Act).
• Alerting management to actions needed to avoid contravention of the Act that may affect policyholders’ interests.
• Complying with Authority’s directions.
• Ensuring pricing policy aligns with underwriting and claims management.
• Ensuring adequacy of reinsurance arrangements.
• Contributing to effective risk management system implementation.
• Complying with Section 21 of the Act regarding information required by the Authority.
• Ensuring fair premium rates.
• Certifying claims reserves (including IBNR, IBNER, PDR) are determined using actuarial principles.
• Providing actuarial advice on management expenses.
• Coordinating calculation of IBNR and other reserves.
• Assessing sufficiency and quality of data for reserve calculations.
• Informing the Board about reliability and adequacy of reserves.
• Paying due regard to generally accepted actuarial principles and practices.

Eligibility Criteria

Age Limit

The candidate should not be over 60 years of age as on August 1, 2025.

Qualification & Experience

• The candidate must be an ordinarily resident in India.
• The candidate should be a Fellow member of the Institute of Actuaries of India (IAI), in accordance with the Actuaries Act, 2006.
• The candidate must satisfy all requirements laid down in the IRDAI (Actuarial, Finance, and Investment Functions of Insurers) Regulations, 2024 (including amendments/modifications) to be eligible as an Appointed Actuary for a General Insurer.
• At least 9 years of experience in General Insurance, with at least 4 years of post-fellowship experience. This experience criterion can be reduced by 2 years if the applicant has passed the Specialist Application or Specialist Advanced level subject in General Insurance from IAI or a mutually recognized institute.
• At least 2 years of post-fellowship experience (out of 4 years or 2 years as applicable) in the preparation or review of annual statutory valuation or product pricing of an Indian General Insurer, Indian Reinsurer, or Foreign Reinsurer’s Branch in India. Relevant experience as a Peer Reviewer, Panel Actuary, Actuary certifying reinsurance returns for General reinsurance business, actuarial consultancy in General Insurance, or relevant experience with the Authority will also be considered.
• At least 3 years of experience in a middle or senior level management role.
• The candidate must not have committed any professional or other misconduct.
• The candidate must not be an Appointed Actuary of any other insurer in India.
• The candidate must possess a Certificate of Practice issued by the Institute of Actuaries of India, as per IRDAI regulation.

How to Apply

Application Process

Interested candidates should send their complete application in the annexed format along with copies of requisite certificates/documents.

Submission Method

Applications should be sent to the e-mail ID: recruitment@aicofindia.com.

Subject Line

The email subject line should be “Application for the post of Appointed Actuary”.

Requisite Information to be Furnished

Applicants must provide the following information:

• Detailed Bio Data.
• Details of past work experience.
• Copies of Fellowship by the Institute of Actuaries of India (IAI).
• Valid Certificate of Practice (CoP) issued by the Institute of Actuaries of India (IAI).
• SA3 pass Certificate (if applicable).
• Current CTC and expectation for this role.
• Declaration/confirmation regarding compliance with IRDAI (Actuarial, Finance, and Investment Functions of Insurers) Regulations, 2024 in a specified tabular format.

Document Requirements

• Attach scanned copies of all documents supporting qualification and experience.
• All documents and the photograph should be self-attested.
• List of documents to attach: Details of past work experience, Copies of Fellowship of IAI, Valid Certificate of Practice (CoP), SA3 pass certificate (if applicable), Educational Qualifications.

Selection Process

Procedure

The selection will be through a personal interview of shortlisted candidates.

Important Notes on Selection

• The company reserves the right to restrict the number of candidates called for an interview.
• The company’s decision will be final and binding in all matters.
• If a candidate is found to not fulfill eligibility criteria or has provided incorrect/false/incomplete information or suppressed material facts at any recruitment stage, their candidature will be cancelled.
• If shortcomings are noticed even after appointment, services are liable to be terminated forthwith.
• Candidates should ensure they fulfill eligibility and other norms before applying.
• The company’s decision regarding eligibility, scrutiny stages, documents for interview, and other recruitment matters will be final and binding, and no correspondence will be entertained.
• The company reserves the right to amend or alter conditions, reject applications/candidature at any stage, or cancel the Personal Interview and/or selection process without assigning a reason.
• The company will not entertain any correspondence or personal inquiries.
• Canvassing or bringing undue influence will disqualify the candidature.
• Appointment is subject to the approval of the Insurance Regulatory Development Authority of India.

Important Dates

Last Date for Receipt of Online Application

The last date for receiving online applications is 31.07.2025.

Age Calculation Date

Age will be calculated as on 01.08.2025.

Reference and Notification Links

1. https://www.aicofindia.com/career ︎