Job Title

Role: Product Compliance - Life & General Insurance JOB DESCRIPTION Responsible for all compliance, regulatory, policies and processes as applicable. Implementing and managing the compliance framework of the company. Identify root causes of non-compliance events. Provide recommendations on corrective actions. Identify various risks and prepare the risk framework of the company. Evaluate the implementation and make changes as appropriate to the risk framework. Prepare reports outlining recommendations for improvements. Design action plans to ensure robust compliance. Maintain appropriate records. Coordinate, prepare, or review regulatory documents or submissions. Co-ordinate with the Regulatory authorities when required Keeps oneself updated on best practices and high on Market intelligence. Having good knowledge and process understanding of Insurance business Should be able to work as a team player with other functions. Well versed with IRDAI Corporate Agency Regulations 2015 & other relevant Guidelines. Job Role Annual and quarterly submissions to IRDAI and reporting the respective data. Handling IRDAI Inspections and various audits external and internal. Dissemination of daily regulatory circulars to respective stakeholders, assisting them in implementation and monitoring until compliance. Ensure acquiescence with compliance standards and regulatory requirements Handling ad-hoc regulatory compliance filings for Corporate Agency. Empanelment documentation and compliance with Insurers and other respective authorities. Monitor all regulatory changes IRDAI / SEBI / RBI on regular basis and advise the concerned Departments for implementation and monitoring. Handling grievances /complaints filed by Clients Preparation of various Compliance MIS. To advise various departments across the company on compliance issues raised by them. Drafting / vetting of policies, agreements and contracts involving various regulations and acts. Liasioning with IRDA officials for various approvals Suggestion on improvement and automation of processes and innovative ideas to improve the services. Critical Competencies Having good knowledge and process understanding of Insurance Business, Analytical Skills, Domain Knowledge, Excellent Co-ordinating Skills, Project Management capabilities, Exposure to interact with Statutory Authorities and Problem Solving. Key Interactions Sales and Distribution Team, LI Product Team, Process, Ops, Underwriting, Marketing, IT and External Authorities Measures of success Quantity – Zero Non-Compliance Quality – Ensure acquiescence with compliance standards and regulatory requirements