Principal Officer

3 weeks ago

Coimbatore, Tamil Nadu, India Infiniti Codes Private Limited Full time
Hiring for a leading Insurance company in Coimbatore

Title: Principal Officer (Insurance Broker)

Minimum Experience: 3 years

Location: Coimbatore

Salary: As per industry standards

Role Overview

The Principal Officer (PO) will be responsible for supervising and ensuring compliance in all activities of the Corporate Agent/Insurance Broker. The role demands strong regulatory knowledge, operational oversight, and effective grievance redressal, in line with IRDAI guidelines.

Key Responsibilities

1. Supervise and monitor the activities of the Corporate Agent; ensure that all specified people are trained, skilled, and knowledgeable in insurance products.
2. File applications for removal or addition of specified persons and Authorized Verifiers.
3. Ensure strict compliance with the Code of Conduct and Corporate Agency regulations in both letter and spirit.
4. Submit material disclosures, regulatory returns, and other information to the Authority in a timely manner.
5. Submit annual compliance certification to the Authority, confirming adherence to all regulatory provisions.
6. Oversee insurance solicitation activities and ensure all compliance requirements from specified persons (SPs) are met.
7. Act as the Single Point of Contact for inspections and other compliance-related matters with the Authority.
8. Verify compliance of SPs and ensure solicitation is carried out only by authorized persons.
9. Ensure all customer grievances are addressed appropriately and resolved within 14 days.

Qualifications & Requirements

- Education: Bachelor's degree in any stream or (MBA or professional qualifications preferred – III, Actuaries, CII London, IIRM, ICAI, ICSI, CFA/CAIIB).
- Training & Certification:

50 hours of training + passing the prescribed IRDAI exam (if not holding a professional qualification).

25 hours of training + exam for recognized professionals.

Certification valid for 3 years.

- Must fulfill additional regulatory requirements such as minimum capital, deposits, professional indemnity insurance, infrastructure, staffing, and fit & proper declaration.

Key Skills

- Strong knowledge of IRDAI regulations and insurance compliance framework.
- Leadership and supervisory skills.
- Excellent communication and reporting abilities.
- Customer grievance handling and resolution.
- Ability to coordinate effectively with regulatory authorities.

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