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Principal Officer

2 weeks ago


Bengaluru, Karnataka, 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

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