Principal Compliance Specialist

2 weeks ago

Chennai, Tamil Nadu, India beBeeRegulatory Full time ₹ 80,00,000 - ₹ 1,50,00,000
Job Description

The Principal Officer oversees all activities of the Corporate Agent/Insurance Broker, ensuring compliance with IRDAI guidelines. This role demands strong regulatory knowledge and effective grievance redressal.

  1. Supervise and monitor Corporate Agent activities; ensure that specified personnel 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 Code of Conduct and Corporate Agency regulations.
  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 Single Point of Contact for inspections and other compliance-related matters with the Authority.
  8. Verify SP compliance and ensure solicitation is carried out only by authorized persons.
  9. Address customer grievances appropriately and resolve within 14 days.
Required Skills & Qualifications
  • Education: Bachelor's degree in any stream or professional qualifications like MBA, Actuaries, CII London, IIRM, ICAI, ICSI, CFA/CAIIB.
  • Training & Certification:
    • 50 hours of training + passing prescribed IRDAI exam (if not holding 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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