
Effective Regulatory Compliance Specialist
1 day ago
Key Role: Regulatory Compliance Specialist.
About the Job- Ensure seamless regulatory submissions to IRDA portal in alignment with internal stakeholders.
- Familiarize yourself with regulatory processes, encompassing new business submissions, schedules submissions, SP submissions, complaints submissions, financial statements submissions, and compliance certificates as applicable.
- Coordinate with relevant teams for accurate tracking and submission of regulatory registers in the IRDAI repository.
- Maintain effective communication channels with regulators, including updates on branch openings and closures, directorship changes, and regulatory charges levied.
- Regularly update IIB Envoy Portal by uploading salespersons, SP details, tracking, and reviewing them periodically.
- Guarantee timely procurement, renewal, and maintenance of necessary licenses, aligning with regulatory guidelines and collaborating with relevant stakeholders.
- Process NOC for exited SPs, detach PAN from IRDA & Envoy, and maintain records.
- Pursue telemarketing licenses as per regulations and submit required data to IRDAI within stipulated timelines.
- Renew IRDAI CA licenses, PO, ISNP, Envoy, and other pertinent licenses while monitoring their status and renewals with PO and relevant stakeholders.
- Manage and track the comprehensive regulatory checklist, incorporating IRDAI data upkeep, registers, timely submissions, grievances, and other essential tasks, in conjunction with stakeholders.
- Cultivate reconciliations by coordinating with finance, product teams, and insurers for monthly sign-off, ensuring identified gaps are promptly addressed.
- Maintain agreements of insurers, SLAs of insurers, commission structures of insurers.
- Track and resolve grievances from the grievance team, insurers, and coordinate resolutions with insurers, business, product, and branch teams. Maintain a grievance register as per regulatory requirements.
- Provide audit checklists and collaborate with functional audit teams to monitor audit resolutions for branches.
- Offer compliance checklists to the compliance team of MFL and track AML cases with internal and external stakeholders.
- Record insurance litigation, open cases, and notify regulators as needed.
- Perform any additional duties delegated by management and supervisors from time to time.
Desirable Experience: 4-8 years in a similar domain.
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