Insurance Compliance Manager

3 days ago

Dindigul, Tamil Nadu, India beBeeCompliance Full time ₹ 15,00,000 - ₹ 20,00,000
Job Overview

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

Main Responsibilities
  1. Supervise and monitor the activities of the Corporate Agent; ensure that all 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 the Code of Conduct and Corporate Agency regulations in both letter and spirit.
  4. Submit timely material disclosures, regulatory returns, and other information to the Authority.
  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 personnel.
  9. Address customer grievances appropriately and resolve them within 14 days.
Qualifications & Requirements
  • Education: A Bachelor's degree in any stream or professional qualifications such as MBA, Actuaries, CII London, IIRM, ICAI, ICSI, CFA/CAIIB are preferred.
  • 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.
    • Fulfill additional regulatory requirements such as minimum capital, deposits, professional indemnity insurance, infrastructure, staffing, and fit & proper declaration.
    • 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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