Insurance Compliance Officer

2 days ago

Coimbatore, Tamil Nadu, India beBeeInsurance Full time ₹ 8,00,000 - ₹ 15,00,000
Business Operations Manager Insurance

Job Overview:

The primary focus of this role is to oversee and ensure compliance in all corporate agent/insurance broker activities.

The ideal candidate will have strong knowledge of insurance regulations and compliance frameworks, as well as leadership and supervisory skills.

This position demands a deep understanding of regulatory requirements, including minimum capital, deposits, professional indemnity insurance, infrastructure, staffing, and fit & proper declaration.

A key responsibility of this role is to ensure strict adherence to the Code of Conduct and Corporate Agency regulations in both letter and spirit.

The selected candidate will also be responsible for filing applications for removal or addition of specified persons and Authorized Verifiers, as well as submitting material disclosures, regulatory returns, and other information to the Authority in a timely manner.

Responsibilities:
  • Oversee and monitor the activities of the Corporate Agent; ensure that all specified personnel 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.
  • 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.
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.
Qualifications:
  • 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.
Requirements:
  • 50 hours of training + passing the prescribed IRDAI exam (if not holding a professional qualification).
  • 25 hours of training + exam for recognized professionals.

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