Insurance Regulatory Compliance Specialist

10 hours ago

Bengaluru, Karnataka, India beBeeCompliance Full time ₹ 1,20,00,000 - ₹ 2,00,00,000
Compliance Officer Role

This is a key position responsible for ensuring regulatory compliance across various aspects of the organization.

  • Regulatory Submissions: The Compliance Officer will be responsible for periodically uploading relevant submissions to the IRDA portal, coordinating with stakeholders as necessary.
  • Process Awareness: This role requires an in-depth understanding of the regulatory submission process, including new business submissions, schedules submissions, SP submissions, complaints submissions, financial statements submissions, and compliance certificates as applicable.
  • Registers Maintenance: The Compliance Officer will track, align, ensure, and coordinate with respective business units and BIU teams for maintaining regulatory registers in appropriate formats and submitting them to IRDAI.
  • Communication: As per regulations, this role involves notifying all communications, including branch openings and closures, directorship changes, regulatory charges levied, etc.
  • IIB Envoy Portal Update: The Compliance Officer will be responsible for uploading, tracking, and reviewing salespersons and SP details periodically.
  • IRDAI CA/ISNP/Envoy License Renewal: This role ensures that applicable licenses are availed, procured, and renewed within stipulated timelines.
  • NOC Issuance & Detagging PAN in IRDAI Portal: The Compliance Officer will issue NOCs for exited SPs and detag PAN from IRDA & Envoy along with record-keeping.
  • Telemarketer License: This role involves applying telemarketing licenses as per guidelines and submitting regulatory data to IRDAI as per stipulated guidelines.
  • Regulatory Checklist Maintenance: The Compliance Officer will track regulatory checklists (IRDAI data maintenance, registers, timely submissions, grievances, etc.) completely with stakeholders.
  • Reconciliations Tracking: This role coordinates with finance, product teams, and insurers for reconciliation sign-off every month and follows up on gaps identified.
  • Agreements Maintenance: The Compliance Officer will maintain and track agreements of insurers, SLAs of insurers, Commission structure of insurers.
  • Grievance Tracking/Data Maintenance: This role tracks grievances from the grievance team, insurers, and coordinates resolution with insurers, business, product, and branch teams.
  • Audit Initiation for Branch & Tracking: The Compliance Officer will provide Audit Checklists and coordinate with functional audit teams and track audit resolutions for branches.
  • Compliance Check on AML: This role provides compliance checklists to compliance teams of MFL and coordinates and tracks AML cases with internal and external stakeholders.
  • Legal/Litigation Tracking: The Compliance Officer will bookkeep litigation of insurance cases, open cases, and update regulators as needed.

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