Insurance Compliance Head

This role is for one of the Weekday's clients

Min Experience: 9 years

Location: India

JobType: full-time

We are seeking an experienced and highly skilled Insurance Compliance Head to lead and oversee the compliance framework within our organization. The ideal candidate will have extensive expertise in insurance regulatory requirements, particularly with IRDAI regulations, and a proven track record in managing compliance risks in the insurance sector. This leadership role demands a professional who can ensure that the company adheres to all regulatory norms and internal policies, providing strategic compliance advisory to senior management and driving a culture of compliance across the organization.

Key Responsibilities:

• Regulatory Inspection Management:
• Lead and coordinate all regulatory inspections and audits by IRDAI and other relevant authorities. Prepare the organization to handle regulatory queries and inspections effectively by ensuring robust documentation, timely responses, and corrective action plans.
• Corporate Agency Regulations:
• Ensure strict adherence to corporate agency regulations issued by IRDAI. Monitor agency appointments, compliance with code of conduct, commission structures, and disclosures, ensuring that all agency operations align with regulatory requirements.
• Compliance Testing & Monitoring:
• Develop and implement comprehensive compliance testing frameworks to assess adherence to insurance laws, rules, and internal controls. Monitor key compliance indicators and conduct periodic reviews to identify gaps and mitigate risks proactively.
• Compliance Advisory:
• Act as the principal compliance advisor to the Board, senior management, and business units on matters relating to insurance regulations, IRDA guidelines, and emerging regulatory trends. Provide timely and actionable guidance to enable informed decision-making.
• Insurance Compliance Governance:
• Oversee the design, implementation, and maintenance of the company's insurance compliance program. Establish policies and procedures aligned with IRDAI regulations and industry best practices to ensure compliance and minimize regulatory risks.
• Stakeholder Management:
• Liaise with IRDAI, legal advisors, auditors, and other external stakeholders to address compliance-related issues, manage regulatory filings, and maintain transparent communication channels.
• Training & Awareness:
• Drive compliance training programs for employees and agents to build awareness of regulatory requirements and ethical standards. Foster a culture of integrity and compliance within the organization.
• Reporting & Documentation:
• Ensure accurate and timely submission of all regulatory returns, disclosures, and reports to IRDAI. Maintain meticulous records of compliance activities, investigations, and remediation efforts.

Key Skills & Experience:

• 9 to 19 years of progressive experience in compliance within the insurance industry, with a strong focus on IRDAI regulations and guidelines.
• Deep understanding ofRegulatory Inspections, corporate agency rules, compliance testing methodologies, and monitoring frameworks specific to insurance companies.
• Proven expertise inInsurance Complianceand ability to interpret and implement IRDA/IRDAI circulars, notifications, and regulatory updates.
• Strong knowledge ofcorporate agency regulationsincluding appointment, due diligence, and compliance adherence.
• Demonstrated ability to lead regulatory audits, inspections, and interact effectively with regulators.
• Experience in developing and delivering compliance advisory services to senior leadership and business units.
• Excellent analytical skills to identify compliance risks and implement control measures.
• Strong leadership qualities with excellent communication, stakeholder management, and training capabilities.
• Ability to work collaboratively across functions to embed compliance into business processes.
• Professional qualifications such as CA, CS, LLB, or specialized certification in compliance/regulatory affairs will be an advantage.