Compliance Specialist

Job Title: Compliance Specialist

Location: Bangalore

Job Type: Full-time

Overview:

We are seeking a dedicated Compliance Specialist with 5 to 8 years of experience in Health/General Insurance companies to join our team. The ideal candidate will be responsible for establishing and maintaining robust compliance processes and activities. This role involves ensuring compliance with applicable laws and regulations related to Health Insurance, overseeing/ monitoring all applicable compliance filings and submissions, and providing guidance to internal stakeholders. Additionally, the Compliance Specialist will conduct regular audits to ensure adherence to regulatory and board policies.

Key Responsibilities:

Ensure compliance with the Insurance Act, IRDAI Act and various Insurance Laws, Rules and Regulations.  Develop and implement compliance policies and procedures tailored to the requirements of Health/General Insurance companies.  Monitor regulatory developments and assess their impact on organizational compliance.  Coordinate and convening meeting of the Executive / Management Committee meetings with all applicable compliance under IRDAI, the Companies Act etc., including planning Agenda of the meetings keeping in view the statutory, regulatory and business requirements; drafting notices and agenda of the meetings and minutes of the meetings.  Filings various Returns, Reports, Forms on a periodic basis with IRDAI and other authorities as may be applicable for Health Insurance Company.  Oversee compliance filings and submissions, ensuring accuracy and timeliness.  Provide guidance and training to employees on compliance matters, promoting a culture of compliance within the organization.  To represent the company during any inspection by authorities under applicable laws and to coordinate with internal stakeholders to effectively handle the inspection.  Conduct regular compliance audits as per regulatory and board policies, identifying areas for improvement and implementing corrective actions.  Maintain compliance tools and databases, ensuring they are up-to-date and effective in supporting compliance activities.  Collaborate with internal teams and external stakeholders, including Statutory/Regulatory bodies, to address compliance issues and inquiries.  Ensure such other compliance which shall be assigned from time to time.  Maintain upto date various Registers, Returns and books as required under the Insurance Laws.  Ensure Company-wide SOP implementation with respective process owners, guidance and monitoring adherence to regulatory amendments from time to time.  Conduct In-house Audits a. Risk & Compliance Audit i. Monthly collection of information for Risk & Compliance KPIs including RCA (maintaining risk register, ELC, risk control assessments, operational risk controls, heat map generation, etc) ii. Quarterly audit of identified controls / processes as guided by the CCO & CRO b. Conduct organisation wide Process Audit Program.  Drive automation of processes whenever needed from Risk and compliance side.

Qualifications and Skills:

Bachelor's degree in Law, LLB – Preferably qualified CS.  5 to 8 years of proven experience in compliance roles within Health/General Insurance Companies in India.  In-depth knowledge of applicable laws, regulations, and standards relevant to the insurance industry.  Strong analytical and problem-solving skills, with the ability to interpret complex regulatory requirements.  Excellent communication and interpersonal skills, with the ability to influence and educate stakeholders at all levels.  Proven track record of successfully establishing compliance processes and driving compliance initiatives.  Relevant certifications (e.g., Certified Compliance Professional) preferred.  Opportunities for professional development and career growth in a dynamic and supportive work environment.