HR at Magma HDI General Insurance Company Limited
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Magma HDI General Insurance - Vice President/Head - Legal & Chief Compliance Officer - LLB/CS (15-20 yrs)
Position Title : Head Legal and Chief Compliance Officer
Level/Grade/Designation : VP
Company : Magma HDI General Insurance
Location Mumbai
Department : Legal & Compliance
Reporting to CFO
Duties and responsibilities that you perform related to your job
Compliance:
- Owner of the Legal and Compliance framework of the Company and responsible for implementing zero tolerance on compliance matters.
- Responsible for implementation and monitoring of Regulatory compliance related to Insurance Act, IRDAI and other governing bodies Regulations/circular/guideline in various functions/departments of the organisation
- Liaison with IRDAI and other governing bodies
- Responsible for handling and coordination of IRDAI Inspections and reviews and preparing the organisation for the same.
- Reviewing and evaluating the impact of new IRDAI circulars, notifications; disseminating the gist of the same to relevant stakeholders and monitoring the implementation of the same.
- Reviewing IRDAI orders against other insurers and evaluating the preparedness of the Company w.r.t. the matters covered therein.
- Ensuring the monitoring and implementation of directions issued by IRDAI in the form of advisory, warning and penalty orders.
- Responsible for Compliance testing of various functions
- Responsible for getting Compliance Certification from various functions; circulating updated
- Compliance check lists to departments to enable the certification.
- Imparting regulatory training and awareness to stakeholders and circulating regulatory updates.
- Responsible for overall Distribution Compliance (Agent, Corporate agent, Distance Marketing, etc.), Product related compliance, Advertisement compliance
- Providing Regulatory Suggestion on Process Manual of various departments
Maintenance of following repositories related IRDAI and other governing bodies:
- Circulars, Regulations, guidelines
- Returns and Filings
- Communications with regulators
- Monitor File and Use updates provided to IRDAI and coordinate with departments in case of any deviations
- Prepare gist of the draft guidelines circulated by IRDAI for comments from the company/industry and co-ordinating with the concerned department and management to collate their comments for submission with IRDAI
- Ensuring and implementing the Outsourcing and Advertisement related regulations.
- Timely filings in IRDAI online module Business Analytic Procedure
- Timely submission of ad-hoc requirements from any authority
- Assisting Company Secretary in preparation, conducting and organising the Board Meetings, Annual General Meeting, Extra ordinary General Meeting of the organisation
- Resolving/implementing the actionable arising out of meetings
- Monitor and update concerned team and management on AML / CFT issues
- Drafting/Preparation of processes, policies in accordance with the applicable Regulations for Legal & Compliance and other departments
Corporate Legal:
- Drafting and vetting agreements, deeds i.e. Service Level Agreements, Outsourcing Agreements, MoUs, Leave and Licence Agreements etc.
- Drafting, Vetting of General Insurance Products
- Handling high value litigation and co-ordination with law firms/advocates
- Giving legal advice to the company on various legal and regulatory issues
- Interpretation of any statutes, Regulations, Rules applicable to the Company
Company Secretarial Function:
The Company Secretarial function may also fold into this role, if the candidate has necessary qualification and / or suitable experience.
Organizational Chart :
- Chief Finance Officer
- Head Legal & Chief Compliance Officer
- GM / AVP Compliance
- GM / AVP Compliance
Relationships : Who do you interact with related to your job
Internally [Within Magma HDI) Who? Purpose of Interaction Who ? Purpose of Interaction
- Compliance Team - Your team members - Submission of reports
- Accounts / Finance, Operations, Underwriting, Actuarial, Claims, HR and Admin etc. - Getting updates for reports to be filed with regulatory bodies and monitoring deviations, guiding and supporting them on compliance matters
- Sale - Supporting business and Compliances
- IRDAI and other Regulatory bodies such as IIB, GIC etc.
- Various types of intermediaries
- Legal - For all statutory and Legal matters
Would you like to share any other information related to your job, roles & responsibilities, specialized skills, qualifications, experience etc.
Competencies :
- Excellent knowledge of IRDA Regulations, Acts, Process & Procedures especially Insurance Law, Civil and Criminal law, AML, etc.
- Zero tolerance attitude on compliance matters
- Solution oriented and collaborative approach
- Knows the art of Management i.e., Getting things done
Qualification & Experience :
- Graduate-LLB (additional qualification of CS shall be given preference). Certifications / Fellow ship in Insurance would be an added advantage
- Overall experience of 15 years with at least 5 years in Insurance sector (Candidates with experience in General Insurance sector will be preferred)
Skills :
- Interpreting Laws and Regulations
- Drafting skills
- Planning and Organising skills
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