Manager - Compliance & CIE - Insurance & Wealth

Key Objective of the Job:

To ensure compliance & adherence for Insurance related statutory requirements as a Corporate Agent for Life & general insurance. To deploy training and certification process for sale and do monitoring and corrective actions for sales compliance process. To coordinate with LI& Go partners for MIS for operational and MIS related matters.

Major Deliverables:

- Internal & External compliances for LI and GI: Would be directly responsible for ensuring all compliance and liaison with regulator ie. IRDA .A detailed orel CIE is provided in annexure 1 to this JD sheet

- Operational coordination with LI and GI partners : would act as SPOC for operational coordination with LI and GI partners for policy and process

- Certification of employees and associates :Would build systems and process and dive them for certification of employees and associates for selling insurance

- Training of employees on LI and GI :Would be required to impart trainings to employee and associates on LI and GI both on product, process and compliance areas

- Product development : Would partner with product team in product development along with LI & GI partners

- Mis-selling & Sales compliance :Would be responsible for developing and executing monitoring systems for detecting mis-sellings and ensuring sales system is operating as per compliance framework set up for LI & GI and other investments products.

Specialized job competencies:

- Knowledge of insurance regulatory frameworks

- Networking and Liasoning skills

- Exposure to sales process and monitoring and detection's of mis-sellings

- Experience in partnering for product development

Educational Qualification:

- Graduation

- IRDA mandated CIE qualifications - Annexure 2 to JD

Desired Experience:

1. 5 to 6 years in Life insurance / General insurance company or corporate agent

2. 2 to 3 years in handling compliance and regulatory matters in relation to CIE role

Other desired attributes:

1. Presentable

2. Good communication skills

3. Liking for compliance e and regulatory matters

Location : Thane, Mumbai

Annexure 1-CIE JD

Ensuring compliance & adherence to all the statutory requirements as a Corporate Agent of an insurer at any point of time.

CIE is to act as the insurance Compliance Officer for the Corporate Agent & also a nodal officer for all customer grievances pertaining to insurance complaints.

CIE needs to liaison between the Central team of Corporate Agent & Operations, Underwriting, Licensing, Product Compliance, Finance Team of the insurer.

Role & Responsibility :

1. Ensure all Specified Persons SP soliciting insurance business have undergone a required training, attempt & clear the examination by Insurance institute of India to get qualified to be appointed as an Specified person for a Corporate agent.

2. CIE needs ensure that all Specified Person needs to abide by a code of conduct communicated by IRDA in their role.

3. CIE needs to centrally maintain a SP Register centrally in a required format for inspection by the insurer or any regulatory authority.

4. CIE needs to centrally maintain a Premium Register in a required format for the business placed with insurer

5. CIE needs to centrally maintain a Claims register for the Claims logged with insurer & assist their customer for smooth settlement of Claim.

6. CIE needs to maintain records of all customer complaints & grievances pertaining to insurance sold & ensure a resolution from insurer with a suitable internal compliant resolution & escalation matrix.

CIE Needs to ensure strict adherence to Protection of Policy holders Interests Act by IRDA

7. Make internal Process & Practice & execute service level agreements as such which are compliant to Regulatory guidelines, best in industry for enhanced customer satisfaction.

8. Ensure complete set of records for End to end sale process in respect of business solicited including copies of proposal form, policy certificate, need analysis, benefit illustrations are made available to insurer or regulator for judicial proceedings.

9. Ensure that all advertisement made by corporate agent are first approved by insurer & filed with IRDA under Insurance Advertisement & Disclosures 2000 Act by IRDA

10. Ensure compliance to Section 64 VB for transfer of premium & risk commencement

By insurer

11. Ensure a Business reconciliation & arrange commissions as approved by IRDA are received timely by Corporate agent

12. Ensure timely filing of quarterly & annual returns with insurer & regulator

13. Confirmation of Business placed with insurer & commission from insurer on a monthly basis.

14. Ensure all SP are on the employee of Corporate Agent & no rebating is allowed

15. Ensure a corporate agent is distributor of only one life or general insurer at all times.

16. Work in close coordination with Insurer compliance team for all compliance

17, Quarterly & annual confirmation to Company Board for all adherence to all statutory compliances.

18. Represent to insurer & regulator on behalf of corporate agent on all forums including annual onsite inspection

Annexure 2 - JD - CIE

The qualifications required for Corporate Insurance Executive (CIE), Specified Person, Faculty of ATI shall include the following qualifications:

1. An Associate/Fellow of the Insurance Institute of India, Mumbai.

2. An Associate/Fellow of the Institute of Chartered Accountants of India, New Delhi; with diploma in Insurance and Risk Management.

3. An Associate/Fellow of the Institute of Costs and Works Accountants of India, Calcutta;

4. An Associate/Fellow of the Institute of Company Secretaries of India, New Delhi;

5. An Associate/Fellow of the Actuarial Society of India, Mumbai;

possessing Certified Associate ship of Indian Institute of Bankers (CAIIB)

6. MBA (Two year) Course / PG Diploma (One year) course in Insurance from Amity School of Insurance & Actuarial Science, Noida

7. PG Diploma (One year) course in Insurance from Institute of Insurance and Risk Management, Hyderabad

8. MBA (Two year) course in Insurance from National Insurance Academy, Pune

9. PGMBA (Two Year) course in Insurance from National Law University, Jodhpur

10. PGMBA (Two year) course in Insurance from MET, Mumbai

11. MBA (Two year) course in Insurance from Birla Institute of Management Technology, Noida

4. The persons with above qualifications (except at (a)) shall undergo a - Workshop for Insurance executives- at National Insurance Academy, Pune or Insurance Institute of India, Mumbai or Institute of Insurance and Risk Management, Hyderabad as prescribed by the Authority.

Interested candidates Please inbox your updated CV along with CTC details (Fix + Variable) or recommend your friends.

K Kumar
Practice Head - BFSI Domain
IRIS Corporate Solutions Pvt Ltd
Gurgaon
# 0124 - 4402455