Product Compliance - Life & General Insurance
- Kotak Mahindra Bank
- 8 - 13 years
- Mumbai
- 5 months ago
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Job Description
JOB DESCRIPTION
- Responsible for all compliance, regulatory, policies and processes as applicable.
- Implementing and managing the compliance framework of the company.
- Identify root causes of non-compliance events. Provide recommendations on corrective actions.
- Identify various risks and prepare the risk framework of the company. Evaluate the implementation and make changes as appropriate to the risk framework.
- Prepare reports outlining recommendations for improvements.
- Design action plans to ensure robust compliance.
- Maintain appropriate records.
- Coordinate, prepare, or review regulatory documents or submissions.
- Co-ordinate with the Regulatory authorities when required
- Keeps oneself updated on best practices and high on Market intelligence.
- Having good knowledge and process understanding of Insurance business
- Should be able to work as a team player with other functions.
- Well versed with IRDAI Corporate Agency Regulations 2015 & other relevant Guidelines.
JOB ROLE
- Annual and quarterly submissions to IRDAI and reporting the respective data.
- Handling IRDAI Inspections and various audits external and internal.
- Dissemination of daily regulatory circulars to respective stakeholders, assisting them in implementation and monitoring until compliance.
- Ensure acquiescence with compliance standards and regulatory requirements
- Handling ad-hoc regulatory compliance filings for Corporate Agency.
- Empanelment documentation and compliance with Insurers and other respective authorities.
- Monitor all regulatory changes IRDAI / SEBI / RBI on regular basis and advise the concerned
- Departments for implementation and monitoring.
- Handling grievances /complaints filed by Clients
- Preparation of various Compliance MIS.
- To advise various departments across the company on compliance issues raised by them.
- Drafting / vetting of policies, agreements and contracts involving various regulations and acts.
- Liasioning with IRDA officials for various approvals
- Suggestion on improvement and automation of processes and innovative ideas to improve the services.
- Critical Competencies
- Having good knowledge and process understanding of Insurance Business, Analytical Skills, Domain Knowledge, Excellent Co-ordinating Skills, Project Management capabilities, Exposure to interact with Statutory Authorities and Problem Solving.
- Key Interactions
- Sales and Distribution Team, LI Product Team, Process, Ops, Underwriting, Marketing, IT and External Authorities
- Measures of success
- Quantity Zero Non-Compliance
- Quality Ensure acquiescence with compliance standards and regulatory requirements
Job Classification
Industry: BankingFunctional Area / Department: BFSI, Investments & TradingRole Category: Life InsuranceRole: Life Insurance - OtherEmployement Type: Full timeContact Details:
Company: Kotak Mahindra BankLocation(s): Mumbai+ View Contact
Keyskills: Product Compliance General Insurance Policies Compliance Life Insurance Regulatory
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Kotak Mahindra Bank
\n\n Interested and experienced candidates can apply by:Call/WhatsApp: 9205488912 (Pragati)Email: pragti.saxena@cielhr.com
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