Key Responsibilities
BRS & Fund Management
Bank Reconciliation (BRS): Perform daily and monthly reconciliation of bank accounts dedicated to commission payouts. Identify and resolve "Stale Cheques," "Failed NEFTs," and "Unclaimed Commissions."
Fund Accuracy: Ensure that the funds transferred to bank portals match the approved payout sheets and that no double payments occur.
Open Item Resolution: Investigate long-standing open items in the BRS and coordinate with banks or intermediaries to explicit them.
Accounting & Financial Governance
General Ledger (GL) Maintenance: Ensure all commission expenses are booked under the correct cost centre’s and GL codes (e.g., Motor OD Commission, Health Commission, etc.).
Provisioning: Calculate and record monthly "Incurred But Not Paid" (IBNP) commission provisions to ensure financial statements reflect accurate liabilities.
TDS & GST Compliance: Oversee the accounting of TDS (Tax Deducted at Source)



on commissions and ensure proper "Input Tax Credit" (ITC) flow for GST on intermediary invoices.
End-of-Month (EOM) Closing: Lead the commission closing process within the finance calendar, ensuring all entries are posted before the books are locked.
Commission Processing & Grid Management
Complex Grid Logic: Execute payouts based on diverse grids (e.g., Slab-based, Product-mix based, or Geography-based incentives).
Bancassurance Operations: Align banking channel payouts with specific MoUs (Memorandum of Understanding) and service level agreements.
Audit & Regulatory Reporting
Statutory Compliance: Maintain documentation for IRDAI "Expenses of Management" (EoM) audits.
Schedules Preparation: Prepare relevant schedules for the Balance Sheet and Profit & Loss account regarding "Commission Payable."

📌 Co Insurance Processors Maharashtra
🏢 Universal Sompo General Insurance
📍 Maharashtra