Job Title: Compliance Manager

Organization: Insurance Broking Company

Department: Legal & Compliance

Reports to:

Location: Mumbai

Job Purpose:

Ensure end-to-end compliance of the broking operations with IRDAI (Insurance Brokers) Regulations, 2018 and all applicable government laws. Safeguard the broking license and manage regulatory risk across branches, POSPs, and client servicing.

Key Responsibilities:

1. IRDAI & Regulatory Compliance

- Ensure strict adherence to IRDAI (Insurance Brokers) Regulations, 2018 and all subsequent circulars/guidelines

- File all mandatory returns: Half-yearly, Annual, Net Worth Certificate, Professional Indemnity details with IRDAI within timelines

- Monitor compliance with Brokers Code of Conduct under Schedule I of IRDAI Regulations

- Maintain Principal Officer and Broker Qualified Persons licensing and training records

- Handle IRDAI inspections, audits, show-cause notices, and regulatory queries

2. Government & Statutory Compliance

- Ensure compliance with Companies Act, GST, Income Tax, PMLA 2002, KYC/AML guidelines, and Labor Laws

- Track amendments in Motor Vehicles Act, Insurance Act 1938, and other sectoral laws impacting broking

- Oversee maintenance of statutory registers, minutes, and secretarial compliance

3. Branch, POSP & Agreement Compliance

- Vet and execute branch agreements, MOU with insurers, POSP agreements, and MISP arrangements as per IRDAI norms

- Ensure all branches and POSPs meet IRDAI location, infrastructure,



and certification requirements

- Conduct periodic audits of branches for solicitation process, premium remittance TAT, and documentation

- Maintain central database of all active agreements with validity, renewal dates, and commission structures

4. Operations & Client Servicing Compliance

- Monitor solicitation, policy servicing, and claims assistance for mis-selling and unfair practices

- Ensure client money handling follows IRDAI rules: separate bank accounts, no risk retention

- Review marketing materials, website, and advertisements for IRDAI advertisement guidelines compliance

- Implement grievance redressal mechanism as per IRDAI (Protection of Policyholders Interests) Regulations

5. Training, Reporting & Risk Management

- Conduct mandatory training for BQPs, POSPs, and branch staff on compliance and ethics

- Report compliance status to Board/Principal Officer monthly

- Maintain compliance risk register and conduct internal compliance audits

- Act as designated Compliance Officer for FIU-IND reporting under PMLA

Qualifications & Experience:

- Education: LLB / CS / CA / MBA with 6-10 years in insurance broking/company compliance

- Mandatory Knowledge: IRDAI (Insurance Brokers) Regulations 2018, PMLA, KYC/AML, Companies Act

- Preferred: Certified Compliance Qualified, experience with IRDAI inspections

- Skills: Strong regulatory interpretation, drafting, audit mindset, liaison with regulators

📌 Compliance Manager (Mumbai)
🏢 Choice International
📍 Mumbai