- Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal/regulatory provisions;
- Responsible for dissemination of the regulatory notifications, carry out impact analyses on recent laws and ongoing monitoring of implementation;
- Maintaining repository of all regulatory changes to ensure its timely availability;
- Providing legal advise on issues pertaining to implementations of laws;
- Providing well researched inputs to shape new laws and regulations within prescribed timelines;
- Partnering with business to implement new laws, regulations, initiatives and distribution tie-ups smoothly;
- Ensuring proper drafting of response to Show Cause Notice issued by the IRDAI and other statutory authorities within prescribed timelines;
- Partnering with various functions to implement initiatives and negotiate new distribution tie-ups smoothly as per timeline;
- Ensuring proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory noncompliance and litigious situations by setting things first time right;
- Spreading Compliance awareness across the functions by imparting training on new laws and regulations;
- Supporting business by proactively participating in different meetings and giving inputs from Compliance point of view.
- Organizational Relationships
PAN India (process management - operational compliance Compliance)
Stakeholders Internal
All User Departments (Operational Compliance adherence and reviews)
Stakeholders External
IRDA (Reporting, policy clarifications)
External Advisory (investigations)
AIA (reporting)
- Key Result Areas
ø Enabling Business with cutting edge legal and compliance support
- Extensive legal search and evaluating industry benchmark to opine on various business initiatives.
- Disseminate regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation
- Maintain repository of all regulatory changes to ensure its timely availability
- Partnering with business in implementing new laws and regulations
- Support business teams in designing sales models which are in compliance with the regulations
- Structuring and negotiation of various contracts entered into with distributors (agents, corporate agents, brokers, web aggregators, insurance marketing firm etc) and ensuring that the same are in line with regulatory requirements
- Advise and provide clarifications to operations personnel on the regulatory provisions so as to ensure that the processes are modeled and executed in line with the same
- Structure the derivative contracts as per the requirements of the investment department
- Partnering with internal department in all matters requiring compliance support
- Coordinating with the regulator on various issues to enable business team to find quick solutions
- Keeping in view of the business requirements and industry view, provide recommendations to IRDAI on exposure drafts
- Impart training to employees as well as to channel partners on Compliance policies, standards of the company, new laws and regulations issued by the Authority
ø Implementation of processes and systems and leveraging technology to streamline the function’s routine activities and also facilitate easy tracking
- Drive automation project for Compliance Areas
- Conduct follow-up and review to ensure gaps identified are remediated within the agreed timelines
- Incumbent Characteristics
Essential
Desired
Qualification
LLB/CA/CS or equivalent
Experience
IRDAI regulations
Disclaimer
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