Commission Management & Accounting Oversee end-to-end commission computation, accounting, payment processing, and reconciliation activities. Monitor commission-related schedules, including SCH-3, BAP, and other compliance reports. Ensure timely and accurate commission payouts in accordance with regulatory and organizational requirements. Review commission advances, outstanding provisions, and balances through periodic management reviews. Prepare GL reports, perform commission account reconciliations, and pass month-end accounting entries. Present periodic MIS and management review reports on commission operations and financial performance. Operational Controls & Payments Monitor weekly and monthly payout processes and ensure adherence to defined timelines and controls. Approve commission and coinsurance settlement payments within delegated authority limits. Manage vendor payments, reconcile vendor accounts periodically, and ensure accuracy of payable balances. Oversee cheque bounce monitoring and highlight high-risk trends and counters for management review. Coinsurance Management Monitor coinsurance receivables and payables balances and ensure timely settlement. Manage coinsurance accounting and reconciliation processes to minimize solvency impact. Review and track outstanding balances with stakeholders and drive timely resolution. Regulatory Compliance & Reporting Ensure compliance with MISP certification requirements and related regulatory obligations. Ensure timely and accurate submission of all regulatory, statutory,



and compliance reports relating to commission payouts, coinsurance transactions, and IMD onboarding activities. Monitor compliance with GST, RCM, TDS, and other applicable tax and regulatory requirements. Manage invoicing support and related reporting within defined timelines. Financial Governance & Reconciliations Review M2P and P2M reconciliations and collaborate with stakeholders to reduce outstanding balances. Ensure accurate financial reporting, account reconciliations, and operational control mechanisms. Strengthen governance through periodic reviews and effective exception management. Audit & Risk Management Coordinate with internal auditors, external auditors, and regulatory authorities to ensure smooth completion of audits. Drive timely closure of audit observations and implementation of corrective actions. Ensure adherence to internal controls, policies, SOPs, and risk management frameworks. Process Improvement & Digital Transformation Actively participate in and drive automation and digital transformation initiatives across Banking Operations. Identify opportunities for process optimization, operational efficiency, and control enhancement. Support implementation of system-driven solutions to reduce manual interventions and improve scalability. IMD & Onboarding Oversight Provide oversight of IMD/Agent onboarding processes to ensure compliance with regulatory and company requirements. Monitor onboarding controls, documentation, and process adherence for intermediaries.

📌 Lead - Banking Operation (Maharashtra)
🏢 Magma General Insurance
📍 Maharashtra