- 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 & PaymentsMonitor 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 ManagementMonitor 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 & ReportingEnsure 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 (Mumbai)
🏢 Magma General Insurance
📍 Mumbai