Compliance Manager

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