1. Regulatory compliance management

 

• Responsible for tracking all applicable compliances across the Company including IRDAI, Data Protection, Labour law compliances, FEMA etc.
• Dissemination of applicable laws to the concerned stakeholders across the Company
• Assisting the functional heads in embedding the compliance requirements within the Company’s processes, systems and procedures
• Periodic testing of compliances across the organisation and taking corrective action where gaps in compliance requirements are noticed
• Promoting compliance accountability across the organisation by Compliance Certifications
• Identifying potential events and breaches and taking immediate steps to rectify non-compliances
• Ensuring internal audit observations on regulatory management are attended and corrective action taken
• Compliance risk management
• Assisting in regulatory inspections & closure of inspection reports of IRDAI &  Financial intelligence unit

 

2. Regulatory returns filing management

 

• Maintenance of calendar of regulatory returns
• Timely follow up and reminders on filing of regulatory returns
• Ensuring filing of regulatory returns on or before the due date
• Managing adhoc regulatory requirements from time to time

 

3. Anti-money laundering compliance

 

• Ensuring compliance with Anti-money laundering Guidelines of IRDAI as well as the Prevention of Money Laundering Act & Rules passed thereunder
• Supervising the Money laundering controls within the organisation
• Screening of Sanctioned Persons
• Generating monthly alerts and reporting of Suspicious, Cash & other Transactions to Financial intelligence unit

 

 

 

 

 

 

4. Oversight on Products, Advertisements & Communications compliances

 

• Overseeing the process of approving of all Products from compliance perspective, including review of products, pamphlets leaflets and any other customer communication
• Review of all customer facing communications, including advertisements and ensuring compliance with IRDAI Regulations on Advertisements and Guidelines as well as Codes of Advertisement Standards Council of India
• Control over issue of customer communications through an effect pre-review clearance by Compliance team

 

5. Participation in Projects and providing compliance support

 

·Participation in projects of the Company as Compliance representative and providing guidance and directions from compliance stand point

·Providing views on queries from stakeholders on existing/new processes with the in the agreed turnaround time

·Providing optimal solutions maintaining a fair balance between regulatory and business requirements, without sacrificing regulatory requirements

 

6. Compliance with applicable Generali Policies adopted by the Company

 

• Compliance with the applicable Generali Policies adopted by the Company relating to Compliance and Anti-financial crime (Anti-money laundering, Anti-bribery & Corruption etc.)
• Confirming compliance with the Generali Policies and supporting the certification by the CEO on an yearly basis

 

7. Reporting requirements to Generali

 

• Reporting to Regional Office/Head Office of Generali on various compliance related requirements from time to time
• Preparing agenda for Ethics & Compliance Committees and getting the Generali related topics in the Committee pre-approved by Regional office on time
• Ensuring participation periodic meetings organised by Generali on ensuring participation
• Assisting Generali with data and information and other requirements required for various reviews
• Implementation of the actions in agreement with Generali as per the timelines advised by them
• Attending Training programs and meetings arranged by Generali from time to time

 

8. Training on Ethics & related matters

 

• In coordination with HR, ensuring organisation wide participation of employees of the organisation across various online training programs organised by Generali since training is a key pillar in compliance
• Communicating with employees from time to time through various modes including emails on adherence to Ethics & code of conduct

 

 

 

9. Distribution Compliance

 

• Special supervision on Distribution related compliances including review of sales practices and documentation like Benefits illustration form, Suitable form etc.
• Review of Suitability of products and need based selling to promote right distributor behaviour customer complaints and other business quality parameters
• Interactions with Heads of Distribution channels to inculcate the culture of business ethics
• Supervision over handling of whistleblower complaints and the process around handling of whistleblower complaints

 

10. Coordination with industry bodies

 

• Handling and coordination of all communications with industry level bodies like Life insurance council, Executive Council of Insurers, Insurance Information Bureau, Insurance Institute of India etc.
• Timely submission of requirements of the industry bodies
• Review of representations on regulatory notifications having impact on the business and providing feedback to Industry bodies

 

11. Supporting Ethical culture

 

·Supporting maintenance of ethical culture within the organisation while showing zero tolerance for violations to applicable laws, Policies & Procedures

·Interactive discussions during management meetings on ethical issues and garnering support of the senior management

 

12. Qualifications required

           

·Bachelor Degree in Law from a reputed University in India (or)

·Chartered/Cost Accountant (or)

·Associate Member of the Institute of Company Secretaries of India

 

13. Work experience required

 

• At least 12 years’ experience in Compliance function of a life or non-life or stand alone health insurance company out of which:

 

·at least 8 years’ experience as the Compliance Head/Deputy Compliance Head in an  insurance company, with exposure in all areas of Compliance function of an insurance company

·at least 4 years experience in handling Anti-money laundering or Anti-financial rime matters