Job Description

To manage insurance distribution governance, regulatory compliance, and partner oversight through implementation of regulatory requirements, monitoring of insurance business practices, policy governance, stakeholder engagement, and adherence to IRDAI, RBI, and organizational guidelines.

• Act as the designated Principal Officer for insurance distribution activities of the Bank and ensure compliance with applicable regulatory requirements.
• Ensure adherence to IRDAI, RBI and other applicable guidelines governing insurance distribution and bancassurance operations.
• Liaise with IRDAI, RBI, insurance companies and other regulatory or industry bodies on matters relating to insurance distribution and compliance.
• Establish, review, and monitor policies, processes and governance frameworks relating to insurance business activities across the Bank.
• Ensure implementation of regulatory changes, circulars and compliance requirements within prescribed timelines.
• Conduct periodic reviews and process checks to assess compliance with regulatory requirements and internal policies.
• Monitor insurance distribution practices and identify control gaps, non-compliance issues and process improvement opportunities.
• Coordinate with insurance partners to ensure effective implementation of regulatory requirements, operational processes and customer service standards.
• Prepare and submit regulatory, management, and Board-level reports relating to insurance operations, compliance, and governance activities.
• Maintain premium registers, regulatory records, compliance documentation and other statutory records as required.
• Support internal audits, regulatory inspections, compliance reviews and timely closure of observations.
• Conduct training, awareness and advisory sessions for branch teams and employees on insurance regulations, policies and approved sales practices.

Experience Range : 10 to 15 Years

Qualifications

Graduate (Any Specialisation)