Senior Manager - Compliance

Tata AIA Life Insurance; Mumbai; On-site; INR 1,200,000 - 2,200,000; Full time

Job summary

Tata AIA Life Insurance in PAN India is seeking a Regulatory Compliance professional to lead and manage regulatory change, disseminate notifications, and monitor implementation across the organization.

Role involves extensive legal research, maintaining a repository of changes, advising operations, and partnering with business units to ensure compliant sales practices and contracts. The role reports to Assistant Vice President – Compliance and collaborates with IRDAI and external bodies.

Qualifications

• Strong knowledge of IRDAI regulations and compliance requirements.
• Experience in monitoring regulatory changes and impact analyses.
• Ability to coordinate with regulators and internal functions.
• Experience in contract structuring with distributors and partners.
• Excellent training and communication skills for compliance across teams.

Responsibilities

• Provide extensive legal search and benchmark analysis for business initiatives.
• Disseminate regulatory notifications and analyze new laws and their impact.
• Maintain repository of regulatory changes for timely availability.
• Advise operations on regulatory provisions to ensure compliant processes.
• Train employees and channel partners on compliance policies and regulations.
• Collaborate with internal teams to implement compliance initiatives.
• Coordinate with IRDAI and other authorities to resolve issues.
• Support negotiations of distribution contracts in line with regulations.

Skills

Legal research

Regulatory analysis

Stakeholder management

Training & knowledge sharing

Education

LLB/CA/CS or equivalent

Job description

• Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal/regulatory provisions;
• Responsible for dissemination of the regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation;
• Maintaining repository of all regulatory changes to ensure its timely availability;
• Providing legal advise on issues pertaining to implementations of laws;
• Providing well researched inputs to shape new laws and regulations within prescribed timelines;
• Partnering with business to implement new laws, regulations, initiatives and distribution tie-ups smoothly;
• Ensuring proper drafting of response to Show Cause Notice issued by the IRDAI and other statutory authorities within prescribed timelines;
• Partnering with various functions to implement initiatives and negotiate new distribution tie-ups smoothly as per timeline;
• Ensuring proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory noncompliance and litigious situations by setting things first time right;
• Spreading Compliance awareness across the functions by imparting training on new laws and regulations;
• Supporting business by proactively participating in different meetings and giving inputs from Compliance point of view;
• Organizational Relationships

Role Description

• Position Overview

Role Summary

• Providing extensive legal search and evaluating industry benchmark to opine on various business initiatives and legal/regulatory provisions;
• Responsible for dissemination of the regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation;
• Maintaining repository of all regulatory changes to ensure its timely availability;
• Providing legal advise on issues pertaining to implementations of laws;
• Providing well researched inputs to shape new laws and regulations within prescribed timelines;
• Partnering with business to implement new laws, regulations, initiatives and distribution tie-ups smoothly;
• Ensuring proper drafting of response to Show Cause Notice issued by the IRDAI and other statutory authorities within prescribed timelines;
• Partnering with various functions to implement initiatives and negotiate new distribution tie-ups smoothly as per timeline;
• Ensuring proper review of internal operational processes set forth by different functions with the objective to mitigate the risk of regulatory noncompliance and litigious situations by setting things first time right;
• Spreading Compliance awareness across the functions by imparting training on new laws and regulations;
• Supporting business by proactively participating in different meetings and giving inputs from Compliance point of view;
• Organizational Relationships

Reports To

Assistant Vice President – Compliance

Supervises

Managers, Assistant Managers, Executive Compliance

Geographic Area Covered

PAN India (process management - operational compliance Compliance)

Stakeholders Internal

All User Departments (Operational Compliance adherence and reviews)

Stakeholders External

• IRDA (Reporting, policy clarifications)
• External Advisory (investigations)
• AIA (reporting)

Enabling Business with cutting edge legal and compliance support

• Extensive legal search and evaluating industry benchmark to opine on various business initiatives.
• Disseminate regulatory notifications, carry out impact analyses on new laws and ongoing monitoring of implementation
• Maintain repository of all regulatory changes to ensure its timely availability
• Partnering with business in implementing new laws and regulations
• Support business teams in designing sales models which are in compliance with the regulations
• Structuring and negotiation of various contracts entered into with distributors (agents, corporate agents, brokers, web aggregators, insurance marketing firm etc) and ensuring that the same are in line with regulatory requirements
• Advise and provide clarifications to operations personnel on the regulatory provisions so as to ensure that the processes are modeled and executed in line with the same
• Structure the derivative contracts as per the requirements of the investment department
• Partnering with internal department in all matters requiring compliance support
• Coordinating with the regulator on various issues to enable business team to find quick solutions
• Keeping in view of the business requirements and industry view, provide recommendations to IRDAI on exposure drafts
• Impart training to employees as well as to channel partners on Compliance policies, standards of the company, new laws and regulations issued by the Authority

Implementation of processes and systems and leveraging technology to streamline the function’s routine activities and also facilitate easy tracking

• Drive automation project for Compliance Areas
• Conduct follow-up and review to ensure gaps identified are remediated within the agreed timelines

Qualification

LLB/CA/CS or equivalent

Experience

IRDAI regulations