Magma HDI General Insurance - Vice President/Head - Legal & Chief Compliance Officer - LLB/CS

Position Title : Head Legal and Chief Compliance Officer

Level/Grade/Designation : VP

Company : Magma HDI General Insurance

Location Mumbai

Department : Legal & Compliance

Reporting to CFO

Duties and responsibilities that you perform related to your job

Compliance:

- Owner of the Legal and Compliance framework of the Company and responsible for implementing zero tolerance on compliance matters.

- Responsible for implementation and monitoring of Regulatory compliance related to Insurance Act, IRDAI and other governing bodies Regulations/circular/guideline in various functions/departments of the organisation

- Liaison with IRDAI and other governing bodies

- Responsible for handling and coordination of IRDAI Inspections and reviews and preparing the organisation for the same.

- Reviewing and evaluating the impact of new IRDAI circulars, notifications; disseminating the gist of the same to relevant stakeholders and monitoring the implementation of the same.

- Reviewing IRDAI orders against other insurers and evaluating the preparedness of the Company w.r.t. the matters covered therein.

- Ensuring the monitoring and implementation of directions issued by IRDAI in the form of advisory, warning and penalty orders.

- Responsible for Compliance testing of various functions

- Responsible for getting Compliance Certification from various functions; circulating updated

- Compliance check lists to departments to enable the certification.

- Imparting regulatory training and awareness to stakeholders and circulating regulatory updates.

- Responsible for overall Distribution Compliance (Agent, Corporate agent, Distance Marketing, etc.), Product related compliance, Advertisement compliance

- Providing Regulatory Suggestion on Process Manual of various departments

Maintenance of following repositories related IRDAI and other governing bodies:

- Circulars, Regulations, guidelines

- Returns and Filings

- Communications with regulators

- Monitor File and Use updates provided to IRDAI and coordinate with departments in case of any deviations

- Prepare gist of the draft guidelines circulated by IRDAI for comments from the company/industry and co-ordinating with the concerned department and management to collate their comments for submission with IRDAI

- Ensuring and implementing the Outsourcing and Advertisement related regulations.

- Timely filings in IRDAI online module Business Analytic Procedure

- Timely submission of ad-hoc requirements from any authority

- Assisting Company Secretary in preparation, conducting and organising the Board Meetings, Annual General Meeting, Extra ordinary General Meeting of the organisation

- Resolving/implementing the actionable arising out of meetings

- Monitor and update concerned team and management on AML / CFT issues

- Drafting/Preparation of processes, policies in accordance with the applicable Regulations for Legal & Compliance and other departments

Corporate Legal:

- Drafting and vetting agreements, deeds i.e. Service Level Agreements, Outsourcing Agreements, MoUs, Leave and Licence Agreements etc.

- Drafting, Vetting of General Insurance Products

- Handling high value litigation and co-ordination with law firms/advocates

- Giving legal advice to the company on various legal and regulatory issues

- Interpretation of any statutes, Regulations, Rules applicable to the Company

Company Secretarial Function:

The Company Secretarial function may also fold into this role, if the candidate has necessary qualification and / or suitable experience.

Organizational Chart :

- Chief Finance Officer

- Head Legal & Chief Compliance Officer

- GM / AVP Compliance

- GM / AVP Compliance

Relationships : Who do you interact with related to your job

Internally [Within Magma HDI) Who? Purpose of Interaction Who ? Purpose of Interaction

- Compliance Team - Your team members - Submission of reports

- Accounts / Finance, Operations, Underwriting, Actuarial, Claims, HR and Admin etc. - Getting updates for reports to be filed with regulatory bodies and monitoring deviations, guiding and supporting them on compliance matters

- Sale - Supporting business and Compliances

- IRDAI and other Regulatory bodies such as IIB, GIC etc.

- Various types of intermediaries

- Legal - For all statutory and Legal matters

Would you like to share any other information related to your job, roles & responsibilities, specialized skills, qualifications, experience etc.

Competencies :

- Excellent knowledge of IRDA Regulations, Acts, Process & Procedures especially Insurance Law, Civil and Criminal law, AML, etc.

- Zero tolerance attitude on compliance matters

- Solution oriented and collaborative approach

- Knows the art of Management i.e., Getting things done

Qualification & Experience :

- Graduate-LLB (additional qualification of CS shall be given preference). Certifications / Fellow ship in Insurance would be an added advantage

- Overall experience of 15 years with at least 5 years in Insurance sector (Candidates with experience in General Insurance sector will be preferred)

Skills :

- Interpreting Laws and Regulations

- Drafting skills

- Planning and Organising skills