Principal Officer (Insurance Broker)

Your key responsibilities will include supervising and monitoring the Corporate Agent's activities, ensuring that all relevant individuals are trained and knowledgeable in insurance products. You will be responsible for filing applications for the addition or removal of specified persons and Authorized Verifiers, as well as ensuring strict compliance with the Code of Conduct and Corporate Agency regulations. It will be your duty to submit material disclosures, regulatory returns, and other necessary information to the Authority promptly. You will also need to oversee insurance solicitation activities and ensure compliance with all requirements from specified persons (SPs).

As the Principal Officer, you will act as the Single Point of Contact for inspections and other compliance-related matters with the Authority. It will be your responsibility to verify SPs" compliance and ensure that solicitation is only conducted by authorized individuals. Additionally, you must address all customer grievances in a timely manner and resolve them within 14 days.

To qualify for this role, you should have a Bachelor's degree in any stream or professional qualifications such as MBA, III, Actuaries, CII London, IIRM, ICAI, ICSI, CFA/CAIIB. You will need to complete specific training and certification requirements, which include passing the prescribed IRDAI exam if not holding a professional qualification. Your certification will be valid for three years, and you must fulfill additional regulatory requirements such as minimum capital, deposits, professional indemnity insurance, infrastructure, staffing, and fit & proper declaration.

Key skills required for this role include a strong understanding of IRDAI regulations and insurance compliance framework, leadership and supervisory abilities, excellent communication and reporting skills, proficiency in customer grievance handling and resolution, and the capability to coordinate effectively with regulatory authorities.,