Job
Description
TitleAssociate Director- Legal and Regulatory (Insurance About PhonePe Insurance Broking Services (PIBS) PIBS is a Direct Insurance Broker (Life and General), duly registered with Insurance Regulatory and Development Authority of India (IRDAI) since August 2021. PIBS offers and services various personal line insurance products through its Insurance Self Network Platform (ISNP). It has partnered with 32+ Insurance companies across India and serves 99+% pin codes through its digital reach. The Role Part of BFSI Regulatory and Legal team with experience in any one of the BFSI sectors, in this case Insurance company or intermediary and open to work for all BFSI sectors (as per need of the organization from time to time). The role may regulatory engagement on new regulations, whitepapers, preparation, finalization, presentation of applications including license/ registration application to the Regulators, tracking Regulatory developments, preparation of Regulatory manuals for internal teams, interpretation of regulations, providing opinions on regulatory matters, coordination with internal teams, assisting in updating or drafting new polices, SOPs on the basis of regulatory developments. Have experience of Regulatory Interactions not limited to audits/ inspections along with strong commercial / business understanding and contract negotiating skills. Assist in developing standards for BFSI which are aligned to the Regulations / Regulatory and Internal policies/ Procedures. Description of work areas A) Insurance Legal Advice Business, Operations team and Technology teams on Insurance products / processes/ systems. ContractsPartnerships, obligation mapping, supporting integration, audits, MIS requirements etc. Legal cases/ claims – Interactions with Partner Insurance Providers for PIBS to assess behavior, regional frauds etc. New Product LinesResearch (legal view, possibilities, penalties). Coordinate with other internal teams for implementation of regulatory asks. B) Regulatory: Providing legal advice to business / compliance/ tech/ operations/ product on day to day operations of the business. Preparing / reviewing and filing the new or renewal license applications and managing database for license applications and regulatory correspondence. Interacting with Regulators and key stakeholders on a regular basis in relation to applications/ licenses/ queries/ new regulations/ draft regulations. Preparation of Regulatory Manuals / Guardrails for business including for any scheduled / unscheduled inspection by Regulators. Regulatory Engagement License related ( new, renew, maintain ); business awareness / intelligence ; Participation in relevant forums and with the regulator on new regulations, notifications / circulars, Exposure Drafts, enable regular meetings at IRDAI, etc Handhold business teams on regulatory matters C) Process: Communications with relevant internal and external parties – business teams, Compliance, Tech or operations teams for resolution of their queries. SOPsLegal frameworks / operating boundaries to be published to provide guiding principles for teams, creating awareness in stakeholders. Liaison with internal teams including with Compliance Identity and list down key risk areas for the business. D) Domain Expertise Partner with business on new ideas, be open and express opinion ; Partner with external legal teams (of insurance cos) to know trends and issues; Help negotiate with partners (legal, risk and compliance teams) Ideal Candidate LL.B/ LLM Minimum 15 years post-qualification experience. Worked in Insurance company/ insurance intermediary for major part of career. Should be open to work in all BFSI sectors. A right mix of law firm and in-house counsel experience in Insurance or Stock Broking or other financial services would be preferred. Have strong drafting and communication skills. Overall good legal knowledge (financial sector laws, corporate law, business laws, data privacy, info sec standards, etc) Experience of interaction with BFSI Regulators. Expectations other than qualification & technical experience: High degree of professional ethics and integrity, good analytical skills and interpersonal skills. Willingness to learn, improve and challenge the status quo for the better. LocationBangalore PhonePe Full Time Employee Benefits (Not applicable for Intern or Contract Roles) Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment Other Benefits - Higher Education Assistance, Car Lease, Salary Advance Policy Working at PhonePe is a rewarding experience! Great people, a work environment that thrives on creativity, the opportunity to take on roles beyond a defined job description are just some of the reasons you should work with us. 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