Senior Associate - Retail Life Product Compliance
- New York, NY, USA
- Permanent, Full time
- New York Life Insurance Company
- 22 Oct 18
Senior Associate - Retail Life Product Compliance
New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.
New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+ (Source: Individual independent rating agency commentary as of 8/1/17).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
General Profile :
This Senior Associate position on the Retail Life Product Compliance team leads the research and drafting efforts for new product development and ongoing compliance projects within the Retail Life Department. As a Policy Form Lead, the Senior associate performs regulatory research, leads drafting efforts for policy forms and related documents, performs user acceptance testing of the forms, and responds to objections. This individual leads policy form workshops that incorporate input and feedback from key business partners, as well as the due diligence process to ensure accuracy and sign-off from key stakeholders. The Policy Form Lead also provides oversight to Policy Form Support personnel who assist with the policy form efforts. This person will attend all product collaboration meetings related to the product effort, and must be able to provide guidance about regulatory requirements.
Key Responsibilities :
• Draft policy forms and other documents related to life insurance in a timely and accurate manner.
•Lead policy form workshops to collaborate with key stakeholders such as product management, actuarial pricing, Office of General Counsel, and Underwriting.
•Effectively research and analyze state and federal insurance laws to determine impact on product design, product administration and filings.
•Responds to questions and inquires received on product filings from regulatory bodies and collaborates with necessary stakeholders to respond and negotiate with Departments of Insurance (DOIs) when necessary to obtain approval.
•Accountable for user acceptance testing of policy forms and related documents.
•Builds and maintains strong working relationship with DOI staff.
•Communicate complex issues and propose solutions to key stakeholders.
•Participate and represent the Product Compliance team on key project meetings, and provide regulatory guidance as necessary.
•Provides oversight to Policy Form Support personnel who assist with policy form research, drafting, filing, and testing.
•Works independently, with guidance in only the most complex situations.
•Interpret internal or external business issues related to forms drafting, identify trends, and recommend best practices.
Functional Knowledge : Requires the ability to analyze regulations and understand how the life insurance product works in order to propose solutions to compliance issues presented. Requires ability to identify industry trends and precedents in prior filings and intereactions with regulatory bodies to help recommend strategies and solutions to resolve current issues.
Problem Solving : Individual must have broad product knowledge and thorough understanding of regulatory requirements to propose effective solutions and responses to compliance issues presented by regulatory bodies. Includes responding to complex objections received from insurance departments, by researching and interpreting laws and working with key stakeholders to ensure you understand how the product is intended to work.
Decision Making/ Nature of Impact : Individual must be able to effectively respond to regulatory comments and questions regarding product filings. This will require presenting persuasive responses to regulatory bodies and securing approval of the product.
Communication Requirements : This position requires that the individual be effective at communicating to and collaborating with key stakeholders throughout the company and regulators to finalize policy forms, and to respond to objections and other inquiries. The individual will need to have frequent feedback loops with key partners to ensure transparency, effective delivery, and process improvements.
Education: Bachelor's Degree
Experience: 5-7 years, Knowledge of Product Compliance policy form drafting and/or life insurance product knowledge preferred. Strong written and oral communication skills.
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