Compliance and Product Specialist

Essential Duties And Responsibilities

• Acts as regulatory liaison for internal stakeholders, including management, and external partners, including:
• Offers expert guidance and technical knowledge using strong analytical skills to influence decisions made due to changes in the regulatory environment
• Identifies and evaluates alternatives to achieve and maintain compliance while meeting business goals and objectives
• Manages market conduct exams and other audit activities
• Manages and implements OFAC requirements
• May handle larger and more complex filings and other projects
• Collaborates with legal counsel as needed
• Builds and maintains solid relationships with stakeholders, management, external partners and state regulators
• Promotes compliance with federal and state insurance statutes and regulations, including:
• Researches state specific filing requirements relating to insurance product initiatives
• Conducts research and evaluates state and federal regulatory developments to maintain a continuous course of compliance and identify and analyze compliance exposure and trends
• Maintains awareness of industry bulletins, ISO Circulars, NCCI Circulars, Independent Bureau Circulars, AAIS Bulletins, and trade publications
• Makes recommendations to key stakeholders regarding new updates to Statutory Requirements for cancellations and non-renewals
• Performs audits to ensure systems are generating the state insurance regulators approved products
• Manages Regulatory Calls/Surveys, including:
• Prepares and submits routine regulatory calls/surveys on a timely basis
• Maintains a detailed inventory of regulatory calls/surveys
• Defines appropriate action for new reporting tasks
• Collaborates with internal and external stakeholders to ensure effective reporting processes
• Maintains geographic expansion and diversification, including:
• Maintains Certificate of Authority (COA) documentation
• Identifies licensing and financial reporting requirements
• Prepares and submits Uniform Certificate of Authority Application (UCAA) filings and amendments
• Prepares and submits Articles of Incorporation and By-Laws filings and amendments
• Prepares and submits Biographical Affidavits filings and amendments
• Participates in product development, including:
• Ensures all new or amended rates, rules and forms comply with jurisdictional requirements
• Maintains a strong understanding of ISO, NCCI, and AAIS coverage forms, rules and rating plans
• Maintains policy form number assignment records by line of business and assigns new numbers as new forms or products are created
• Affords assistance in making necessary changes to filed products, systems or processes due to industry bulletins, ISO Circulars, NCCI Circulars, Independent Bureau Circulars, AAIS Bulletins, and trade publications
• Affords assistance in development and presentation of rules, rates and forms
• Prepares and submits both proprietary and rating organizations filings to state insurance regulators to implement rate, rule and policy form revisions, including:
• Maintains awareness of the availability of rates, rules and forms by underwriting company and jurisdiction
• Coordinates activities and ensures timely submission of state or bureau loss costs, rule and form adoptions
• Handles large and complex state filings
• Creates memos and exhibits necessary for the submission of state filings
• Collaborates with stakeholders to develop responses to state regulators objections
• Uses submission portals: System for Electronic Rates & Forms Filing (SERFF) and Florida Insurance Regulation Filing System (IFRS)
• Maintains accurate and timely filing history
• Manages relationship with state regulators
• Serves as a contributing member of project teams:
• Manages multiple regulatory/statute driven projects, using project management standards
• Coordinates and collaborates work efforts with key stakeholders, including IT, actuary, underwriting, product, and departments of insurance
• Maintains effective communication throughout project life cycle while developing and presenting information to key stakeholders
• Creates business requirements

Qualifications

• Bachelor’s degree (B.A.) from four-year college or university and two to four years of related experience and/or training; or equivalent combination of education and experience.
• PREFER SOMEONE WITH OFAC OR MARKET CONDUCT EXPERIENCE

Pay

No pay information provided.

Schedule

No schedule information provided.