Senior Compliance Specialist - Product Filing Job at Western & Southern Financial Group
Overview:
Supports the Western & Southern Financial Group (W&SFG) insurance companies, including The Western and Southern Life Insurance Company, Columbus Life Insurance Company, Integrity Life Insurance Company, The Lafayette Life Insurance Company, National Integrity Life Insurance Company, Gerber Life Insurance Company and Western-Southern Life Assurance Company (collectively referred to as BUs) and Shared Services Units (SSUs) by completing research and analysis of regulatory requirements. Provides support to BUs and SSUs on regulatory requirements. Maintains accurate records related to compliance reviews. Interacts with regulatory agencies or industry groups, as needed. Works on general compliance projects and strategic initiatives as assigned. Works with some supervision, handles multiple priorities, and is responsible for making an established range of decisions, escalating issues to management when necessary and updating management on a regular basis.
Responsibilities:
Position Responsibilities:
Submits product and regulatory filings to the state Departments of Insurance (DOI), including rate filings, advertising, and various periodic and annual reporting requirements. Researches and creates state variations of forms and summary of state variation documentation. Manages submissions through approval.- Actively supports product development efforts by gaining a full understanding of new products assigned, including product features, filing requirements, state variations, and form requirements, marketing strategy and target markets. Raises and escalates, as appropriate, any compliance concerns proactively, and works to resolve issues prior to filing.
- Represents insurance compliance on product development and other teams/projects to ensure compliance issues are raised. Brings up any red flags or other concerns related to anti-money laundering, privacy, licensing, sales practice or other rules with the appropriate member of the compliance management team prior to product filing.
- Develops and/or updates forms for initial submission to states and revises forms as required by objections received from the DOI. Ensures forms reflect regulatory requirements and established standards for the product/type.
- Serves as a liaison between the DOI and the BUs and SSUs to negotiate favorable and appropriate resolutions of concerns and objections. Coordinates with multiple departments, and manages responses to DOI objections and disapprovals.
- Develops and maintains guidelines, manuals and processes.
- Researches insurance regulations and laws, and analyzes and interprets regulatory compliance requirements. Updates procedures and processes in response to regulatory changes as appropriate.
- Conducts regular monitoring and oversight to identify and remediate potential risks.
- Regularly interacts with customers, including BUs, SSUs and Law, to identify concerns and issues, escalating as appropriate to management and stakeholders.
- Completes documentation for applicablerecordkeeping systems and keeps databases current.
- Stays abreast of industry and compliance trends; recommends and implements changes to internal Company processes as needed.
- Establishes and maintains a working knowledge of insurance products, legal and regulatory requirements, and business forms and processes.
- Responds to inquiries from associates and management concering applicable function.
- Performs other duties as assigned by the Manager or Enterprise Compliance management.
Selection Criteria:
Typiclly requires six to eight years of related experience.- Proven knowledge of the life insurance industry, including product types, and state insurance laws and regulations.
- Proven ability to accurately interpret and apply applicable laws, regulations and policies.
- Proven experience conducting compliance assessments of compliance and regulatory risk.
- Proven experience coordinating multiple assignments simultaneously and completing assigned tasks accurately and on a timely basis. Possesses strong attention to detail with excellent organization skills.
- Proven project leadership experience, including proven experience successfully planning, executing and maintaining a project from start to finish.
- Proven excellent verbal and written communication and presentation skills and interpersonal and collaborative skills with experience conveying information to internal customers at all levels in a clear, accurate, focused and concise manner. Verbal and written communications are to conform to proper rules of punctuation, grammar, diction and style.
- Proven strong quantitative and analytical skills, including proven experience identifying, defining and resolving issues and collecting or interpreting data to establish facts and draw valid conclusions to provide effective resolution of those issues.
- Proven experience applying sound decision-making and critical thinking skills when dealing with multiple alternatives and choices. Must demonstrate the ability to conceptualize and apply new methodologies.
- Proven ability to maintain a calm and professional demeanor when handling stressful situations, including pressure associated with volume workloads, meeting deadlines and target dates.
- Proven work experience directing others to initiate a recommended course of action to solve a problem and/or increase efficiency.
- Demonstrated ability to receive, organize and manage large amounts of diverse information and documentation.
- Demonstrated ability to drive results through the exercise of positive influence of others across the Enterprise.
Work Setting:
Works in an office setting and remains in a stationary position for long periods of time while working at a desk, on a computer or with other standard office equipment, or while in meetings.- Requires visual acuity to read a variety of correspondence, reports and forms, and to prepare and analyze data in an accurate, neat and thorough manner.
Educational Requirements:
Bachelor’s degree.- Advanced degree, such as MA, MS, MBA, or JD preferred.
Computer Skills and Knowledge of Hardware & Software Required:
Proficiency in the use of Microsoft Office (Word, Excel, Access).
Certifications & Licenses (i.e., Series 6 & 63, CPA, etc.):
LOMA - Associate, Insurance Regulatory and Compliance (AIRC) designation.- Other LOMA designations (ALMI, FLMI) preferred.
Position Demands:
Extended hours required during peak workloads or special projects.- 5% travel may be required annually.
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