Assistant Vice President, Regulatory Compliance

Job Description

Job Description

Job Summary:

The Assistant Vice President, Regulatory Compliance (“AVP”) supports the Vice President, General Counsel and Chief Compliance Officer in promoting and fostering a culture of compliance and ethics among the employees and agents of Bankers Fidelity Life Insurance Company and/or its subsidiary(ies) (hereinafter the “Company”) by collaborating with cross-functional teams and internal stakeholders to develop and implement controls, processes, policies and procedures that facilitate the identification, assessment and mitigation of the risk of non-compliance; to ensure those requirements are integrated into the fabric of the Company’s business practices and procedures; and, to promote awareness and accountability at all levels of the organization.

Key Responsibilities:

The AVP is responsible for the activities listed below, as assigned by the Vice President, General Counsel and Chief Compliance Officer, accomplishing them either directly or by directing and supporting the activities of responsible personnel in their completion. The AVP may directly supervise full or part-time employees of the Regulatory Compliance Department or temporary staff that may be periodically retained. The AVP may frequently lead ad-hoc intra-company teams on special projects.

• Corporate Compliance:
  • Ensuring corporate compliance with state and federal laws and regulations in the development, marketing, solicitation, underwriting, servicing and maintenance of all the products sold by the Company by:
  • Drafting policy documents and ancillary forms based on the product specifications provided by the Actuarial and Sales/Marketing departments to ensure the resulting product complies with state and federal laws and regulations.
  • Coordinating with all company department stakeholders to ensure that the codes and processes programmed into the operating system (USSI/EIS/etc.) align with the product design to properly issue and administer the policy, collect the approved premiums, and to pay benefits and commissions; and, that our systems and procedures for administering required notices and performing policy-related services are compliant with state and federal requirements.
  • Overseeing or verifying that all policy documents and ancillary forms and sales pieces, processes and rates are filed with and approved by the appropriate state insurance department(s) as may be required, and that compliance of those products is continually maintained through subsequent filings of new forms, endorsements or amendments to bring existing forms into compliance.
  • Coordinating with Sales/Marketing to ensure the communications, training, guidance and resources provided to the field agents comply with regulatory requirements, including fair solicitation and advertising practices, full disclosures and suitability requirements are followed.
  • Coordinating with the Sales/Marketing and Customer Experience, Information Technology, and other departments as necessary, to ensure the Company’s online presence including websites, social media accounts, electronic communications, etc. are compliant.
  • Collaborating with department stakeholders company-wide to provide proper training, guidance and resources to ensure compliant administration of the policies that are sold.
• Developing and documenting auditable policies, procedures and standards:
  • Compiling, reviewing and analyzing state and federal laws and regulations available through online legislative service, internet resources and industry organizations to develop and implement compliance programs and procedures. Monitoring regulatory developments to identifying changes in compliance requirements to then assess the impact on the company’s products and operations to provide guidance and recommendations to executive leadership to ensure continuing compliance.
• Conducting regularly scheduled compliance audits, testing and analysis of policies, procedures, and practices to identify areas of non-compliance or operational risk:
  • Assess the effectiveness of existing compliance controls and identify areas for improvement.
  • Recommend action plans and remediation strategies to address identified non-compliance issues, monitoring progress towards the elected solution and ensuring timely resolution.
  • Document audit findings, including deviations from regulatory requirements and control deficiencies, and communicate results to executive leadership in a clear and concise report.
• Monitoring business activities and metrics to identify anomalous areas of non-compliance or operational risk, then:
  • Investigate to determine the root cause.
  • Implement corrective actions to resolve the compliance issue.
  • Develop system programs or edits to prevent the anomaly from recurring.
  • Conduct follow-up review to ensure issues remain resolved.
• Supporting home office personnel in the sale and servicing of the company’s products by:
  • Providing training, education and guidance to employees on compliance policies, procedures, regulatory requirements and best practices, promoting awareness and understanding of compliance obligations.
  • Educating and notifying home office personnel of general and state-specific product specifications and servicing requirements and providing timely updates of changes in regulatory requirements.
  • Compiling and maintaining resource documentation to be used by all company departments on various product, process and service standards.
  • Serving as the primary point of contact and subject matter expert for compliance-related inquiries from internal employees and agents.
• Serve as a primary point of contact for regulatory agencies, law enforcement and the legal community by:
  • Researching and preparing the response to complaints received from regulatory and consumer advocacy agencies, as well as those from insureds, agents, providers and other related parties, whether communicated directly or through an attorney.
  • Preparing and responding to regulatory inquiries, surveys, data calls and desk audits timely and thoroughly.
  • Coordinating and participating in examinations and audits, providing support to internal stakeholders and facilitating a timely and complete response.
  • Ensuring Company records with the state insurance departments related to biographical affidavits and registered agent records are maintained in compliance.
  • Monitoring the progress and completion by staff members responding to subrogation and third-party subpoenas.
  • If an instance of non-compliance is discovered during the course of research, the AVP will identify and implement any corrective action necessary.
• Participating in activities related to the Company’s anti-fraud, anti-money laundering, HIPAA privacy and Gramm-Leach Bliley compliance programs by:
  • Compiling, reviewing and analyzing state and federal laws and regulations available through the online legislative service, internet resources and industry organizations to develop, implement, and maintain compliant programs and procedures.
  • Directing and facilitating the investigation and reporting of fraud perpetuated by insureds, agents, providers, vendors and unidentified actors against the company to the appropriate regulatory and law enforcement agencies.
  • Developing and maintaining the Company’s written program documentation for its Anti-Fraud, Anti-Money Laundering, and HIPAA Privacy compliance programs; staying abreast of regulatory developments affecting the programs and industry best practices and solutions for the required personnel training programs as required by state and federal laws and regulations.
  • Monitoring the results of the Company’s OFAC sweeps, evaluating any persons or entities that receive a positive indication and taking any appropriate actions.
• Directing and participating in various other areas of compliance, including but not limited to:
  • Monitor and stay abreast of regulatory development and industry trends affecting insurance products and services and provide guidance and recommendations to executive leadership and senior management on compliance implications and potential business opportunities.
  • Participate in cross-functional projects and initiatives aimed at enhancing product innovation, customer experience, operational efficiency and competitive positioning while maintaining compliance.
  • Assisting executive leadership and senior management in the identification and purchase of insurance companies and/or blocks of business and utilize experience to help coordinate the activities necessary to install the company or policy block onto our system platforms.
  • Assisting, as directed by the Vice President, General Counsel and Chief Compliance Officer with the initiation of or response to lawsuits; coordinating the gathering of materials from internal stakeholders, and serving as a liaison between the Company, outside counsel and opposing counsel.
  • Coordinate with outside counsel on the filing and renewal of trademark and/or patent applications for the company’s intellectual and branded property.
  • Identifying patterns and trends that necessitate the performance of audits of agent records and activities to ensure compliant business practices.
  • Assisting personnel in other departments by answering questions based on knowledge of product specifications, system information and state and federal laws and regulations.
  • Coordinating with and/or assisting other company departments with special non-recurring research to support system and process review and/or investigative projects.

Qualifications:

• A bachelor’s degree or equivalent industry experience in law, business, finance, accounting, or a related field.
• A professional certification or license in compliance, such as Certified Compliance and Ethics Professional (CCEP) or Certified Regulatory Compliance Manager (CRCM), LOMA Fellow, Life Management Institute (FLMI) and/or LOMA Associate, Insurance Regulatory Compliance (AIRC) designation or equivalent industry-specific educational program designations a plus.
• A minimum of 3-5 years of experience in compliance, risk management, audit, or a similar function.
• Strong understanding of life and health insurance products; experience in policy form drafting
• Proficiency with SERFF and I-File filing tools and prior experience working with state regulars desired.
• Thorough knowledge and understanding of the applicable laws, regulations, policies, and standards in the relevant industry or sector.
• A high level of integrity, ethics, and professionalism.
• Excellent communication, presentation, and interpersonal skills.
• Ability to work independently and collaboratively in a fast-paced and dynamic environment
• Impeccable attention to detail and the ability to organize materials and information in a logical format to facilitate understanding by many people of varying departmental backgrounds.
• Strong research capabilities and the ability to assess and analyze the meaning and relativity of the research gathered, and to make a logical determination of a solution within product parameters, regulatory requirements and company policy and procedure.

Skills:

• Communication: Must be able to read, write and speak English. Must possess excellent written and oral communication skills to work collaboratively across departments.
• Problem-Solving: Ability to identify compliance risks, propose solutions, and support the business in implementing changes.
• Time Management: Must be able to manage multiple tasks, meet deadlines, and adapt to changing priorities. Possess the ability to balance multiple changing demands on a daily basis while maintaining focus and executing long-term strategic plans.
• Reasoning Ability: Must have excellent research and analytical skills, with the ability to interpret and communicate complex regulations. Strong analytical, problem-solving, and decision-making skills.
• Stakeholder Management: Ability to manage and collaborate with multiple stakeholders, including team members and executives
• Organizational Skills: Must be able to organize materials and information in a logical format to facilitate understanding and access companywide.
• Technical Proficiency: Must be proficient in Microsoft Office Suite and compliance management software. Must be able to perform effective internet searches for data and information. Must possess basic computer skills and knowledge that enable the ability to learn and efficiently utilize different electronic systems, such as the company’s imaging system IMAGERIGHT, USSI, EIS and outside filing systems such as FilingRamp, SERFF (NAIC) and I-File (Florida).
• Mathematical Skills: Must be able to perform basic mathematical functions.

Work Environment / Physical Requirements:

The work environment is a standard office setting with typical office equipment. This role involves professional collaboration with colleagues and clients. Responsibilities may involve extended periods of sitting, occasional walking between departments or meeting rooms, and periodic standing, reaching, stooping, and lifting office items weighing up to 25 pounds.

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