Group Insurance Compliance - Senior Associate
New York Life Insurance
Location Designation: Hybrid
When you join New York Life, you’re joining a company that values career development, collaboration, innovation, and inclusiveness. We want employees to feel proud about being part of a company that is committed to doing the right thing. You’ll have the opportunity to grow your career while developing personally and professionally through various resources and programs. New York Life is a relationship-based company and appreciates how both virtual and in-person interactions support our culture.
The Senior Associate in the Corporate Compliance Department is responsible for managing the compliance oversight programs for our Group Membership Association Division (Group Affinity/Association) and Business Solutions Department (Group Employer).
Working closely with compliance management, business leaders and subject matter experts, as well as Legal, Government Affairs, Internal Audit and other stakeholders, the Senior Associate will support the business in complying with all federal, state, local rules and regulations, and internal compliance requirements.
- Manage the compliance oversight programs for Group Membership Association Division (Group Affinity/Association) and Business Solutions Department (Group Employer)
- Collaborate with other departments to investigate and resolve compliance issues. Including partnering with the business develop and implement corrective action plans to address known issues
- Provide timely and consistent compliance guidance to the business. Including partnering with the business in establishing compliance policies & procedures
- Collaborate with the business to formulate and execute compliance reviews of the business, including identifying scope, reviewing procedures & documentation, identifying issues, and communicating findings
- Develop best practices and efficiencies in the oversight program
- Track laws and regulations and assist the business with identifying applicable regulatory requirements
- Host a quarterly meeting with key personnel from the business, legal, compliance, and risk to discuss compliance issues, requirements, tasks, projects, initiatives, etc. that may impact the business
- Manage the Canadian group insurance compliance programs to ensure NYL’s compliance standards are met
- Periodically assess consumer complaints and review draft responses crafted by the business
- Engage with the business to assist with gathering information for regulatory reporting
- Review and validate data received from the business and TPAs in response to market conduct exams and regulatory inquiries
- Prepare reports for regulators, senior management and other NYL departments
- Identify, assess, and communicate current or emerging compliance trends, issues, and risks to management
- Support other group insurance business areas as needed, particularly our Group Benefits Solutions business that provides group employer solutions.
- Handle special projects as needed
Qualifications and Job Requirements
- Bachelor’s Degree
- At least 8-10 years of experience in a compliance role within an insurance company. Experience with non-employer groups and affinity groups preferred
- Knowledge of state regulations governing group benefits, including regulations governing group disability insurance. Ability to interpret regulations and find applicability to the business
- Experience partnering with Third Party Administrators that perform services on behalf of the business
- Familiarity with second line of defense compliance strategies
- Possesses strong critical thinking skills, ability to assess complex problems, and develop innovating solutions
- Excellent written and oral communication skills with the ability to present information in differing degrees of detail and form depending on the audience
- Excellent organization skills, ability to prioritize multiple tasks and follow through to meet deadlines
- Analytical skills to identify possible solutions using experience, judgment, and precedents
- Self-starter, proactive and exercises good judgment
- Works independently as well as within a team environment
Salary range: $90,000-$135,000
Overtime eligible: Exempt
Discretionary bonus eligible: Yes
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.
Job Requisition ID: 89610