Associate - Product Compliance

  • Competitive
  • New York, NY, USA New York NY US
  • Permanent, Full time
  • New York Life Insurance Company
  • 16 Aug 18 2018-08-16

Associate - 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.

Gene ral Profile:

This Policy Form Support position on the Retail Life Product Compliance team will be providing assistance to Policy Form Leads for policy form development within the Retail Life Department. This individual will assist with regulatory research, filing with insurnace departments, updating policy form drafts, and user acceptance testing of policy forms developed in our systems. The Policy Form Support Associate will also be the scribe in policy form workshops, which includes updating, tracking and recording changes to the form in real-time at the workshop. This individual will also file policy forms with the various regulatory bodies and track the correspondence. This individual provides ad hoc support as needed on the Product Compliance projects.

Key Responsibilities:

• Provide assistance with the drafting of policy forms and other documents related to life insurance
• Update and track policy form changes in real-time at policy form workshops with stakeholders
• Assists in the organization and execution of policy form workshops
• Provide assistance with the regulatory research of state and federal insurance laws related to life product design, product administration and filings
• Assists with preparation of the product filings for submission to the IIPRC (Compact) and state insurance departments
• Files policy form packages via SERFF and tracks related correspondence in the SERFF system
• Assists in preparing responses to questions and inquires received on product filings from regulatory bodies
• Builds and maintains strong working relationship with DOI and Compact administrative staff
• Participates in user acceptance testing efforts prior to and following product implementation to ensure compliance of forms tested
• Assists with other compliance projects within the Division
• Receives guidance and project oversight from Policy Form Leads and direct manager

Functional Knowledge : Supports team lead in researching best practices and procedures for gaining approvalof forms and maintaining compliance. Includes looking at filing experiences and objection responses from other business units at NYL.

Problem Solving : This person will research information to resolve straightforward issues. For more complex situations, they will work with oversight from team leads and their manager.

Decision Making/ Nature of Impact : While supporting policy form drafting, this individual will prepare recommendations for consideration with how to address certain situations.

Communication Requirements : This person will be interacting with key stakeholders from throughout NYL. It will be important that this person clearly communicate updates and changes, as well as provide explanations. This person will also communicate results of their regulatory research.

Education: Bachelor's Degree

Experience: 2-4 years. Strong written and oral communication skills and attention to detail.



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