Senior Associate, Accounting Operations

  • Competitive
  • New York, NY, USA
  • Permanent, Full time
  • New York Life Insurance Company
  • 17 Dec 17 2017-12-17

Senior Associate, Accounting Operations

New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.

New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 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 Third Party Ratings Report as of 8/17/16).

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.

The candidate will report directly to the Head of the Accounting Operations Division and will focus on the Escheatment and Bank Reconciliation process. Including day to day management of our co-sourcing partners in Knoxville, who perform the detailed functions.

Responsibilities:
• Coordinate annual escheatment filings with States for Unclaimed Properties
• Coordinate with Business Areas to receive Due and Unpaid records for annual escheatment filings
• Review filings prepared by Knoxville team, verify all records for accuracy and completeness
• Prepare payments to States for amounts calculated in filings
• Respond to state correspondence, special requests, and audits regarding escheatment reporting
• Manage State recoveries for Unclaimed Property in New York Life's and subsidiaries name
• Coordinate and review monthly bank reconciliations completed by the Knoxville team.
• Oversee issue resolution related to the bank reconciliation process

Qualifications of a Successful Candidate:
• B.S. Accounting or Finance
• 5+ years relevant experience
• Strong understanding of financial controls
• Willingness to seek innovative efficiencies
• Strong leadership and collaboration skills
• Ability to manage offsite team

SF:EF-MD1
SF:LI-MD1
EOE M/F/D/V

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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.

1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.

2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.