The NEW YORK REGULATORY CONTROLS SPECIALIST role is responsible for the coordination and review of regulatory control functions within Client Services. This includes working across the organization and with our distribution partners to provide assurance that the appropriate controls have been adequately implemented to adhere with applicable regulatory requirements. This role will require a strong understanding of New York Insurance Law, including but not limited to Regulations 60, 187, and SEC Regulation Best Interest. This role is hybrid first with the ability to work remotely.
RESPONSIBILITIES
- Provides review of new life insurance application submissions to assure conformity with applicable regulations including Regulation 60 and Regulation 187.
- Works with NY licensed, contracted and appointed financial professionals to ensure adherence to the requirement of Regulation 60 and Regulation 187, and other applicable regulations.
- Provides a segregated quality review for application and service transactions, as needed.
- Provides oversight and tracking for remediation related to findings by internal audit, compliance and external regulators
- Partners with business leaders and associates to collect, review and submit responsive data and records to support state market conduct exams
- Monitors enacted legislation and adopted regulations which impact NY lines of business and operations and help to coordinate plans of action
- Makes recommendations for development of operating policies, procedures, and practices to document business practices and comply with laws and regulations
- Participates in special projects to support the business strategy especially as they relate to regulatory requirements and/or regulatory change management
- Serves as liaison with Aligned Assurance areas in identifying areas of risk and support operational improvements, quality assurance and any additional education essential to mitigate risk
- Demonstrates courage to challenge the status quo and have courageous dialogue in support of the organization’s strategy
- Remains current in professional and industry trends
- Successfully completes regulatory and job education requirements
- Performs other duties as assigned
Required Skills
- Strong leadership skills
- Excellent verbal and written communication skills
- Excellent negotiation and collaboration skills
- Experience with driving positive change
- Exceptional attention to detail and comfortable with complex legal analysis
- Excellent interpersonal, written and verbal communication skills
- Strong work ethic, positive attitude and a high degree of initiative
- Highly effective organization and time management skills
- The ability to consistently manage multiple projects /cases and work within fixed time frames
- Ability to effectively partner across the organization and at multiple levels by building and maintaining strong relationships
- Accepts ownership of all interactions and provide a high caliber of service excellence and follow-through
- Demonstrates drive for results
- Listens and encourages suggestions, improvements, concerns, innovations from others.
- Able to create an environment that encourages two-way communication and in which associates feel it is safe to speak up
- Actively and openly leads change and continually assesses impact
- Provides cost-effective and customer-focused solutions
- Ability to make a positive contribution as demonstrated by learning new skills and making suggestions for process/procedure improvement
- Ability to work with others in a collaborative team environment
Required Experience
- Minimum 5-7 years’ experience with life insurance knowledge and operational controls
- Experience and strong understanding of state insurance regulations (including but not limited to NY Reg 60, 187 and Regulation Best Interest) and of FINRA and SEC regulations
- Past work experience with operations, audit and/or compliance a plus
- Insurance Education (LOMA) a plus
EDUCATION/LICENSES/PROFESSIONAL DESIGNATIONS
- Bachelor’s degree or equivalent experience
Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people’s ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. We support our financial professionals with retirement and investment services through our wholly owned subsidiary, Hornor, Townsend & Kent, LLC, member FINRA/SIPC.
Salary Range - $65,000 - $90,000
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