AVP, Regulatory Compliance

Compliance Officer - Life Insurance Industry

Our client, a leading life insurance provider, is seeking a seasoned Compliance Officer to oversee and enhance its corporate compliance framework. This role ensures adherence to state and federal regulations across all aspects of product development, marketing, underwriting, and servicing.

Key Responsibilities:

Corporate Compliance Oversight

• • Draft policy documents and supporting forms based on specifications from actuarial and sales teams.
  • Ensure timely and accurate filing of policy documents, forms, and rates with state insurance departments, maintaining compliance through ongoing updates and amendments.
  • Utilize the SERFF (System for Electronic Rate and Form Filing) platform to submit and track product filings, ensuring timely approvals and regulatory alignment across jurisdictions.
  • Monitor and manage filing statuses within SERFF, coordinating with internal stakeholders to address objections or requests for additional information from regulators.
  • Collaborate with marketing and sales to ensure field communications, training, and materials meet regulatory standards, including fair solicitation, advertising, and suitability requirements.
  • Partner with internal departments to ensure digital platforms (websites, social media, etc.) remain compliant.
  • Provide training and resources across departments to support compliant policy administration.

Policy Development & Regulatory Monitoring

• Analyze state and federal regulations to develop and document auditable compliance policies and procedures.
• Monitor legislative and regulatory changes, assess their impact, and advise executive leadership on necessary adjustments.

Auditing & Risk Assessment

• Conduct regular compliance audits and risk assessments to identify and address non-compliance or operational risks.
• Recommend and monitor remediation strategies, documenting findings and reporting to leadership.

Business Activity Monitoring

• Analyze business metrics to detect anomalies, investigate root causes, and implement corrective actions.
• Develop system safeguards and conduct follow-up reviews to ensure lasting compliance.

Internal Support & Training

• Provide compliance training and guidance to internal staff.
• Maintain up-to-date documentation on product specifications and regulatory requirements.
• Serve as the primary contact for compliance-related inquiries.

Regulatory & Legal Liaison

• Respond to complaints and inquiries from regulatory bodies, consumers, and legal representatives.
• Coordinate regulatory audits and examinations, ensuring timely and thorough responses.
• Maintain accurate records with state insurance departments and oversee compliance with biographical and agent records.

Program Management

• Lead compliance efforts related to anti-fraud, anti-money laundering (AML), HIPAA, and Gramm-Leach-Bliley Act (GLBA) requirements.
• Maintain written program documentation and ensure ongoing training and regulatory alignment.

Strategic Compliance Initiatives

• Monitor industry trends and advise leadership on compliance implications and opportunities.
• Support cross-functional initiatives to enhance innovation and operational efficiency.
• Assist in due diligence and integration efforts related to acquisitions.
• Coordinate with legal counsel on intellectual property matters and litigation support.
• Identify trends requiring agent audits and support investigative projects across departments.

Qualifications:

• Bachelor's degree or equivalent experience in law, business, finance, or a related field.
• Professional certifications such as CCEP, CRCM, FLMI, or AIRC are preferred.