Senior Compliance Associate #81344

New York Life White Plains , NY 10601

Posted 3 months ago

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It's a career journey you can be proud of, and you'll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. 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 service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. 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.

The Compliance Unit of New York Lifes (NYL) Group Membership Association Department (GMAD) is seeking a Senior Compliance Associate. The position will be responsible for reviewing and monitoring legislative and regulatory activities, and providing compliance support to GMADs Third Party Administrators (TPAs), various operational areas within GMAD and departments within NYL. The position will have regular interaction with GMAD Senior Management, Corporate Compliance, the Office of General Counsel, the Office of Governmental Affairs, Risk Management, GMAD operational employees and GMADs TPAs.

Responsibilities include:

Investigate and respond to customer complaints from state departments of insurance and those addressed to NYL executives (includes interpretation of group policy provisions, gathering documentation from TPAs, determining if complaint is justified and recommending remediation, as appropriate).

  • Collect and analyze data related to TPA customer complaints, and identify trends.

  • Analyze new regulations/legislation, recommend compliance requirements, and draft/issue compliance and/or procedural bulletins to TPAs.

  • Update TPA Manual of Procedures and internal procedures.

  • Prepare and publish various managerial reports.

  • Monitor GMAD and TPA compliance with Federal and State regulatory requirements (OFAC, Death Master File, Privacy Mailings, TPA Escheatment of Unclaimed Property, TPA Licensing, TPA Errors & Omission and Fidelity Bond Insurance, Replacement Activity, Inadvertent Disclosures of Personally Identifiable Information (PII), Gifts & Entertainment and Record Retention)

  • Coordinate responses to State Market Conduct Exams, Corporate Audit and various routine and ad hoc state data requests.

  • Handle and address daily administrative, operational and regulatory issues and inquiries from within GMAD or NYL, and TPAs.

  • Complete special projects assigned to Compliance Unit.

Qualifications:

  • College degree preferred, and 5+ years of compliance experience in Group Life/Health insurance.

  • General knowledge and understanding of Group Life/Health insurance administration (underwriting, application processing, service, call center, claims, policy form filing/issuance, premium billing/collection).

  • Flexible self-starter and quick learner with good judgment, strong analytical and creative problem solving skills and is detail oriented.

  • Independent and confident decision maker who uses experience, judgment and precedents to analyze possible solutions and assess business risk.

  • Excellent interpersonal (oral/written) with the ability to present information in differing degrees of detail to internal and external business partners.

  • High degree of professionalism and relationship building skills.

  • Works independently with a moderate level of guidance and collaboratively with internal and external partners.

  • Excellent organization skills, ability to prioritize multiple tasks in a complex and dynamic environment and follows through to meet time sensitive deadlines.

  • Expertise inMS Office (Word, Excel, PowerPoint, Visio) and Outlook.

SF:LI-KH1

EOE M/F/D/V

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Senior Compliance Associate #81344

New York Life