Insurance Compliance Specialist
W&S Life Insurance Company - Cincinnati, OH

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Western & SOuthern has an immediate opening for an Insurance Compliance Specialist.

Summary of Responsibilities:
Supports the Western and Southern Life Insurance Company and its insurance company affiliates (Columbus Life Insurance Company, Integrity Life Insurance Company, Lafayette Life Insurance Company, National Integrity Life Insurance Company and Western-Southern Life Assurance Company) in meeting insurance and certain federal regulatory compliance requirements. Coordinates the handling of state insurance department complaints, investigations, suspected fraud reporting and various agent reporting activities. Other work assignments may include: monitoring changes in certain federal and state laws and regulations; analyzing relevant data, maintaining and initiating revisions to written regulatory procedures as needed; assessing, documenting, communicating and instituting enhancements to the control environments of internal and external customers. Assists fellow compliance professionals in managing compliance risk. Works independently managing multiple deadlines with basic decision-making authority in regards to supported business units.

Position Requirements

Position Responsibilities:
• Serves as primary contact with State Insurance Departments with respect to policyholder complaints and investigations; communicates with DOI representatives concerning the complaint or investigation, determines through internal channels the basis for the complaint or investigation; recommends appropriate response to the complaint or investigation, including remedial action as warranted; drafts responses to complaints and investigations.
• Identifies key risk factors for the insurance company by identifying each entity’s activities, researching and identifying regulatory requirements, documenting the control environment designed to comply with the stated requirements, assessing risk factors, identifying gaps in the control processes and instituting solutions.
• Assists in communicating to affected associates compliance requirements, regulatory changes and regulator actions.
• Analyzes regulatory changes and prepares impact reports to business units with potential alternatives for the unit to maintain compliance.
• Assists in the design of processes and quality assurance reviews/monitoring procedures of the Financial Group’s insurance companies’ activities to ensure compliance with applicable laws.
• Analyzes reports concerning exceptions to compliance-approved processes as identified by Quality Assurance, Technical Services or other Financial Group associates.
• Supports other Compliance associates with respect to overall compliance of the Financial Group’s insurance companies.
• Advises business units on regulatory implications of business decisions and assists in the day-to-day adherence to compliance requirements.
• Prepares regulatory filings concerning authority to conduct insurance business within a state and preparation of various periodic and annual reporting requirements.
• Acts as key contact between the Financial Group’s Internal Audit Department and Insurance Compliance by leveraging experiences and relationships to further enhance joint engagements.
• Examines third-party service providers to determine compliance with industry and firm rules and regulations.
• Performs other duties as assigned by management.
Selection Criteria:
• Demonstrated knowledge of state insurance laws and regulations.
• Demonstrated thorough knowledge of annuities, life insurance products and Company operations.
• Demonstrated knowledge of the process for reviewing written communications concerning regulatory requirements.
• Proven experience conducting compliance assessments of operating activities.
• Demonstrated experience maintaining a calm and professional demeanor when handling stressful situations.
• Possesses and displays excellent verbal and written communication skills with ability to convey information to internal and external customers in a clear, focused and concise manner.
• Proven experience coordinating multiple projects/assignments simultaneously and completing assigned tasks accurately and on a timely basis. Must demonstrate a strong attention to detail with excellent organization skills. Expected to cite examples of organization and time management/methods used to manage or prioritize workload demands. Must demonstrate project management experience in planning, executing and maintaining a project from start to finish.
• Proven strong analytical skills, including demonstrated experience identifying and quantifying problems and providing effective solutions.
Educational Requirements:
• Bachelor’s degree or comparable industry experience.
Computer skills and knowledge of hardware & software required:
• Working knowledge of word processing, spreadsheet, database, presentation software and email applications.
Certifications & licenses (i.e. Series 6 & 63, CPA, etc.):
• Associate, Insurance Regulatory and Compliance (AIRC) designation or must obtain within 18 months of hire.
Position Demands:
• Extended hours required during peak workloads or special projects.
• Travel up to 15% of time.
Position Attributes
Western & Southern Financial Group, a Fortune 500 company, is a dynamic family of diversified financial services companies that provides life insurance, annuities, mutual funds, retirement planning and investment products and services to help millions of consumers nationwide to plan and protect their financial futures.
With more than 5,000 associates and more than 50,000 individuals in our selling group, Western & Southern offers consumers and businesses the financial products and services they require to meet their insurance needs and investment goals. Having reached more in excess of $50 billion in assets owned and under management, we are leveraging our industry leading financial strength to fuel our growth through strategic acquisitions, increases in our current product revenue stream and expansion into new distribution channels and businesses.
Western & Southern provides a host of benefits that include medical, dental, life, pension, 401K, free fitness facility, on-site cafeteria, and generously subsidized parking. Western & Southern promotes a stable, fulfilling and challenging environment with an emphasis on excellence and continued career development.