Compliance Associate

Location Designation: Hybrid - 3 days per week 

This position primarily involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday. 

Role Overview:

The Compliance Associate will work collaboratively with colleagues in New York Life 's Institutional Life ("IL"), Life Insurance Solutions, Agent Onboarding, Corporate Compliance ("CCD"), Office of the General Counsel ("OGC"), and Corporate Risk Management ("CRM"), to support various business unit risk and compliance activities related to New York Life's corporate-owned, bank-owned, and retail life insurance products sold by third-party brokers.  These activities include but are not limited to: (1) contracting, appointment, and compensation of TPD producers and servicers; (2) coordinating responses to internal and external audits and exams; (3)  facilitating operational due diligence with respect to third-party administrators ("(TPAs"), clients, vendors and exempt insurance dedicated funds ("IDFs"); (4) maintaining producer contracts, service agreements and compensation schedules; (5) obtaining annual compliance certifications from broker dealers with respect to AML, Bad Actors, Best Interest and Suitability (6) coordinating responses to customer complaints in conjunction with the Complaint Review Unit ("CRU"); (7) assisting with updates to IL's product prospectuses and private placement memorandi (8) ensuring  regulatory mailings are provided to policy owners; and (9) other such compliance activities as may be requested from time to time. The Compliance Associate shall obtain an understanding of the policies, procedures, products, operations, and services of assigned business areas to help ensure compliance with applicable regulatory requirements, New York Life Policy, and industry best practices. 

What You’ll Do:

(1)  Facilitate operational due diligence in respect of clients, exempt IDFs, TPAs, and Vendors.
(2)  Respond to customer and regulatory complaints and inquiries in conjunction with IL/OGC/CRU.
(3)  Maintain contracts and compensation schedules with TPD brokers and servicers.
(4)  Obtain annual AML, "Bad Actors", Best Interest and Suitability certifications from TPD broker-dealers.
(5)  Assist with updates to Prospectuses and Private Placement Memorandi for IL Products.
(6)  Help with responses to internal and external reviews by CAD, CCD, CRM, FINRA, PwC, SEC and States. 
(7)  Work with Agent Onboarding on contracting, appointments of TPD producers and servicers. 
(8)  Ensure timely and accurate regulatory mailings to policy owners.
(9)  Prepare written reports on compliance activities.

What you'll bring:

Bachelor's degree

2+ years' related experience required

Ability to review, understand and apply federal and state insurance and securities regulatory requirements and compliance principles, to fixed and variable life insurance products as well as private placement activities. Complex inquiry response coordination. Excellent organizational, communications, and interpersonal skills.

Must understand life insurance principles, regulatory requirements, applicable governance, and company policies in order to facilitate responses to regulators; monitor compensation, compliance, contracting, controls; and draft reports on the results of various compliance activities.

Good business sense and ability to grasp and understand the different types of life insurance products. Must understand internal controls in order to recommend opportunities to enhance such controls as a result of audits and periodic procedural reviews.

Must be able to promptly analyze and provide complete and accurate information and documentation to auditors, colleagues, and management in response to audit findings, regulatory inquiries, and third party producer requests.

Must be able to quickly identify and assess compliance risks e.g., operational, reputational and regulatory risks and make specific recommendations for mitigating such risks. 

Must be able to interpret written Company policies and procedures and assess whether particular activity, facts or circumstances are compliant with such policies and procedures or could violate them.

Must be able to communicate effectively orally and in writing with teammates, managers, and auditors to coordinate responses and provide sound rationale for recommended course of action.

This position primarily involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday. 

#LI-KH1
#LI-HYBRID 
 

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Pay Transparency

Salary Range:  $52,900-$85,000 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

Sales bonus eligible: No 

Actual base salary will be determined based on several factors but not limited to individual’s experience, skills, qualifications, and job location. Additionally, employees are eligible for an annual discretionary bonus. In addition to base salary, employees may also be eligible to participate in an incentive program.

Our Benefits

We provide a full package of benefits for employees – and have unique offerings for a modern workforce, including leave programs, adoption assistance, and student loan repayment programs. Based on feedback from our employees, we continue to refine and add benefits to our offering, so that you can flourish both inside and outside of work. Click here to discover more about our comprehensive benefit options or visit our NYL Benefits Site.

Our Diversity Promise

We believe in a diverse workforce because it is our mission to advocate for the financial security and success of people in every community. This is why diversity, equity, and inclusion (DEI) are guiding principles that are embedded in our brand and our culture. Click here to learn more about how we have been recognized for our leadership.

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 volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. To learn more about career opportunities at New York Life, please visit the Careers page of www.NewYorkLife.com.

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Job Requisition ID: 91523