Senior Associate, Group Membership Compliance Unit #84711

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Date: Nov 20, 2021

Location: White Plains, NY, US

Company: New York Life Insurance Co

 

When you join New York Life, you’re joining a company that values development, career growth, collaboration, innovation, and diversity & inclusion. We want employees to feel proud about being part of a company that is committed to doing the right thing. Through various resources and programs, you can grow your career while developing personally and professionally.

 

 

 

This Senior Associate position will report directly to the Head of Compliance in the the Group Membership Association Department (GMAD) located in White Plains, NY.   This position will be responsible for supporting the operational and compliance oversight of Third Party Administrators (TPAs) that administer Group Disability, Life, AD&D, and HIP insurance on behalf of New York Life, and will assist in monitoring GMAD and TPA compliance with various regulatory and corporate requirements.

 

Responsibilities include: 

 

  • Assist and/or participate in Third Party Administrator (TPA) on-site reviews at administrator offices, including onboarding new business partners, including planning, sample selection and testing, interviews, documentation, negotiation to resolve variances, and summary reports. 
  • Investigate complaints from insureds to state departments of insurance and NYL executives; draft and release responses, including interpretation of group policy provisions, gathering documentation from TPAs, determining if complaint is justified and recommending remediation, as appropriate. 
  • Analyze new regulations/legislation and recommend compliance requirements; draft and release compliance and/or procedural bulletins. 
  • Update and distribute TPA Manual of Procedures, and prepare/publish various managerial reports. 
  • Monitor GMAD and TPA compliance with Federal and State regulatory requirements (escheatment, TPA licensing, Errors & Omission and Fidelity bond insurance coverage, replacement activity, inadvertent disclosures of Personally Identifiable Information (PII) and record retention) 
  • Coordinate responses to State Market Conduct Exams, Corporate Audit and various state data requests. 
  • Handle and address daily administrative and regulatory issues and inquiries from within GMAD, or NYL and TPAs.

 

Qualifications: 

 

  • Bachelor's Degree
  • 3-5 years of operational or auditing experience in Disability and Life insurance administration (application processing, underwriting, policy issuance, premium billing/collection, claims processing, inforce policy services)
  • General knowledge and understanding of insurance principles,  group life and disability insurance best practices, and regulatory requirements
  • Flexible self-starter and quick learner with good judgment, analytical skills and creative problem solving, as well as confident decision-making with reasonable business risks. 
  • Excellent interpersonal (oral/written) and relationship building skills, high degree of professionalism, strong organizational skills, detail oriented, ability to work independently and collaboratively with internal and external partners and can multitask in a complex and dynamic environment.
  • Expertise in MS Office (Word, Excel, PowerPoint) and Outlook. 
  • Willing to travel

 

SF:LI-KH1

 

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 our Foundation. 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.

Job Requisition ID: 84711

 

 

 


Nearest Major Market: White Plains
Nearest Secondary Market: New York City

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