Assistant Compliance Officer/SIU

EDUCATION AND EXPERIENCE REQUIREMENTS:

Four-year college degree in Business or related field, plus 5 or more years’ experience working for a life insurance company in administration areas with a working knowledge of new business, underwriting, policy administration, and contracting. Strong attention to detail and strong analytical skills with ability to work independently and re-prioritize pending projects as needed.

FUNCTION OF POSITION:          

Serves as Assistant Compliance Officer for Market Conduct.

1.   Maintains on-going list of pending agent audits and other projects as may be assigned.

2.   Prioritizes timing of agent or other audits, dependent on immediate need for action to try to prevent monetary losses to the Company.

3.   Completes In-depth audits to identify need for changes to Company's internal procedures and recommends changes to management. 

LOCATION:

Company is based in San Antonio, TX. Actively seeking candidates in Texas but will consider candidates from other states with the exception of Colorado and California.

JOB RESPONSIBILITIES:

Reviews changes in state regulations with regard to current state regulations relating to policy benefits, notices to policyholders, nonforfeiture options and other service-related functions to assure compliance.

Monitors claims and policy rescissions for detection of problems or possible cases of fraud. Investigates possible problems for further action that may be needed.

Monitors compliance with regulations pertaining to illustrations, policy replacements, new business administration, policy provisions, and company practices.

Serves as Assistant Compliance Officer for Market Conduct:

• Investigates some consumer complaints, underwriting problems, claims and rescissions for possible market conduct problems or fraud.
• Audits agents’ business for possible market conduct problems and to assure compliance with state and federal regulations, including review of business submitted, contacts with customers, and hiring of outside investigators, as needed.
• Participates in determination of agent sanctions needed in conjunction with the Legal Agency and Distribution Departments, including both written and verbal communications with agents and/or their up-line supervisors and customers.
• Assists Legal Department in filing reports to appropriate State Insurance Departments in connection with possible fraud involving both agents and consumers.
• Serves on the Special Investigative Unit required by various state regulations.
• Points out potential problems to General Counsel and Agency, Distribution, and Conservation Departments in connection with any type of advertising or agent activity for review and appropriate action.
• Serves on Compliance Team to review policy forms, policy application forms, advertising, sales literature, and sales training for use by the field force and mailings going to field force or policyholders.
• Represents Company at ACLI Compliance Section, or International Claims Association Meetings and maintain participation in related industry activities.
• Reports directly to the Vice President, General Counsel and Secretary in connection with any possible market conduct or compliance problems.

Assists the Chief Compliance Officer with Anti-Money Laundering (AML).

Assists in training employees for fraud red flags, AML compliance, customer service classes, claims training classes, etc.

Performs other duties as assigned.