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Compliance & Filing Manager

Company: 777 Partners
Location: Charlotte
Posted on: May 16, 2022

Job Description:

COMPANY:

At Merit Life, we innovate best-in-class financial products that are simple to use, easy to understand, and always put the needs of our clients first. Established in 1957, we are a part of 777 Partners, a holding company with assets in excess of $7.5 billion. Backed by the financial strength of 777 Partners and an A- rating from AM Best, we create low-cost guaranteed income products that perform powerfully in any investment portfolio and any market condition.

JOB SUMMARY:

Compliance Related: Establish close relationships with Merit's holding company's legal and compliance staff to assess risks and identify potential areas of compliance vulnerability throughout the enterprise. Provide oversight, management, and guidance to ensure the company's operations are conducted in compliance with ethical business practices, company policies and legal/regulatory requirements.

Compliance Related: Provide oversight of corrective action plans developed through business unit self-audits and/or targeted compliance audits. Test and validate corrective actions to confirm mitigation plans have been properly implemented and are documented.

Filing Related: Exercise knowledge of life and annuity products, states' certifications, and filing requirements, perform research related to such products and filings to ensure applicable requirements are being met, forms are drafted in a compliant manner, and all supporting documentation is identified and completed appropriately.

Year End and Interim period Statutory Filings-NAIC, State Specific & Premium Tax- Work closely with the finance team, and external resources (tax consultants, actuarial support, prior owners, etc.) in the completion of the year end filings. Manage the work- flow and timing for the completion of the NAIC, and State Specific filing checklists. Ensure the filing deadlines are met, at year end and through-out the year.

Program Management: Provide program leadership on critical legal, compliance, and filing efforts; dive in to lead initiatives or cross-functional work streams where needed.

Duties And Responsibilities

Compliance Related

  • Establish close relationships with Merit's holding company's legal and compliance staff to assess risks and identify potential areas of compliance vulnerability throughout the enterprise. Provide oversight of corrective action plans developed through business unit self-audits and/or targeted Compliance audits. Test and validate corrective actions to confirm mitigation plans have been properly implemented and are documented.
  • Maintain knowledge of business and compliance challenges facing distribution partners and other service providers and recommend changes in business procedures needed to support each of them.
  • Evaluate the effectiveness of established compliance processes and controls and recommend and implement enhancements.
  • Monitor and interpret state and federal legislation, state bulletin/circulars and other legal and regulatory material to determine impact to business operations and works with applicable areas to implement necessary changes to maintain Company compliance.
  • Assist with the drafting of compliance manuals, code of ethics, business continuity plans, cybersecurity policies, etc. and review and analyze them for required updating.
  • Maintain a strong working knowledge of insurance laws and regulations.
  • Identify, document processes, and oversee compliance with all reporting requirements.
  • Develop an understanding and continuously monitor regimens of law and regulation relating to SEC, U.S. Treasury (e.g. AML), contract owner taxation, and FINRA, as needed

    Filing Related

    • Exercise knowledge of life and annuity products, states' certifications, and filing requirements; perform research related to such products and filings to ensure applicable requirements are being met, forms are drafted in a compliant manner, and all supporting documentation is identified and completed appropriately.
    • Assist in gathering and preparing, timely and accurate NAIC and State Specific filings including data calls, year end and interim filings, premium tax filings/surveys, market conduct exams, state examinations, internal audits, and other state mandated reports.
    • Work closely with legal and compliance team and external legal counsel on the submission of the S-1 to the SEC Format and submit electronic transmission of documents to the Securities and Exchange Commission (SEC) in accordance with applicable Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Rules and Regulations (including XBRL submissions).
    • Maintain professional contact and develop relationships with state insurance departments, the IIRPC (Interstate Insurance Product Regulation Commission) and other insurance professionals throughout the country.
    • Receive and analyze objection letters from state insurance examiners and coordinate responses working key stakeholders.
    • Develop and create policy forms, correspondence, and procedures; coordinating with team members to develop, coordinate, and submit policy filing materials and work with regulators. Analyze state insurance regulations and statutes (via circulars or bulletins) monitoring any changes, as necessary, to respond to state insurance examiners inquiries.
    • Maintain record of regulated forms history; coordinate with and monitor business areas to ensure proper forms are available and used.
    • Support internal operations and third-party administrators to ensure continued compliance of policy/contract language for all new and in-force policies.

      Program Management Related

      • Provide program leadership on critical legal, compliance, and filing efforts; dive in to lead initiatives or cross-functional work streams where needed
      • Consistently looks for process improvement opportunities to improve Merit and its business. Identifies and recommends process improvements that significantly reduce workloads or improve quality.
      • Develops and maintains Merit's Filing Playbook - the policies and procedures revolving around Merit's state insurance filing capabilities.
      • Partners with key stakeholders across Merit and its holding company to understand all aspects of the organization to determine the appropriate course of action; makes recommendations to senior management and others in an actionable format to achieve desired business results.
      • Supports the execution of meetings, including developing and tracking action items, meeting logistics, agenda, minutes, and follow-up activities; developing meeting presentation materials; etc.
      • Manages and enhances organizational initiatives by positively influencing and supporting change management and/or departmental/enterprise initiatives.

        Skills / Knowledge / Abilities
        • Communication skills
          • Strong communications acumen with an ability to build rapport across many functions within Merit, its stakeholders, and key third parties.
          • Excellent telephone and teleconferencing communication skills
          • Excellent written/verbal communication, presentation, and interpersonal skills
          • Must have strong written communication skills with the ability to draft documents, communication, and business correspondence
          • Abilities
            • Strong organizational, detail orientation and relationship management skills are a must for this position
            • Able to work independently and prioritize work under pressure in a fast-paced environment while meeting deadlines.
            • Must be self-driven, goal oriented, with the ability to work independently and with others
            • Not afraid to get their hands dirty in an entrepreneurial environment when an "all-hands-on-deck" mentality is needed
            • A desire to learn new concepts, seek challenges, possess an inquisitive mindset and excel in a fast-paced, collaborative environment
            • Able to approach problems in a structured manner and not get overwhelmed
            • Someone who likes to build and innovate
            • Strong non-mathematical analytical skills
              • Industry focused / Technical skills
                • Basic knowledge of mutual funds, annuities, life insurance, retirement investment products and third-party distribution
                • Prior experience (or ability to learn) formatting and submitting electronic transmission of documents to the Securities and Exchange Commission (SEC) in accordance with applicable Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Rules and Regulations (including XBRL submissions).
                • Medium proficiency and knowledge of regulatory requirements as they pertain to life insurance, annuities, and securities
                • Ability to use and leverage technology and tools with proficiency in key technology platforms: Microsoft Office suite: PowerPoint, Excel, Word, Outlook, Teams, and Sharepoint
                  Education And Experience

                  • Bachelor's degree from an accredited institution
                  • Preferred 5-8 years of legal, compliance, or filing experience within the Insurance sector, preferably either annuity or life.

                    CERTIFICATIONS AND LICENSES

                    • Not required

                      Do not edit past this line

                      PHYSICAL DEMANDS AND WORK ENVIRONMENT

                      The physical demands described here are representative of those that must be met by an employee to successfully perform the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.

                      While performing the duties of this job, the employee is regularly required to sit and use hands to finger, handle, or feel objects, tools, or controls. The employee frequently is required to talk and hear. The employee is occasionally required to stand; walk; reach with hands and arms. The employee is rarely required to stoop, kneel, crouch, or crawl.

                      The employee must regularly lift and/or move up to 10 pounds. Specific vision abilities required by this job include close vision, and the ability to adjust focus. The noise level in the work environment is usually moderate.

                      EEOC

                      777 Partners is an Equal Opportunity Employer. All aspects of consideration for employment and employment with the Company are governed on the bases of merit, competence and qualifications without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, or any other category protected by federal, state, or local law.

Keywords: 777 Partners, Charlotte , Compliance & Filing Manager, Executive , Charlotte, North Carolina

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