New York Life Insurance Company Senior Associate, Regulatory Review and Reporting in New York, New York
New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.
New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+ (Source: Individual independent rating agency commentary as of 8/1/17).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
Title: Individual Contributor – Regulatory Review and Reporting
Department: Corporate Compliance - Regulatory Reporting / Complaints Review
Role Overview: The objective of the position is to ensure timely and accurate reporting and responses consistent with corporate policy and regulatory requirements. The Individual in this position will track and review matters including consumer complaints, civil litigations, arbitrations, judgments and liens, bankruptcies, criminal matters, regulatory actions, and terminations to determine whether a reporting obligation exists to any state or federal insurance or securities regulator such as Financial Industry Regulatory Authority (FINRA), state insurance departments, and state securities departments. In addition, this individual will track, coordinate and respond to regulatory requests and examinations involving sales practice violations and other regulatory and compliance issues.
Determine the required disclosures on Form U4 and U5 pertaining to customer complaints, arbitration, and litigation matters
Evaluate communications from customers to determine whether the communication constitutes a complaint per FINRA Rule 4530
Coordinate, prepare and ensure timely and accurate submission of regulatory filings including U4, U5, Rule 4530 disclosures and state insurance department disclosures
Track and conduct thorough investigations of all regulatory requests and follow-ups to ensure all responses are timely, complete, accurate and consistent
Coordinate with business units, operations, and Office of the General Counsel to ensure timely collection of all responsive documents and information
Provide guidance to business unit personnel, Agents and Field Managers regarding internal regulatory reporting procedures, FINRA Rules relating to Form U4, and regulatory inquiries
Prepare and review reconciliation, management status and control reports to determine that all matters are handled in a timely manner
Identify regulatory issues and late filings and communicate concerns and recommended solutions to management
Bachelor’s degree from an accredited four-year university
Series 7, or willing to obtain within 6 months of hire
Strong project management and organizational skills
Advanced Microsoft Office skills (Excel, Word, Access and PowerPoint)
Excellent interpersonal and communication skills
Proven ability to work independently as well as in a team environment
Resourceful and solutions oriented
Strong analytical skills and attention to detail
Ability to understand, summarize and synthesize large, complex volumes of information for wide dissemination
Exceptional organizational and time-management skills including the ability to prioritize multiple projects at varying stages in a dynamic environment in order to meet tight deadlines
Prior Broker Dealer experience, preferably in compliance or operations, or experience working for a regulatory agency such as FINRA, SEC or state securities department
J.D. preferred, but not required
Knowledge of insurance and securities products including mutual funds, 529 plans, fixed and variable life and annuity products
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