Product Compliance Analyst
- Career Level
- Not Specified
The Product Compliance Analyst supports product development by drafting forms to meet the business needs and state requirements; and/or supports compliance by reviewing incoming regulatory changes and determining the impact on Assurant products. The Analyst submits either new product or compliance filings to the Insurance Departments for review and approval.
Primary job accountabilities/responsibilities
- Reviews incoming regulatory changes and determines impact on Assurant programs. He/she prepares internal compliance write-ups that outline regulatory change and explain changes needed to the filed forms, rate and/or rules.
- Based on Business request, analyst drafts policy language that is clear, concise and which complies with state and federal laws as well as achieving company desired results. Analyst pulls competitor filings for Business. He/she sends forms, rates and/or rules for internal review and sign-off. The analyst updates the policy language based on input from Business, Operations, Claims, Underwriting, Actuarial and Legal.
- Submits new product, product enhancement or compliance filings to the insurance departments. This function requires the analyst to: (a) prepare checklists (both external and internal), certifications, transmittals, and submission letters; (b) submit filings to the Insurance Departments using Tracker and SERFF. If electronic filings not accepted by the DOI, mail filings to the state; (c) Pay filing fees via EFT. For mailed filings, request checks to cover filing fees. (d) If determination is made that filing is exempt from submission to the Department of Insurance, prepare Filing Assessment Memo (FASM) with backup for filing exemption and provide to manager for review and approval. (e) Submit annual filings by state due date which are tracked on the compliance calendar.
- Prepare responses to objections from Insurance Departments regarding product or compliance filing. This function requires the analyst to: (a) review DOI objections, analyze cited statutory reference and revise forms and reports accordingly; (b) coordinate with other internal areas, if required, to respond to departments' questions; (c) in certain cases, and under the supervision of the manager, argue company's position regarding some aspect of the policy structure or language or company procedures and negotiate with the insurance examiner to arrive at the desired result.
- Pull filings and provide response to: (a) Market Conduct requests; (b) State Surveys; (c) Data Calls; (d) Litigation requests; (e) Department inquiries; and (f) Internal and External audits. Feed filings from Tracker and Shared Directory to the State Filings System. Complete supplemental data, replacement and marketed product association information in the State Filings System. Generate distribution memo and publish information to internal users. Filing information is stored in system for searching by State Filings and general users. Create work requests and enter time spent on assigned projects using time tracking tool.
- Associates degree
- One year of experience with SERFF to submit filings
- 2 years of experience in the insurance industry
- 4 year college degree
- Proficiency in Microsoft Office Suite
- Ability to work with frequently changing priorities
- Strong time management skills
- Attention to detail
- Strong written & grammatical skills
- Data entry skills
- Working knowledge of insurance terminology