Senior Associate, Group Membership Compliance Unit

Location Designation: Hybrid - 3 days per week 

 

This position primarily involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday.

 

As part of New York Life’s Group Membership Association Division, you'll be working with the #1 provider of life and disability income insurance solutions for Association/Affinity programs across the nation. Beyond the tailored life and disability income insurance solutions you provide, your work fosters a sense of community and shared support within affinity groups.

 

Role Overview:

 

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.

 

What You’ll Do:

 

• 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.

 

What You’ll Bring:

 

• Bachelor's Degree
• 5-10 years of auditing, or operational risk 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), Outlook and SharePoint.　
• Willing to travel

 

This position primarily involves a hybrid work schedule - working remotely: Monday & Friday / on site: Tuesday, Wednesday and Thursday.