What are the responsibilities and job description for the Regulatory & Compliance Counsel position at Ascot Group?
Job Description
This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.
Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we’re bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.
The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.
Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world-class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.
Job Summary
Ascot Group is looking for a Regulatory and Compliance Counsel (RCC) to be a key member of the US legal and compliance team, reporting directly to the Senior Regulatory and Compliance Counsel. The role will be involved with the development, implementation, oversight, and evaluation of all aspects of Ascot's North America insurance entity regulation and compliance programs and will be participating in a regulatory compliance culture that ensures high ethical and legal standards and carefully observes applicable laws and regulations.
The RCC will be a highly visible role providing senior leadership and business guidance for Ascot US regulatory compliance, may have exposure to international operations and will regularly collaborate with underwriters, claims personnel, finance and company operations personnel. Exposure to top-most senior management is likely, and the right professional will have a significant impact on the company and its business operations.
Responsibilities
Actual base pay could vary and may be above or below the listed range based on factors including but not limited to experience, subject matter expertise, and skills. The base pay is just one component of Ascot’s total compensation package for employees. Other rewards may include annual cash bonus, and other forms of discretionary compensation awarded by the Company.
The Company provides a competitive benefits package that includes the following (eligibility requirements apply):
Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Life Insurance, AD&D, Work/Life Resources (including Employee Assistance Program), and more
Leave Benefits: Paid holidays, annual Paid Time Off (includes paid state /local paid leave where required), Short-term Disability, Long-term Disability, Other leaves (e.g., Bereavement, FMLA, Adoption, Maternity, Military, Primary & Non-Primary Caregiver)
Retirement Benefits: Contributory Savings Plan (401k)
This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.
Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we’re bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.
The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.
Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world-class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.
Job Summary
Ascot Group is looking for a Regulatory and Compliance Counsel (RCC) to be a key member of the US legal and compliance team, reporting directly to the Senior Regulatory and Compliance Counsel. The role will be involved with the development, implementation, oversight, and evaluation of all aspects of Ascot's North America insurance entity regulation and compliance programs and will be participating in a regulatory compliance culture that ensures high ethical and legal standards and carefully observes applicable laws and regulations.
The RCC will be a highly visible role providing senior leadership and business guidance for Ascot US regulatory compliance, may have exposure to international operations and will regularly collaborate with underwriters, claims personnel, finance and company operations personnel. Exposure to top-most senior management is likely, and the right professional will have a significant impact on the company and its business operations.
Responsibilities
- Maintain thorough awareness of the compliance and regulatory environment by tracking, analyzing, and monitoring key regulatory issues and will advise key stakeholders and business partners on issues impacting their business area.
- Assist in identifying evolving industry trends with a focus on compliance and risks.
- Respond to state departments of insurance inquiries and consumer complaints.
- Participate and assist in key regulatory submissions, including annual filings as to Enterprise Risk, Holding Company Act compliance, and corporate governance as well as data calls and regulatory reporting.
- Draft compliance bulletins to stakeholders advising on pertinent and time sensitive matters.
- Develop and implement compliance resource and training materials and programs.
- Provide compliance training to business partners on relevant topics impacting the business.
- Assist as needed in product development for rules, forms and rating of US admitted products.
- Perform varied regulatory and legal research and drafting projects.
- Assist in developing and implementing various measures necessary for compliance throughout the organization.
- Minimum of 5 years of experience in either a law firm or relevant in-house position, with an insurance focus.
- J.D. Required, with appropriate state bar licensing in good standing.
- Strong command of key insurance regulatory issues including carrier and producer licensing, admitted vs. surplus lines processes and distinctions, AML, OFAC, insurance sales and marketing regulation, producer onboarding, Holding Company (incl. affiliated transactions) reporting, Privacy and Cybersecurity regulation, policy cancellation and non-renewal protocols.
- Strong organization, project-management skills, and a proven ability to balance multiple priorities in a dynamic environment are crucial.
- Comfort in a role responsible for developing or improving new organizational processes, as needed.
- Diplomacy, persistence, and collaboration skills are required to build appropriately healthy relationships with regulators.
- Proven skills managing/participating in cross-departmental efforts and persistently working to take appropriate action until a matter is resolved (as opposed to waiting for others to advance an effort).
- Ability to conduct employee compliance training as needed.
- Familiarity with underwriting, coverage, ISO-based policy structuring, or claims issues within specialty property & casualty insurance lines is a strong plus.
- Experience in insurance/reinsurance product development, coverage analysis, policy/treaty wordings/endorsement drafting a strong plus.
- Excellent communication, organizational and time-management skills.
- Strong desire to learn and gain exposure to other legal and business areas.
- A self-starter, who is comfortable working independently and "rolling up their sleeves" or in leading or playing a part on collaborative teams.
- This position may be filled at a different level, depending on experience***
Actual base pay could vary and may be above or below the listed range based on factors including but not limited to experience, subject matter expertise, and skills. The base pay is just one component of Ascot’s total compensation package for employees. Other rewards may include annual cash bonus, and other forms of discretionary compensation awarded by the Company.
- The annualized base pay range for this role is: In New York is: $150,000 - $180,000.
The Company provides a competitive benefits package that includes the following (eligibility requirements apply):
Health and Welfare Benefits: Medical (including prescription coverage), Dental, Vision, Health Savings Account, Commuter Account, Health Care and Dependent Care Flexible Spending Accounts, Life Insurance, AD&D, Work/Life Resources (including Employee Assistance Program), and more
Leave Benefits: Paid holidays, annual Paid Time Off (includes paid state /local paid leave where required), Short-term Disability, Long-term Disability, Other leaves (e.g., Bereavement, FMLA, Adoption, Maternity, Military, Primary & Non-Primary Caregiver)
Retirement Benefits: Contributory Savings Plan (401k)
