What are the responsibilities and job description for the Compliance & Business Analyst - Hybrid to New Hartford, NY (At least 8 days in office per month) position at Utica National Insurance Group?
The Role
At Utica National Insurance Group, we employ over 1,400 people across the United States who are dedicated to our corporate promise: To make people feel secure, appreciated, and respected.
Your Key Responsibilities
At Utica National Insurance Group, we employ over 1,400 people across the United States who are dedicated to our corporate promise: To make people feel secure, appreciated, and respected.
Your Key Responsibilities
- Research, analyze and summarize new and existing state and federal laws, regulations and mandates to evaluate impact on company operations and document compliance requirements.
- Build strong, trusting relationships with business customer teams and compliance liaisons and serve as a reference to those partners.
- Disseminate information regarding legislative or regulatory enactments to appropriate business unit, manager and compliance liaison.
- Review industry publications and monitor pending legislation and regulations to determine impact of new laws or regulations on company's operations and assess compliance.
- Work with various business units and/or compliance liaisons to implement regulatory and/or legislative enactments and, where possible, assist business unit in establishing and implementing standard policies, procedures, processes and best practices to promote compliance with applicable laws.
- Track the completion of the implementation of the new law or regulation to determine compliance.
- Prepare reports to Board Committees regarding legislative activity.
- Respond to issues/questions posed by business units and compliance liaisons regarding legislative content and intent and compliance with applicable regulatory requirements. Work with legal where necessary.
- Review complaints, track responses to the insurance department and determine and respond to any complaint trends. Maintain complaint log as required by state law. Prepare reports for Board Committees regarding complaint activity.
- Report to Compliance Officer/Assistant Compliance Officer/General Auditor any area of noncompliance, or where implementation dates may be missed.
- Manage company's response to regulatory inquiries, surveys, etc. to ensure company responses are timely, accurate and complete. Coordinate with senior business leaders to handle responses to regulatory inquiries, surveys, etc. on areas within responsibility
- Working knowledge of our policy systems both personal and commercial lines to identify potential defects, rating or coverage issues. Ability to review Root Cause Analysis to determine source of defect and offer potential recommendations for corrections while maintaining strict adherence to filed rates, rules, forms.
- Monitor progress of open issues for CEO. Follow up with senior business leaders to ensure completion in significant corporate initiatives. Prepare monthly report to CEO of status for all outstanding issues.
- Ability to review business requirements for accuracy from a compliance perspective. Make recommendations where appropriate. Ensure system implementations are compliant with regulations and filings.
- Manage responses to regulatory exams, interacting with regulators and senior business leaders to ensure responses are timely, accurate and complete.
- Monitor progress of open issues for CEO. Follow up with senior business leaders to ensure completion in significant corporate initiatives. Prepare monthly report to CEO of status for all outstanding issues.
- Provide Internal Auditors information for compliance requirements as applicable to the scope of each exam.
- Perform annual Quality Assurance Improvement Process reviews on sample of audits performed by each auditor to ensure compliance with IIA and NAIC standards.
- Managing software contracts and payments for compliance software.
- Handle special projects, such as compliance investigations.
- Resolve and/or escalate issues in a timely fashion to meet necessary effective/statutory due dates.
- Performs other duties as assigned.
- Conforms with all corporate policies and procedures.
- Education: Bachelor's Degree preferred.
- Experience: 4-7 years in Compliance or Business Analyst role.
