Career Opportunity

Role Title

Compliance Analyst

Purpose of role

Responsible for ensuring that Foresters Financial products and procedures follow State/Provincial insurance regulations and approved for sale by the Departments of Insurance and Provincial regulatory bodies if applicable. This will include understanding regulatory requirements recommending changes for the product design or language negotiating approvals with insurance regulators and research/analysis of new/amended legislation which may lead to enhancements to or creation of documents and work procedures in accordance with Foresters Financial policies and procedures. This role also manages the creation and maintenance of Issue Paper Work in the contract writing tool. This is a Hybrid position requiring a minimum of two (2) days/week in the office.

Job Description

Key Responsibilities

• Represent Product Compliance within product development projects. This includes ensuring that all state/provincial regulations are met and ensuring that all certificates and ancillary documents are compliant before products are submitted for state/provincial approval
• Manage and/or assist in preparation and submission of jurisdictional product and regulatory filings to ensure compliance with state/provincial laws/regulation. Ensure review and/or objections are resolved through negotiation with departments of insurance
• Maintain accurate documentation and audit trails related to form development and filing activities
• Investigate and analyze new or amended product regulatory/legislative requirements based on a thorough understanding of insurance law and determine the impact to Foresters Financial products. Also consults and provides advice on legislation for state/provincial insurance laws and provide accurate and timely information to internal stakeholders
• Work with project teams to set-up test environment in the contract writing tool for new contracts or regulatory form builds. This includes creating and maintaining contract Issue Paper Work and quality testing of system and workflow changes to verify and ensure that new and enhanced products meet the state approval of product and process requirements and do not adversely affect the production environment
• Support production fixes relating to Issue Paper Work in the contract writing tool

Key Qualifications

• Bachelors degree in Business or 2 years of experience in insurance or regulatory compliance. Professional certification (e.g. AICP) is a plus
• Broad knowledge of the financial services industry in both Canada and the U.S. including detailed knowledge of life insurance annuities and segregated funds
• Familiarity with regulatory filing tools such as SERFF
• In-depth understanding of the regulatory landscape and compliance issues for financial products including illustration issues for both Canada and the U.S.
• Effective communication organizational research and strong writing skills
• Experience working with regulatory agencies and responding to objections
• Knowledgeable in the Documaker environment (or similar contract writing tool)
• Be able to work in a team environment and provide support to multiple competing priorities

Problem-Solving

• Research analyze and interpret insurance regulations/legislation to evaluate impact on products and procedures to decide on actions needed to be compliant
• Ability to communicate and collaborate with internal and external stakeholders on regulatory requirements and/or objections
• Critical thinking and analysis skills are essential to the role
• Ability to evaluate information for purposes of recommendation

Accountability

• Negotiate contract approvals and undertakings with regulators
• Responsible for regulatory filings and expediting approval of new products applications and forms
• Track analyze and communicate regulatory updates affecting life insurance and annuity products to applicable stakeholders
• Assist in developing and maintaining internal compliance policy and procedures related to product development and form usage
• Authority to test and signoff system changes as it relates to contract creation and ensure that the production environment is not adversely affected
• Ensure the accuracy of data migrated into production environment through test environment. Errors made by Compliance Analyst may result in fines from insurance departments or the disqualification of products for sale
• Create and maintain a forms library and compliance matrices
• Initiate/coordinate the review of production output with appropriate areas within Foresters Financial

#LI-Hybrid

Equal Opportunity Employment and Inclusion at Foresters Financial we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion Diversity and Equity (IDE) as a core strategic objective for building strong innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process please email in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.