New York Life Insurance Company ("New York Life" or "the company") is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life's surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
The Senior Associate in the Compliance Unit of Group Membership Association will participate in and support the oversight of Third Party Administrators that administer Life/Health insurance on behalf of New York Life, and assist in monitoring their compliance with various regulatory and corporate requirements, while building corporate relationships with our business partners.
Responsibilities include: Assist with, participate in, and lead on-site reviews at administrator offices, including "due diligence" reviews of potential new 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 Third Party Administrators, 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. Monitor Administrator compliance with various requirements by collecting documentation in such areas as escheatment, TPA licensing, E&O coverage, fidelity bonds, replacement activity, etc. Participate in and/or lead cross-functional teams to implement process change, compile responses to Corporate surveys, state market conduct examination requests, etc. Advise Administrators and colleagues on how to handle unusual insured circumstances, interpreting and/or making exceptions to contract terms in such areas as beneficiary designations, assignments, reinstatements, refunds, etc. Draft/publish Manuals of Procedures to Third Party Administrators, and prepare/publish various status reports.
Qualifications: Bachelors degree and 8+ years experience in Life/Health insurance administration: Broad experience across several functions such as underwriting, application processing, service, call center, claims, policy form filing/issuance, premium billing/collection, etc. General knowledge of the principles, procedures and philosophies of Group Life and Health Insurance Administration 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. Proven attention to detail and multitask under pressure, as a team member and independently, with minimal direction. Excellent customer service and interpersonal skills as well as precise oral/written communication skills; able to conduct concise meetings with various levels of NYL and business partner personnel. Expertise in MS Office (WORD, Excel, PowerPoint) Lotus Notes, MS Explorer skills. Exceptional written/verbal communication and interpersonal skills. Strong managerial and organizational skills. Ability to remain objective and professional when with clients. Ability to negotiate (e.g. convince) a business partner to change operating procedures to accommodate regulatory and/or NYL best practices, while maintaining a cordial relationship. An understanding of insurance principals, and best business practices (LOMA training helpful). Willing to travel (air, train, driving), occasionally on Sundays, perhaps alone domestically, or with a team internationally.
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* Based on revenue as reported by "Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual)," Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology. ** Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company. 1. Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments. 2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.