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Job Details

COMPLIANCE ASSOCIATE

Company name
New York Life Insurance Company

Location
New York City, NY

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Profile

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 Compliance and Controls team is responsible for ensuring that the Service Organization's policies and procedures are aligned with applicable regulatory and compliance requirements. In addition to assisting with the implementation of new regulatory requirements the team is also responsible for monitoring the Service Organization's continued adherence to established regulatory requirements. Working under the direction of the Compliance CVP, the Compliance Associate is responsible for supporting the regulatory reporting and audit liaisons functions within the Insurance Group Service Organization. The primary responsibilities of this role include the preparation of various daily, weekly and monthly compliance and internal control reports that have been developed to monitor and track compliance with various FINRA and state regulatory requirements. The Compliance Associate also assists more senior members of the team during internal and external audit examinations. Specifically, the Compliance Associate will assist in the collection and review of information required to satisfy examination requests. These responsibilities include performing basic to intermediary data analysis of data files to validate the accuracy and completeness of information requests, securing procedural documents and the collection of hard copy files.

 

 MAJOR RESPONSIBILITIES:

 

*

Prepare daily, weekly and monthly compliance and internal control reports used to monitor the Service Organizations compliance with FINRA and state regulatory requirements.  Assist with the preparation of the quarterly 38a-1 and 3012 reports that are prepared for Corporate Compliance including the review of AWF transactions processed beyond compliance thresholds, reconciling the daily and quarterly statement correspondence jobs, preparing the daily 2 Day/5 Day Cash with Application Report, etc. *

Monitor and access existing control reports to identify potential internal and external procedure violations. Identify opportunities to mitigate breakage via manual trades and initiate trades in accordance with delegated authority. *

Summarize findings for further evaluation by management and assist in the development of action plans to address and prevent future occurrences. ‘ *

Assist in the collection and review of information requests for internal and external audits including those performed by Corporate Audit, FINRA, PWC and State Department of Insurance agencies. *

Identify new and/or modified reporting needs and work with senior team members and manager to implement. *

Research and responding to transactions appearing on Corporate Compliance’s Frequent Trader and 22c-2 report. *

Assist with the tracking of outstanding examination requests to ensure the timely completion of audit inquiries. *

Serve as a resource to peers and managers within the Service Organization on questions related to general regulatory and compliance guidelines.

 

REQUIREMENTS:

Bachelor’s degree preferred (Business, Economic or related discipline) *

FINRA Series 6 or 7 license preferred.  Prior experience with registered product & insurance regulations preferred. *

Strong oral and written communication skills *

Proficiency with MS Office Suite, in particular Excel; including the use of pivot tables, formulas and charting.  Access knowledge is preferred.

 SF:LI-MC1

SF:EF-MON1

 

EOE M/F/D/V

 

If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at: (212) 576-5811.

 

*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.

Company info

New York Life Insurance Company
Website : http://www.newyorklife.com/

Company Profile
New York Life Insurance has been providing life insurance policies in the Big Apple since it was a tiny seed. While the top mutual life insurer in the US has branched out a bit, it retains its core business: life insurance and annuities. Its products include long-term care insurance and special group policies sold through AARP and other affinity groups and professional associations. New York Life Investments' offerings include mutual funds for individuals and investment management services for institutional investors. Through New York Life International, the firm provides life policies in overseas markets. Founded in 1841, New York Life is owned by its policyholders.

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