Senior Manager, Workers Compensation & Casualty Lines, Regulatory Compliance Services
Hartford, CT; Exton, PA,, New York, NY - Potential for Remote - USA
The candidate who fills this role is the technical expert and “go to” person for all things workers compensation. Manages strategic implementation and partners with Business Units, Underwriting and Middle Office, among others, to develop effective programs, initiatives, products, UW rules, guidelines, reporting and procedures for Workers Compensation general liability and auto product lines in order to meet business unit objectives, compliance standards and profitability goals. Directs, and is responsible for, product line analysis, regulatory review and compliance results. Advises senior management regarding implementation strategy that adheres to new and existing regulatory framework(s). Manages relationships with internal stakeholders, external boards, bureaus, trade groups and regulators on regulatory, compliance and reporting issues.
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What will your essential responsibilities include?
Americas Compliance & Public Affairs, Regulatory Compliance Services Team
· Effectively communicates with business units regarding proposed and newly enacted regulatory changes. Ensures that established underwriting policies, guidelines, standards and procedures are in compliance with applicable insurance laws and regulations in the workers compensation line:
· Monitors state regulatory developments, evaluates impacts to business and provides feedback to trade association on workers compensation underwriting as needed.
· Directs the review of state and federal regulatory compliance requirements to include analysis of business impact/operational risk assessment for enacted laws/regulations and recommended company compliance actions to ensure regulatory compliance.
· Researches, analyzes and summarizes newly enacted laws and regulations impacting the workers compensation commercial and specialty lines.
· Drives execution of changes arising out of newly enacted laws and regulations in accordance with specified timeframes.
· Participates actively in NCCI and state board/bureau committees, as assigned.
· Partners with business partners and the Regulatory Compliance Services (also known as “RCS”) Team to coordinate the preparation of product updates and filing approvals consistent with new regulations.
· Provides support for negotiations with external agencies/organizations, such as industry trade associations, law firms and state insurance departments, regarding sensitive and/or complex issues. Provide expertise in responding to complaints, insurance department inquiries, market conduct exams and regulatory audits.
Product Development
· Evaluates implementation strategy of programs and procedures and develops new initiatives within product lines to achieve desired business objectives and goals for the workers compensation line. Analyzes product line information to identify opportunities, to develop or enhance new products, services, pricing strategies, etc. Drafts policy language in support of business objectives and goals. Supports business units by managing WC policy reporting and managing interface with states on criticisms.
· Working in concert with business units, drives the development of underwriting policies, guidelines, standards and procedures to ensure adherence with state regulatory requirements. Proactively adapts strategy in response to regulatory trends and input from business units.
Provide insight and expertise in the development of new product features or initiatives for the workers compensation line to ensure filings are submitted and approved on a timely basis and in accordance with business goals and objectives.
· Responds to inquiries associated with regulatory filings and approvals when product specific issues become the subject of heightened regulatory scrutiny.
· Ensures established guidelines and procedures are in compliance with applicable insurance laws and regulations. Oversees coordination with other internal departments to determine impacts of legislation/regulatory requirements on current processes and internal systems. Drives execution of product enhancements that comply with existing legal/regulatory requirements, adhere to statutory timelines and support business objectives.
General Responsibilities
· Lends support to monitoring functions within the Americas Compliance team, Risk Management and business units, as necessary, to complete underwriting audits, identify compliance issues and drive corrective action plans, as appropriate.
· Partners with internal departments including Underwriting, Middle Office, Americas Business Unit, IT, Legal, Actuarial, Claims, Broker Relations and Communications & Marketing on product activities and initiatives.
· Prepares regular reports on material issues for senior management.
· Reinforces Americas Compliance & Public Affairs objectives with colleagues and business partners. Completes additional projects as required by Head of Compliance and Public Affairs for the Americas, the Head of Regulatory Compliance Services, and the US-based Management Team.
You will report to the Head of Regulatory Compliance Services.
