Compliance Specialist

Madison National Life, a wholly-owned subsidiary of Independence Holding Company with principal interest in the life and disability insurance businesses, has an opportunity for an experienced Compliance Specialist. If you hate errors, are analytical, have a legal aptitude, and are looking to work for a small, but growing company, you will want to get your resume in for this position.

This role is responsible for overseeing the production of all documents pertinent to various products in an effort to facilitate the compliant execution of business as well as communicating and coordinating with various staff to maintain accuracy and compliance.

Major responsibilities and essential duties:

Generate and review policy documents

• Manage and revise existing policies and contract forms per marketing and administrative needs
• Monitor state filing requirements
• Create, review and update rate appendices, amendments
• Develop, maintain and distribute essential management reports reflecting current and pending forms and/or contract documents to be considered in planning and new product development
• Ensure regulatory compliance of all products
• Prepare and submit all policy form filings to insurance departments

Monitor internal controls

• Facilitate compliance with claims payment requirement, etc. in regard to various products
• Work with department staff to ensure forms used by agents/accounts are in compliance
• Assist in the implementation of state approved forms and contracts

Develop, coordinate and enhance working relationships, internal and external

• Provide staff with thorough information on various products
• Coordinate design and establishment of policies and procedures to support state and federal statutes/regulations/requirements and ensure implementation
• Provide research and consultation as needed and/or requested regarding various products
• Foster and maintain relationships with contract specialists within other corporate entities
• Develop and maintain working relationships with state regulators
• Respond to insurance department objections/questions and negotiate and secure form and rate approvals
• Develop and maintain working relationships with partner TPA’s, marketers

Assist in department specific compliance initiatives

• Monitor and respond to regulatory changes
• Perform on-going audits of department specific functions to ensure company remains in compliance with state and federal laws, regulations and requirements
• Review advertisements for assigned product lines in all states
• Work as liaison with TPA’s on all advertisements and product specific questions including drafting non-standard contract language
• Coordinate and track handling of insurance department complaints
• Assist Associate Compliance Specialist with product issue instructions/templates, agent appointments and reports.

Regular attendance at work

Education and/or experience:  Bachelor’s degree preferred with three to five years of experience researching and interpreting life and health insurance laws.  Paralegal certificate preferred. Three years of experience modifying policy forms based on requirements of states for insurance department filing and approval purposes. Comparable experience considered. Specific experience with insurance department filings preferred.

Skills and or abilities:  Requires excellent verbal and written communication skills.  Must be able to effectively work on a team or individually.  Candidate must possess superior problem-solving ability, organizational skills, and analytical ability.  Candidate must be able to read and interpret legal language. Must be proficient with Microsoft Word and have familiarity with Microsoft Excel and Microsoft Access. Must have working knowledge of System for Electronic Rates & Forms Filing (SERFF). Must possess working knowledge of insurance legal database such as Wolters Kluwer INSource or Westlaw.  Ability to multitask is critical.

Certificates:  Completed LOMA or HIAA courses – FLMI, AIRC, CCP, ACP designations preferred.

Qualifications:  To perform this job successfully, an individual must be able to perform each essential duty satisfactorily.  Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.  Must possess working knowledge of life and health insurance principles, procedures and best practices, rate/form filing procedures and compliance with state laws, regulations and standards/requirements.

Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.