Regulatory Compliance Analyst

POSITION DESCRIPTION:

Samsung Fire & Marine Management Corp. (“SFMMC”) is the management company for Samsung Fire & Marine Insurance Co., Ltd., a multinational commercial property & casualty insurance company based in Korea. SFMMC is currently seeking a Regulatory Compliance Analyst. The candidate must be well-versed in insurance regulatory and compliance matters applicable to property/casualty insurance companies.

PRIMARY RESPONSIBILITIES INCLUDE BUT NOT LIMITED TO:

· Ensure that all statistical reports (ISO, NCCI, States, & Independent Bureaus) are prepared, understood, and submitted in a timely and accurate manner either in-house or by the Company’s chosen vendor.

· Coordinate with IT and Bureau vendors to insure compliance with all reporting requirements.

· Maintain a comprehensive reporting matrix that identifies all reporting requirements.

· Working with vendors and internal staff to ensure the timely and accurate submission of all special data calls as required by the reporting bureaus and/or states.

· Assist State Filings, Underwriting, Claims, and Accounting with data mapping and other data matters as necessary.

· Design, implement, monitor, and enforce strategies that are effective in preventing and identifying policy and regulatory issues and/or violations.

· Implement and maintain standardized processes and procedures for regulatory tasks ensuring compliance with internal and external requirements for policy construction, reporting, and filing.

· Interact with state regulators, examiners, and Departments of Insurance and manage relationships with industry and state rating and data collection bureaus.

· Maintain documentation of compliance activities, such as complaints received or investigation outcomes.

· Discuss compliance programs and/or issues with management or employees.

· Provide employee training on compliance related topics, policies, or procedures.

· Keep abreast of industry changes, trends, and best practices and assess the potential impact of these changes on organizational processes.

· Assist with creating and maintaining a Product Library for all approved form and rate filings.

• Certificate/Designation with Insurance (i.e. AIS, AINS, MCM, etc.)
• Excellent communication skills to handle DOI and other Regulatory Body requirements
• Excellent knowledge of an insurance company’s operation from Product to Market Implementation, to Regulatory Reporting in order to avoid penalties

· Must be organized with strong attention to detail and sense of urgency to execute deliverables in a timely manner and meet deadlines.

· Strong knowledge and understanding of Insurance regulations and how it impacts an organization

· Superior Research Skills to aid Senior Management with innovative corporate and Insurance product ideas

• Superior SQL, Excel Microsoft Suite Experience

• Bachelor’s Degree Required; MBA preferred
• 5 Years in Regulatory Compliance with an Insurance Company
• 5 Years in Corporate Compliance with an Insurance Company

· Market Conduct Experience (Multi-state)

· Financial Audit Experience (Multi State)

Job Type: Full-time

Pay: Up to $80,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Flexible schedule
• Flexible spending account
• Health insurance
• Life insurance
• Paid time off
• Vision insurance

Schedule:

• 8 hour shift
• Monday to Friday

Work Location: Hybrid remote in Ridgefield Park, NJ 07660