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Insurance Compliance Officer

The Insurance Compliance Officer is a dedicated professional charged with ensuring that an insurance company's operations, practices, and internal policies comply with all applicable state and federal laws and regulatory guidelines. This role is crucial for maintaining the integrity, ethical standards, and reputation of the organization. The officer is responsible for designing, implementing, and monitoring compliance programs, conducting audits, and guiding internal teams on regulatory best practices. The ultimate goal is to reduce legal risks and promote a culture of accountability and transparency across the organization.

Class Code:

PIC01I

Job Grade:

SGS06

Special Job Requirements:

Typical Functions:

Develop, update, and enforce internal compliance policies and procedures in line with current regulatory requirements. Design and maintain a robust compliance program that addresses unique challenges within the insurance industry. Stay current on legislative changes, regulatory updates, and industry standards that impact insurance operations. Conduct in-depth research and analysis to interpret complex regulatory documents and translate them into actionable internal guidelines. Conduct regular internal audits and reviews of processes and operations to verify adherence to established policies. Identify potential areas of vulnerability or non-compliance and lead initiatives to implement corrective measures. Develop and deliver training sessions to educate employees on compliance requirements, policy changes, and emerging risks. Serve as a subject matter expert, advising management and cross-departmental teams on compliance issues and best practices. Prepare detailed compliance reports and maintain thorough documentation for internal use and external regulatory inquiries. Act as the primary liaison with regulatory bodies, coordinating audits, investigations, and responding to formal requests or concerns.

Knowledge, Abilities, and Skills:

Strong analytical and problem-solving skills with keen attention to detail. Excellent written and verbal communication abilities required to clearly articulate complex regulatory requirements. Proven proficiency with compliance management tools and software, along with a familiarity with internal auditing processes. Ability to work both independently and collaboratively across divisions to drive a culture of compliance and continuous improvement.

Minimum Qualifications:

Bachelor’s degree in Accounting, Finance, Business Administration, or a related field. Minimum of 2 years of experience in a compliance-related role within the insurance or financial services sector. Certifications such as specialized credentials like Chartered Insurance Professional (CIP) or other compliance certifications may be required.

Required Certificates:

N/A OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.

Exempt:

N
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