What you can expect as the Counsel
Provide legal support to the Sammons Financial Group Companies. Requires a solid working knowledge of products offered by the companies, including fixed and variable annuities, life insurance, and mutual funds. Possess a broad understanding of how the companies' products are distributed through various agency channels, broker-dealers, registered investment advisors and insurance marketing organizations. A solid foundation and extensive knowledge of state insurance law, federal securities laws, contract law, and agency law are critical to success. Established and solid understanding of the regulatory environment in which the companies operate is crucial and includes state and federal functional regulators. Extensive knowledge of general corporate law as it relates to the companies and their legal structures is important.
This member of the Legal team provides support on reinsurance transactional issues, in particular supporting our two Iowa domiciled insurance companies on all reinsurance related issues, as well as general corporate governance matters. In more detail, the responsibilities will be to:
- Draft reinsurance agreements and related contracts and documents
- Manage reporting requirements under the Iowa Holding Company Act
- Support and manage general corporate governance, legal projects and strategic initiatives
- Independently, provide objective, thorough, timely and well-researched legal advice and counsel to key business partners on legal matters, allowing management and key decision makers the ability to assess the legal risk of various courses of action to support Sammons Financial Group business initiatives and financial risk management strategies.
- Independently, provide legal advice and counsel on a variety of legal questions related to the companies to ensure compliance with new and existing state, federal and local laws, statutes, and regulatory requirements. This includes reviewing new laws and regulations and supporting their implementation with key business partners.
- Independently, provide legal advice and counsel on issues relating to product distribution, including through independent agents, insurance marketing organizations, broker dealers, registered investment advisers, and banks and financial institutions.
- Independently provide legal advice and counsel on any one or more of the following areas of law and business units: corporate governance, intellectual property, social media, privacy, procurement and vendor management, claims management and litigation, human resources, agency services, and compliance.
- Proactively identify potential legal issues and participate in addressing issues with senior levels of management.
- Active participation in trade associations and collaborate with company government relations to determine position on key pending legislation and regulatory changes.
- Independently, provide legal advice and counsel on in-force policy and contract issues that may arise, including underwriting, claims management, product taxation, distributions, grace and lapse and reinstatement.
- Lead initiatives as well as collaborate with other attorneys and professionals in the Legal Department in managing the companies’ exposure to regulatory fines and penalties or other sanctions.
- Understand and aid in executing Sammons Financial Group strategy, business objectives and goals when providing legal advice and counsel.
- Draft and review policy forms, legal correspondence, agreements, and releases without the need for supervision and oversight.
- Provide supervision and management of outside counsel, including setting expectations of engagement, desired outcomes, strategy, and budget, in coordination with Senior Litigation Counsel as necessary.
- Partner with other attorneys and other professionals in the Legal Department to share knowledge on and where required implement changes to company procedures as a result of litigation and/or regulatory outcomes.
What we are looking for:
- Juris Doctorate Degree from an ABA accredited law school required
- Iowa Bar Admission to and in good standing with the Iowa Bar
- 4-7 years' relevant experience preferred
- Experience in working with operating areas of a life insurance company as well as aiding in the development of sound legal and compliance policies and procedures preferred
- Ability to deal with a wide variety of individuals, both inside and outside company organizations in a professional, patient, and responsive manner
- Excellent communication skills, written and oral
- Demonstrated ability to identify and analyze legal issues and to apply known or researched rules of law
- Demonstrated ability to conduct accurate and timely legal research
- Demonstrated ability to seize the initiative and work independently
- Criminal background check required.
- Due to the financial nature and level of accountability of this position, a credit and criminal background check is required.