We are seeking a proactive, commercially minded Workers Compensation Regulatory Compliance Manager to join our dynamic and fast-growing commercial insurance organization. This role will support the Associate General Counsel and Global Compliance Director and involves close collaboration with various underwriting departments throughout the organization, delivering hands-on insurance regulatory compliance expertise with an emphasis on Workers' Compensation. The ideal candidate will bring a practical, business-enabling approach to insurance regulatory compliance management and have experience at a workers' compensation-focused or broader property and casualty insurance company and interacting with insurance regulators.
Regulatory Compliance Manager
Job Summary: This role will be responsible for ensuring that the company adheres to all relevant laws, regulations, and internal procedures, with a primary focus on Workers' Compensation and related regulatory reporting, and additional support across other commercial lines as needed. This role will emphasize market conduct regulatory experience and will involve working closely with various functional areas of the company to ensure all insurance regulatory requirements are understood and met.
Principal duties and responsibilities:
Regulatory Compliance:
- Ensure systems, products, processes, and procedures are in compliance with regulatory requirements.
- Act as a Workers' Compensation subject matter expert for the organization to ensure understanding and compliance with applicable regulatory requirements; provide additional subject matter support for other property and casualty lines as needed.
- Be aware of all new and revised regulatory requirements and educate the appropriate company groups on procedural changes necessary to meet these requirements.
Market Conduct:
- Develop and implement strategies to ensure compliance with market conduct regulations.
- Conduct regular audits and assessments to evaluate the company's adherence to market conduct standards.
- Coordinate with legal and compliance teams to address any market conduct issues and ensure timely resolution.
Reporting and Data Management:
- Operationalize regulatory reporting requirements by coordinating with various teams (Legal, Operations, Profit Centers, Claims, IT, etc.).
- Manage the collection, analysis, and reporting of data to regulatory bodies, including Medicare, EDI, data calls, and other requirements.
- Foster strong relationships with data reporting counterparts at relevant bureaus and organizations (e.g., NCCI, ISO).
Cross-Functional Collaboration:
- Work closely with other functional areas of the company to ensure all regulatory requirements are understood and met.
- Coordinate with third-party claims administrators regarding regulatory compliance requirements for all lines of business.
- Partner with IT and vendors to facilitate data governance related to reporting requirements.
Issue Management:
- Manage class code, premium, and loss cost issues/differences identified by the Premium Audit process.
- Coordinate with the team handling criticisms from state agencies to ensure timely responses in compliance with statutory requirements.
Process Improvement:
- Evaluate and streamline processes to manage day-to-day regulatory support.
- Perform regular audits of regulatory requirements across the company, including testing of regulatory audit procedures.
Training and Development:
- Provide training and support to business areas to ensure compliance with regulatory requirements.
- Develop and maintain documentation related to compliance processes and procedures.
Job Requirements:
- Bachelor's Degree required; advanced degree preferred.
- Minimum of 10 years of industry experience with Workers' Compensation insurance (regulatory compliance and/or market conduct), including experience in a property and casualty insurance environment.
- Demonstrated proficiency with diverse state rules and requirements across multiple lines of business.
- Strong understanding of market conduct regulations and experience in implementing compliance strategies.
- Excellent analytical, organizational, and communication skills.
- Ability to work collaboratively with cross-functional teams and external partners.
- Proficiency in data management and reporting tools.
- Attention to detail, project management, and organization.
- High level of personal accountability and integrity, with a solutions-oriented mindset.
- Comfortable working in a hands-on, fast-paced environment with evolving priorities.
Additional Responsibilities:
- Such other responsibilities as needed to support the compliance function and ensure the integrity and reputation of the organization.
Estimated compensation range: $150,000-$200,000
