Compliance Review Specialist
About Us
The Florida Surplus Lines Service Office is a leading innovator in designing modern surplus lines insurance reporting and compliance software, dedicated to delivering quality products and services. We pride ourselves on our collaborative culture, unwavering integrity, and commitment to excellence. Our reliability and forward-thinking approach enable us to maximize our impact and stay ahead in a rapidly evolving technological landscape.
Job Summary
POSITION TITLE | Compliance Review Specialist
REPORTS TO | Compliance Program Coordinator
PAY RANGE | $52,723 - $71,636
STATUS | Exempt
This position has responsibilities for activities associated with regulatory compliance of Florida surplus lines agents, including interacting with agents, scheduling compliance audits, reviewing, and finalizing audit reports, overseeing follow-up of corrective actions, audit closure, and dissemination of information to agents. The Compliance Review Specialist is responsible for assisting in training and overseeing the daily activities of compliance Field Analysts who verify agent compliance through a systematic program of audits. This position is responsible for identifying trends and recommending and pursuing the implementation of changes in order to improve market conduct results. The Compliance Review Specialist is responsible for the electronic maintenance of audit files. The Specialist assists customers with statutory requirements and technical questions regarding the Surplus Lines Information Portal. The Compliance Review Specialist will perform compliance Field Analyst duties by conducting on-site and in-house desk audits, as needed. Qualifications require a bachelor’s degree and familiarity with a variety of the field’s concepts, practices, and procedures.
Primary Duties & Responsibilities
PROGRAM/ADMINISTRATIVE | 35%
- Generate agent assignments monthly
- Notify agents of planned compliance reviews and notify Field Analysts of their assignments
- Compile and provide necessary agent data, reports, documents, etc. to Field Analysts
- Identify outstanding issues and provide updates and reports to the Audit Manager
- Assist with annual budget recommendations
- Assist with providing/recommending appropriate training to Field Analysts on new products, processes, and procedures
- Maintain and report compliance review program measures
- Verify and approve Compliance Review Field Analysts compensation/reimbursement invoices
AUDIT/RECONCILIATION | 40%
- Update the SLAS CR/PR/PLR and RAPID databases for tracking and program analysis in order to extract audit information by agent or by Field Analyst assignments
- Maintain Compliance Review Scheduling Database
- Upon approval prepare for distribution, the final Compliance Review Summary Reports, and Industry Comparisons
- Assist agents with the completion and submittal of Corrective Action Plan responses
- Review agent Corrective Action Plans and recommend referrals, if necessary
- Verify unfiled policies and assess interest penalties
- Monitor Field Analysts’ performance of required duties by periodically shadowing analysts during on-site compliance reviews
- Support the Production Ledger Review process of reconciliation and verification, as needed
ADDITIONAL RESPONSIBILITIES/ACTIVITIES | 25%
- Provide customer service to FSLSO customers (agents, agency staff, policyholders, insurers, regulators) via phone and email
- Identify compliance and education issues for outreach and education efforts
- Make recommendations for program and software application enhancements
- Perform unit/component testing, as required for system changes to applicable technology products, as well as to conduct compliance reviews
- Assist other functional areas as required
- Other duties as assigned
Qualifications
MINIMUM REQUIREMENTS
A bachelor's degree from an accredited college or university and four years of professional experience in auditing, market conduct examinations or insurance contracts. Professional experience can substitute on a year-for-year basis for the required college education.
- Experience in the insurance industry, claims administration, underwriting, regulatory compliance, market conduct examinations, premium auditing or insurance operations.
- Experience interpreting insurance statutes, regulations, policy forms, or insurance contracts.
SKILL/QUALIFICATIONS
Knowledge of methods of compiling, organizing, and analyzing data. Ability to understand and apply applicable rules, regulations, policies, and procedures. Ability to evaluate contracts, rates, policy forms, manuals, and other materials for compliance with regulations. Ability to prepare reports. Ability to plan, organize and coordinate work activities. Ability to communicate effectively. Ability to establish and maintain effective working relationships with others.
PHYSICAL REQUIREMENTS
- Prolonged periods of sitting/standing at a desk and working on a computer.
- Requires in-person workdays. Punctuality and consistent attendance during designated in-person workdays.
- Participation in face-to-face meetings, discussions, and collaborative sessions with colleagues, clients, or stakeholders as required.
- Position requires travel to attend and support client visits, conferences and training sessions.