Insurance Officer

City National Bank • Los Angeles, CA

93d • $24 - $36

About The Position

Oversee that Bank policies and procedures are followed as it pertains to Insurance tracking and regulatory monitoring by ensuring compliance with industry and government rules and regulations on insurance most notably Flood insurance. Ensure that related systems associated with Insurance tracking system are adequate, efficiently functional, and coordinate efforts with other systems business units to identify and resolve processing issues. This position may also be depended upon to provide assistance to all areas of the escrow servicing functions on an as needed basis. This position calls for high level interaction with Bank management as well as vendors and insurance company agents.

Requirements

• Minimum 5 years experience working in insurance and/or Banking environment with emphasis on commercial loans required.
• Minimum 5 years analyzing insurance policies, loan documents and credit approval memos to ensure regulatory requirements.
• Minimum 4 years experience using Microsoft Office Suite.

Nice To Haves

• Ability to read, understand and analyze insurance policies, loan documents and credit approval memo to ensure compliance with the Bank’s requirements.
• Knowledge of insurance industry terminology required.
• Working knowledge of Microsoft Word/Excel would be required.
• Ability to interact in an effective and professional manner with internal and external contacts.
• Excellent verbal/written communication skills required.
• Good math skills are a must.
• Proficient personal computer skills required.

Responsibilities

• Ensure that the unit is complying with all aspects of insurance tracking and monitoring; this includes follow-up, maintenance, exception processing and compliance with regulations and procedures.
• Review, interpret, and approve different types of insurance policies, provide approval and determine specific insurance requirements for insurable collateral for all loan types.
• Provide guidance and direction to lenders and documentation personnel to cure insurance deficiencies.
• Emphasize and execute procedures for force placement of insurance and manage relationships with Bank contracted vendors for this purpose.
• Ensure that all Bank managed Escrow accounts for insurance purposes are monitored for timely payment of insurance premiums.
• Disburse Insurance for Flood, Hazard, and any other peril that is impounded.
• Responsible for the payment of all property taxes for impounded loans in all the various states and counties, before the due date to avoid penalties and loss of property.
• Prepare the annual escrow analysis statements on all impounded loans, ensuring all statements are issued timely and accurate in strict adherence to RESPA regulations.
• Identify and evaluate Insurance Tracking System issues and work with Information Services to see issues through to resolution.
• Interface with Internal Audit, Compliance and external regulatory agencies such as the OCC and FEMA.
• Establish and maintain strong data integrity within CNB and vendor tracking systems.
• Consult with Legal Dept. and/or Credit Administration to validate, clarify and execute policies and procedures.
• Maintain a proactive committed approach to such programs as Customer First, Community Reinvestment Act (CRA) and Equal Employment Opportunity.
• Manage special projects independently.

Benefits

• Comprehensive healthcare coverage, including Medical, Dental and Vision plans, available the first of the month following start date.
• Generous 401(k) company matching contribution.
• Career Development through Tuition Reimbursement and other internal upskilling and training resources.
• Valued Time Away benefits including vacation, sick and volunteer time.
• Specialized health and family planning benefits including fertility benefits, and cancer, diabetes and musculoskeletal support programs.
• Career Mobility support from a dedicated recruitment team.
• Colleague Resource Groups to support networking and community engagement.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees