Vice President, Regulatory Compliance

GUARANTEE TRUST LIFE INSURANCE GROUP•Glenview, IL

1d•Onsite

About The Position

Guarantee Trust Life Insurance Company (GTL), an A-rated (A.M. Best) life and supplemental health insurance company with a proven track record of success in Final Expense life insurance, hospital indemnity and short-term care products is seeking a seasoned Vice President of Regulatory Compliance. The Vice President of Regulatory Compliance reports to the Vice President of Enterprise Risk & Compliance and manages a team of 11 employees. This is a pivotal business partner role that requires a full-time onsite presence. The role does require occasional business travel. As part of GTL leadership, this role is responsible for ensuring that all insurance products, operational practices and protocols, and regulatory filings are in full compliance with state and federal statutes and regulations which govern the products we market, the consumers we serve, and the industry to which we belong. Key Responsibilities The ideal candidate is a person with an established leadership background in managing a team of compliance professionals for a life and/or health insurance company. GTL’s Compliance team has staff located in both its Illinois and Nebraska offices. As team members serve in complex and diverse roles, a strong candidate will bring hands-on experience with: Product development (whole and term life and supplemental health insurance) and state filing, which include the drafting of forms, filing with the state Departments of Insurance or Interstate Compact, overcoming regulatory objections, and obtaining timely approval for speed to market; The requirements of advertising life and supplemental health products to consumers, including content on digital and social media platforms; Analysis of newly enacted legislation or adopted regulations and its impact on applicable insurance products, or insurance industry operations and communicating these in a concise format to company leadership; Oversight of the handling of escalated consumer complaints received from regulatory agencies and consumer advocacy organizations; Familiarity with periodic state reporting, as well as supporting regulatory examinations and audits; The ability to provide solid guidance around potential compliance and regulatory risks; and Drafting, reviewing, and updating internal policies and procedures to ensure they align with the latest laws, regulations, and industry standards; Identifying, assessing, and mitigating compliance risks across the organization and developing a risk-based compliance monitoring program; Maintaining a comprehensive, up-to-date compliance library, which acts as a centralized repository for legal and regulatory data; Establishing close partnerships with GTL’s Executive Committee, Sales, Legal, Actuarial, and other functional departments with communication skills that can influence, advise, and help align compliance with GTL’s key initiatives and objectives.

Requirements

10+ years of leadership experience in insurance compliance within a supplemental health and/or life insurance environment.
Bachelor’s degree.
Proficiency in form development and product drafting.
Proven track record of filing products, overcoming regulatory objections, and obtaining timely approval for speed to market.
Extensive experience with state and federal insurance statutes, regulations, and regulatory processes with an exceptional ability to interpret and apply complex laws and regulations.
Demonstrated experience building and maintaining strong, reliable relationships with insurance regulators, industry trade organizations, and industry peers.
Executive level communication and problem-solving skills with the ability to influence, advise, and partner across all levels of the organization to help guide the company through its business challenges and assist in developing practical solutions.

Nice To Haves

JD or advanced degree in legal studies, compliance, or a related field.
Experience with state and federal Privacy laws.
Experience with regulatory exams and market conduct reviews.
Professional industry designations (e.g., FLMI, AIRC).

Responsibilities

Product development (whole and term life and supplemental health insurance) and state filing, which include the drafting of forms, filing with the state Departments of Insurance or Interstate Compact, overcoming regulatory objections, and obtaining timely approval for speed to market
The requirements of advertising life and supplemental health products to consumers, including content on digital and social media platforms
Analysis of newly enacted legislation or adopted regulations and its impact on applicable insurance products, or insurance industry operations and communicating these in a concise format to company leadership
Oversight of the handling of escalated consumer complaints received from regulatory agencies and consumer advocacy organizations
Familiarity with periodic state reporting, as well as supporting regulatory examinations and audits
The ability to provide solid guidance around potential compliance and regulatory risks
Drafting, reviewing, and updating internal policies and procedures to ensure they align with the latest laws, regulations, and industry standards
Identifying, assessing, and mitigating compliance risks across the organization and developing a risk-based compliance monitoring program
Maintaining a comprehensive, up-to-date compliance library, which acts as a centralized repository for legal and regulatory data
Establishing close partnerships with GTL’s Executive Committee, Sales, Legal, Actuarial, and other functional departments with communication skills that can influence, advise, and help align compliance with GTL’s key initiatives and objectives

Benefits

Medical
Health Savings Account (including employer contribution)
Dental
Vision
Basic Life Insurance (full premium paid by employer)
Voluntary Employee, Spouse and Child Life Insurance
Short-Term and Long-Term Disability
Paid Holidays
Paid time off including vacation, personal days, and sick time
The amount of time off varies based on tenure and hours worked
401(k) and Profit-Sharing retirement plan
The company matches contributions up to 2% provided the employee contributes a minimum of 3%
The company may make a discretionary contribution to the Profit-Sharing plan