Product Development & Compliance Specialist (Commercial Lines)
Full Time
Township of Warren, NJ 07059
Posted
Job description
Company Overview:
Mitsui Sumitomo Marine Management U.S.A., Inc. is one of the world’s top ten property/casualty insurance carriers with over 40,000 employees worldwide.
Position Overview:
The Product Development & Compliance Specialist is responsible for the preparation, creation and maintenance of Property and Casualty products for filing and/or dispersal to the field as assigned, including obtaining legal approval; maintenance or creation of underwriting guidelines and memorandum providing direction to the field; and, assisting and participating in field technical and compliance training. This position will also oversee maintenance of assigned Lines of Business, including crafting company guidelines relating to those lines of business.
Essential Duties and Responsibilities include the following. Other duties may be assigned.
- Work with department members to draft and edit policy forms, obtain approval from legal, and submit to state insurance departments, with necessary support, via state filings unit (Martin & Company).
- Ability to begin, develop and implement a form, rule or rate filing (single state filing or a multistate product filing) with minimal management intervention.
- Review, analyze and evaluate ISO, AAIS, NCCI and other rate and form bureaus and suppliers program and rate and rule revisions. Assist in the planning/decision process, and assist in the development of various disclosures and/or company responses necessary for State Compliance and implementation of revised products.
- Update and review/revise underwriting documents and related information on the company’s website (Source), including underwriting guidelines for rating, forms, procedural and authority issues, as well as other instructional/directional material, as assigned.
- Act as a home office underwriting resource for field offices with respect to rate and rule issues (how our products work/apply). Assist in researching and documenting legal and other company issues that impact the Underwriting area (regulatory, compliance and internal guideline related).
- Coordinate internal or external training programs to train and develop underwriting and operations staff, agency/broker staff, and communicate expectations to ensure appropriate compliance with underwriting guidelines or other company directives. Coordinate special National Underwriting Department projects with others both within and outside the department.
- Monitor and prioritize regulatory and compliance workload according to product development department guidelines. Assist in the development of detailed project planning documents, with clear target completion dates. Effectively Coordinate projects to ensure target completion dates are met.
- Review regulatory publications to keep apprised of new regulatory developments, and evaluate, respond to and implement as required in conjunction with management direction.
- Participate in underwriting audit process when needed
Education and/or Experience
- Bachelor's degree is preferred.
- 3+ years underwriting experience in a multi-line admitted standard lines environment is preferred.
- 3+ years’ product development experience is required.
The Company is an Equal Opportunity / Affirmative Action employer, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, or protected veteran status.
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