Head of Broker Compliance
Job Title:
Head of US Broker Compliance
Job Responsibilities:
As the Head of Broker Compliance, the individual will play a crucial role in ensuring that the company's operations adhere to the highest standards of regulatory and governance requirements. The primary responsibilities include:
- **Broker Compliance Program Development & Oversight:**
- Design, implement, and continuously improve the broker compliance program to align with federal, state, and international regulatory requirements.
- Develop policies and procedures to monitor broker activities, ensuring compliance with licensing, appointment, and registration obligations.
- Establish and maintain broker compliance policies related to anti-money laundering (AML), trade sanctions, conflicts of interest, fair market conduct, and financial crime prevention.
- Conduct ongoing compliance risk assessments to identify potential exposure areas in broker relationships and implement mitigating controls.
- **Regulatory & Licensing Compliance:**
- Ensure that all appointed brokers maintain active and compliant licenses in relevant jurisdictions, including . state insurance departments (NAIC, DOI), Lloyd’s, and international regulatory bodies.
- Oversee compliance with admitted and non-admitted insurance regulations, including export lists, surplus lines requirements, and statutory reporting.
- Monitor changes in federal and state laws, NAIC model regulations, and international compliance standards that impact broker operations.
- Serve as the primary liaison with state regulators, the NAIC, and other regulatory bodies on broker compliance matters.
- Ensure compliance with broker compensation disclosure requirements, commission structures, and regulatory filings.
- **Broker Due Diligence & Onboarding:**
- Develop and maintain a comprehensive broker due diligence framework, ensuring all new brokers undergo a thorough vetting process.
- Conduct enhanced due diligence (EDD) on high-risk brokers, including background checks, financial stability reviews, and reputational risk assessments.
- Oversee the contractual and legal review of broker agreements, ensuring that they incorporate required compliance clauses.
- Maintain a centralized broker compliance database with documentation on licensing, financials, legal agreements, and regulatory history.
- **Audit & Monitoring:**
- Lead and execute broker compliance audits, including on-site and remote audits of broker operations, books of business, and adherence to company policies.
- Implement a real-time monitoring framework to track broker performance, complaints, market conduct violations, and regulatory infractions.
- Develop and enforce corrective action plans (CAPs) for brokers with compliance deficiencies, ensuring timely resolution.
- Work closely with internal audit, risk, and legal teams to enhance oversight mechanisms for broker relationships.
- Develop and maintain department vendors, negotiate contracts and research vendors as necessary.
- **Training & Compliance Culture:**
- Design and deliver broker compliance training programs for internal stakeholders and external brokers, covering regulatory updates, ethics, AML, data privacy, and market conduct best practices.
- Promote a strong compliance culture by integrating broker compliance requirements into the company’s broader governance framework.
- Provide compliance guidance to underwriting, distribution, and finance teams to ensure broker-related activities align with regulatory expectations.
- **Data Protection & Regulatory Reporting:**
- Ensure brokers comply with data privacy laws (., CCPA, GDPR) and cybersecurity standards when handling sensitive policyholder information.
- Oversee regulatory reporting requirements, including broker licensing renewals, surplus lines tax filings, statutory disclosures and regulatory data certifications.
- Develop and manage compliance dashboards and reporting tools to provide senior leadership with key compliance metrics and trends.
Education and Experience Information:
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- Minimum of 10 - 15 years of experience in insurance compliance, regulatory affairs, or broker management within a specialty insurance and re-insurance environment.
- Extensive knowledge of . insurance regulations, surplus lines laws, intermediary governance, and state/federal compliance frameworks.
- Direct experience engaging with regulatory bodies such as DOIs, NAIC, FINRA, OFAC, and international counterparts.
- Strong background in compliance audits, regulatory filings, broker due diligence, and contract negotiation.
- Experience with Lloyd’s broker standards and international insurance compliance regulations is highly desirable.
- Membership and involvement in the Securities & Insurance Licensing Association (SILA) or similar industry associations preferred.
Critical competencies required include:
- Deep regulatory knowledge of broker compliance laws, intermediary relationships, and insurance distribution models.
- Exceptional analytical skills with the ability to identify compliance risks and develop strategic solutions.
- Strong leadership and communication skills to influence internal stakeholders and external brokers.
- Experience managing regulatory audits, investigations, and enforcement actions.
- Proficiency in compliance technology and data analytics tools for monitoring broker activities and reporting compliance risks.
- Ability to work in a fast-paced, highly regulated environment with a strong sense of ethical responsibility.
Role Factors:
- Embrace the hybrid culture offered at the company, requiring in-office presence 3 days per week.
- Much of the work involves using computers for data entry, analysis, and communication, necessitating comfort with prolonged screen time.
- While much of the work may be desk-bound, there might be occasions requiring mobility within the office environment, such as attending meetings.
Salary Information:
The text does not provide specific salary information for this role.
