Director, Annuity Suitability & Compliance

Career Opportunity

Role Title

Director, Annuity Suitability & Compliance

Purpose of role

This role will support the launch and operation of a U.S. suitability and compliance function for a new fixed annuity program launching in 49 states (excluding NY), including supporting its design, structure, workflow, execution and reporting. Reporting into the Chief Compliance Officer, this is a leadership position for a candidate with deep annuities and compliance knowledge, ideally in fixed/indexed annuities. The role will involve leading a small suitability team and supporting the broader annuity-related compliance functions performed by the Compliance team.
This is a hybrid or remote position. If hybrid, the successful candidate will be expected to work from Foresters Head Office in Toronto three days per week. If remote, the successful candidate will be expected to travel to Foresters Head Office at least once per quarter and additionally as required.

Job Description

Key Responsibilities

• Support the launch and operation of a suitability and compliance function for a new fixed/indexed annuity program launching in 49 states (excluding NY), including supporting the suitability program’s design, structure, workflow, execution and reporting
• Lead a small but dynamic team charged with making suitability decisions in accordance with the NAIC Suitability in Annuity Transactions Model Regulation and other federal laws and regulations, and organizational standards and guidelines
• Ensure adherence to internal policies and procedures as well as state and federal regulatory requirements pertaining to annuity suitability review process
• Manage workflows to ensure suitability reviews are completed in a timely manner in accordance with organizational standards
• Respond to internal or external inquiries in respect of the suitability program
• Assist as needed with third party suitability oversight program
• Support the ongoing maturing of a regulatory compliance program to ensure adherence to new state and federal regulatory requirements pertaining to fixed/indexed annuities
• Provide input to Foresters annuity distribution market conduct program
• Act as Foresters representative on industry groups to ensure Foresters suitability program stays up to date and aware of issues impacting the fixed/indexed annuity industry

Key Qualifications

• Deep experience of U.S. annuities and compliance, ideally relating to fixed/indexed annuities in an independent distribution environment
• Comprehensive knowledge of fixed/indexed annuity products, independent and broker-dealer channels pertaining to suitability and other annuity processing related items
• As a fraternal benefit society committed to its members, this role requires a practical problem solver comfortable with combining the organization’s commitment to compliance with its passion to better serve its members, customers, and distribution partners
• Comfortable ensuring suitability reviews are completed in accordance with service level expectations of customers and distribution, but also strong judgment in identifying reviews appropriate for escalation
• Experience in dealing directly with customers and distribution, where required, to resolve escalated suitability reviews
• A skilled coach who can support team member development on both the technical and commercial aspects of the suitability analyst role
• Broad understanding of annuity new business platforms (e.g. Firelight) and processing requirements including but not limited to, state replacement requirements, and certain state required filings
• 10+ years of annuity and compliance experience, ideally including leadership in a suitability-related role at an insurance company
• Excellent collaboration and communications skills (oral, written, presentation), ability to build relationships, engage and influence others.  Must be comfortable communicating with individuals at all levels of the organization, including senior management
• A proven track record of professional ethical behavior and acting with integrity
• Strong leadership skills, including the ability to manage and develop a small team
• Undergraduate degree. Law degree is an asset

#LI-Remote

Salary Range:

$121,700.00 - $225,900.00

 

The actual base salary for this position will depend on several factors, including job-related skills, experience, and education. In addition to base pay, eligible employees may participate in a discretionary variable incentive plan, results are subject to both individual and company performance.

Please note that this posting is intended to fill an existing vacancy; however, there may be instances where more than one vacancy is available for the same role.

Equal Opportunity Employment and Inclusion – at Foresters Financial, we are committed to sustaining an equal opportunity environment for all job applicants. We embrace Inclusion, Diversity and Equity (IDE) as a core strategic objective for building strong, innovative teams in which all our employees can show up wholly and authentically as themselves.

Foresters Financial strives to provide an accessible candidate experience for prospective employees with different abilities. If you anticipate needing any type of accommodations during the recruitment process, please email [email protected] in advance of your appointment.

Thank you for choosing Foresters. Only those candidates who will be selected for further consideration will be contacted by our Talent Acquisition Team.