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ACOM TITLE INSURANCE COMPLIANCE OFFICER
The Title Insurance Compliance Officer is responsible for planning, directing, and managing the operations of the Title Insurance Division of the Arkansas Insurance Department. This position is governed by state and federal laws and agency/institution policy.
Class Code:
X076C
Job Grade:
GS07
Special Job Requirements:
GRANT TITLE: INSURANCE COMPLIANCE OFFICER
Job Description – Assists in answering questions posed by issuers and internal AID staff in the Rate Review, Life and Health, Finance, Consumer Assistance, Market Conduct and Legal Divisions related to the new
Typical Functions:
Reviews legal contracts and endorsements of insurance for compliance with the Arkansas Insurance Code for paper and electronic filings through the System for Electronic Rate and Form Filings. Analyzes rate and loss cost submissions affecting insurance premiums in compliance with the Arkansas Insurance Code for paper and electronic filings through the System for Electronic Rate and Form Filings. Assists with producing surveys and maintaining survey results in response to legislation to analyze market conditions and provide policyholders and potential applicants with insurance information that allows for knowledgeable decisions in purchasing insurance. Corresponds with insurers using inquisitive, analytical, and legal interpretations to bring amendments, legal contracts, and underwriting guidelines/rules into compliance with the law. Conducts and attends seminars and training sessions relevant to lines of insurance involved, to remain abreast of industry trends and share knowledge. Participates in product studies and conference calls on a national basis through the National Association of Insurance Commissioners and other organizations. Prepares reports for the Insurance Commissioner. Performs other duties as assigned.
Knowledge, Abilities, and Skills:
Knowledge of the insurance code, rules, directives, orders, and bulletins. Knowledge of mortgage laws pertaining to insurance. Knowledge of internal computer software and systems upgrades including Access, Word, and Excel. Knowledge of external databases maintained by National Association of Insurance Commissioners containing information on company financial status, market share, and licensing status used to analyze legal contracts and rating plans. Ability to communicate in oral and written form. Ability to do legal research, review and negotiate legal contracts, and process filings electronically and within time constraints of the law. Ability to provide reports and assist in drafting bulletins that explain legal interpretations related to statutes and new legislation.
Minimum Qualifications:
The formal education equivalent of a bachelor’s degree in business administration, accounting, finance, or a related field; plus five years of work experience in the insurance industry. Must have National Association of Insurance Commissioners certification. Additional requirements determined by the agency for recruiting purposes require review and approval by the Office of Personnel Management. OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.
Required Certificates:
None
Exempt:
E
