What are the responsibilities and job description for the Suitability & Compliance Specialist position at Ability Insurance Company?
Ability Insurance Company is seeking an experienced Suitability & Compliance Specialist to oversee and manage regulatory compliance, annuity suitability reviews, and producer oversight. This role is critical in ensuring that all annuity sales and distribution activities comply with state and federal regulations, including NAIC Model Regulation 275, SEC standards (where applicable), and company policies.
The ideal candidate will bring strong regulatory expertise, sound judgment, and hands-on experience in annuity suitability, compliance monitoring, and risk mitigation within the life and annuity insurance sector.
Key Responsibilities
Suitability Oversight
- Review and approve annuity applications for suitability in accordance with NAIC Model Regulation, state insurance laws, and internal guidelines
- Evaluate client financial profiles, objectives, risk tolerance, and replacement transactions
- Identify and escalate unsuitable sales, red flags, or patterns of concern
Compliance Management
- Develop, implement, and maintain compliance policies and procedures related to annuity sales and distribution
- Monitor adherence to state insurance regulations, DOI bulletins, and internal compliance standards
- Serve as a subject-matter expert on annuity suitability and regulatory requirements
Producer & Distribution Oversight
- Conduct compliance reviews of producers, agencies, and distribution partners
- Support licensing, appointment, and ongoing compliance requirements
- Provide guidance, training, and corrective action plans where necessary
Regulatory & Audit Support
- Prepare for and respond to regulatory examinations, audits, and inquiries
- Coordinate responses to Departments of Insurance and other regulators
- Maintain accurate documentation and compliance records
Risk & Issue Management
- Investigate complaints, suitability concerns, and compliance breaches
- Recommend and implement remediation and corrective actions
- Report material compliance risks to senior management
Collaboration & Reporting
- Work closely with our TPA, Executive Management, and Sales teams
- Prepare compliance reports, metrics, and trend analyses for leadership
- Contribute to continuous improvement of compliance frameworks
Required Qualifications
- Minimum 7 years of experience in compliance, suitability, or regulatory oversight within the life and annuity insurance industry
- Strong working knowledge of:
- Fixed, indexed, and/or variable annuities
- NAIC Suitability in Annuity Transactions Model Regulation
- State insurance regulations and DOI expectations
- Experience reviewing annuity applications and replacements
- Proven ability to interpret and apply regulatory requirements
- Excellent analytical, documentation, and decision-making skills
- Strong written and verbal communication skills
Preferred Qualifications
- Bachelor’s degree in Business, Finance, Insurance, Legal Studies, or related field
- Professional compliance certifications (e.g., AIRC, LOMA, CRCM, or similar)
- Experience supporting regulatory exams and market conduct audits
- Familiarity with annuity administration systems and suitability tools
Key Competencies
- Regulatory judgment and attention to detail
- Ethical decision-making and independence
- Ability to manage competing priorities and deadlines
- Collaborative mindset with strong stakeholder engagement
- High level of professionalism and confidentiality