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Head of Compliance

Next Insurance

Next Insurance

Palo Alto, CA, USA
Posted on Tuesday, August 8, 2023

Location: Palo Alto, CA (hybrid)

NEXT’s mission is to help entrepreneurs thrive. We’re doing that by building the only technology-led, full-stack provider of small business insurance in the industry, taking on the entire value chain and transforming the customer experience.

Simply put, wherever you find small businesses, you’ll find NEXT.

Since 2016, we’ve helped hundreds of thousands of small business customers across the United States get fast, customized and affordable coverage. We’re backed by industry leaders in insurance and tech, and we still have room to grow — that’s where you come in.

The Next Insurance Legal Department is seeking a highly experienced head of compliance, with a proven track record, and superb managerial skills to join our collaborative team. This is a key position, reporting directly to the General Counsel, leading top-notch teams and working closely with senior executives across the organization.

The Head of Compliance will play a crucial role in ensuring the company's compliance with applicable laws, regulations, and industry standards. Reporting directly to the General Counsel, the ideal candidate will have a deep understanding of the insurance industry's regulatory landscape and possess strong leadership skills. The Head of Compliance will be responsible for developing and implementing effective compliance programs, policies, and procedures, as well as providing guidance and training to the company's employees.

What You’ll Do:

  • Compliance Program Development and Implementation:
    • Develop and maintain a comprehensive compliance program that aligns with applicable laws, regulations, and industry best practices.
    • Establish and communicate compliance policies and procedures throughout the organization.
    • Conduct regular risk assessments to identify compliance gaps and implement corrective measures.
    • Implement effective compliance monitoring and testing processes to ensure ongoing compliance.

  • Corporate Compliance:
    • Maintaining and implementing OFAC and AML policies and procedures in accordance with applicable laws and regulations.
    • Evaluating and fine tuning code of conduct, employee non-disclosures and confidentiality and invention assignment agreements.

  • Regulatory Compliance:
    • Monitor changes in laws, regulations, and industry guidelines and update the compliance program accordingly.
    • Interpret and communicate the impact of regulatory requirements to relevant stakeholders within the organization.
    • Ensure compliance with all applicable laws, regulations, and licensing requirements.
    • Prepare and submit necessary regulatory filings and reports accurately and in a timely manner.
    • Collaborate with internal teams to address compliance issues and implement remedial actions.
    • Manage / lead market conduct exams and other regulatory investigations in conjunction with Legal and other areas of the business.
    • DOI Complaints

  • Policy Development and Training:
    • Develop and update compliance policies and procedures to reflect changes in regulations and business practices.
    • Establish and implement training programs to educate employees on compliance requirements.
    • Respond to compliance-related inquiries and provide guidance to employees on compliance matters.
    • Regularly assess the effectiveness of compliance training and make improvements as needed.

  • Compliance Monitoring and Reporting:
    • Develop and implement monitoring and auditing procedures to ensure ongoing compliance.
    • Conduct regular compliance assessments and internal audits to identify potential risks and areas for improvement.
    • Prepare reports on compliance activities, including identified issues, remediation efforts, and compliance metrics.
    • Provide regular updates to senior management and the General Counsel on the status of compliance initiatives.
    • Collaborate with internal and external auditors to facilitate compliance audits and reviews.

What We Need:

  • Bachelor's degree in law, business administration, or a related field. 10+ years of experience in compliance roles within the insurance industry.
  • Deep knowledge of insurance regulations, including but not limited to those issued by regulatory bodies such as NAIC and state insurance departments.
  • Strong understanding of compliance frameworks, principles, and best practices.
  • Experience in developing and implementing compliance programs, policies, and procedures.
  • Excellent knowledge of federal and state laws and regulations applicable to insurance operations.
  • Proven ability to interpret and apply regulatory requirements to business practices effectively.
  • Strong leadership and management skills, with the ability to lead a team and collaborate with stakeholders.
  • Excellent communication and presentation skills, with the ability to communicate complex compliance matters clearly and effectively.
  • Detail-oriented with strong analytical and problem-solving abilities.
  • Ability to handle sensitive and confidential information with utmost discretion.

Unstoppable Qualities:

  • Professional certifications in compliance or insurance-related fields a plus (e.g., CRCM, CPCU)

The range displayed on this job posting reflects the minimum and maximum target for new hire salaries for the position in the location(s) listed. Within the range, individual pay is determined by additional factors, including, without limitation, job-related skills, experience, and relevant education or training. NEXT employees are eligible to participate in our equity incentive program and will also receive our benefits package, consisting of our partially subsidized medical plan, fully subsidized vision/dental options, life insurance, disability insurance, 401(k), flexible paid time off, parental leave and more.

US annual base salary range for this full-time position:
$164,000$250,000 USD

Don’t meet every single requirement? Studies have shown that some underrepresented people are less likely to apply to jobs unless they meet every single qualification. At NEXT, we are dedicated to building a diverse, inclusive and respectful workplace, so if you’re excited about this role but your past experience doesn’t align perfectly with every qualification in the job description, we encourage you to apply anyways. You may be just the right candidate for this or other roles.

One of our core values is 'Play as a Team'; this means making sure everyone has an equal chance to participate and make a difference. We win by playing together. Next Insurance is an equal opportunity employer and prioritizes building a diverse and inclusive workplace. We provide equal employment opportunities to all employees and applicants of any type and do not discriminate based on race, color, religion, national origin, gender, age, sexual orientation, physical or mental disability, genetic information or characteristic, gender identity and expression, veteran status, or other non-job-related characteristics or other prohibited grounds specified in applicable federal, state, and local laws. Next's policy is to comply with all applicable laws related to nondiscrimination and equal opportunity and will not tolerate discrimination or harassment based on any of these characteristics. This policy applies to all terms and conditions of employment, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation, and training.