New York Life Insurance is a purpose-driven company that offers a range of career opportunities across the United States. The company prides itself on supporting its employees and fostering an inclusive and friendly work environment. With a comprehensive system of support, including benefits, training programs, and other resources, New York Life Insurance is committed to helping its employees succeed and grow. While the company mentions being an equal opportunity employer, it is unclear whether they hire felons. The Federal Crime Bill of 1994 prohibits insurance companies from hiring individuals with felony convictions involving dishonesty or breach of trust. However, a waiver may be obtained with the written consent of an insurance regulatory official.
Characteristics | Values |
---|---|
Hiring policy for felons | Not stated explicitly, but New York Life Insurance is an Equal Opportunity Employer |
Federal Crime Bill of 1994 | Prohibits insurance companies from hiring individuals with felony convictions |
Waiver | Can be obtained by written consent of the Superintendent, as regulator of the insurance company that wishes to employ the individual |
Company values | Diversity, responsibility, and service |
What You'll Learn
New York Life Insurance's stance on hiring people with felony convictions
New York Life Insurance is an equal-opportunity employer. The company prides itself on fostering a welcoming and collaborative environment where everyone can grow their careers. They have been recognised and awarded for their diversity and inclusion efforts and for being a great place to work.
The company's website states that they offer careers across a range of disciplines, and they take flexibility to heart through onsite, hybrid, and remote positions. They also have award-winning learning and development programs, an inclusive workplace culture, and a long history of strength and stability.
While there is no explicit mention of hiring people with felony convictions, the company's commitment to diversity and equal opportunities suggests that they may consider applications from individuals with felony convictions on a case-by-case basis.
In the United States, the Federal Crime Bill of 1994 prohibits insurance companies from hiring individuals with felony convictions involving dishonesty or a breach of trust. However, the law also states that such individuals may engage in the business of insurance with the written consent of any insurance regulatory official authorised to regulate the insurer. This means that while there is a legal restriction on hiring individuals with certain felony convictions in the insurance industry, it is not an absolute bar to employment.
In conclusion, while New York Life Insurance does not explicitly state their stance on hiring people with felony convictions, their commitment to diversity and equal opportunities suggests that they may consider applications on a case-by-case basis, provided that any legal requirements are met.
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Federal Crime Bill's prohibition on insurance companies hiring felons
The Violent Crime Control and Law Enforcement Act of 1994, also known as the Federal Crime Bill, prohibits insurance companies from hiring individuals with felony convictions involving dishonesty or breach of trust. This law is codified under 18 U.S.C.A. §1033(e), which states that any individual convicted of such a felony is prohibited from engaging in the "business of insurance" and that a violation of this prohibition is punishable by fine, imprisonment, or both.
The "business of insurance" is defined in the statute as "the writing of insurance or the reinsuring of risks by an insurer", but the law also applies to "all acts necessary or incidental to such writing or reinsuring" and includes the activities of officers, directors, agents, or employees of insurers, as well as other persons authorized to act on behalf of such persons. This broad definition means that the law applies not just to insurers but also to peripheral companies that provide ancillary services to the insurance industry.
However, it is important to note that the Federal Crime Bill does allow for a "waiver" in certain circumstances. An individual seeking to work in the insurance industry who has a felony conviction may apply to the Superintendent of Insurance, or the Commissioner of Insurance in some states, for a waiver. The individual must submit an application with all relevant details, including information about the conviction, the name of the licensed insurer that wishes to employ them, and the specific duties of the position offered. The fact that the individual has received a Certificate of Relief from Disabilities will be considered in ruling on the waiver request but will not result in the automatic granting of the waiver. The ultimate decision to grant or deny the waiver lies with the Superintendent or Commissioner of Insurance.
The issue of insurance companies hiring individuals with felony convictions has been a topic of discussion and controversy. Some sources argue that insurance companies play a role in shaping employer policies on hiring people with criminal records and that their policies can undermine fair hiring efforts. There are also cases where individuals with felony convictions from several years prior have faced challenges in finding employment due to the presence of these records. On the other hand, some insurance companies grant waivers for long-ago or low-level offenses, and some employers actively pursue fair employment policies and hire individuals with criminal records.
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Waivers for felons to work in insurance
The Violent Crime Control and Law Enforcement Act of 1994, also known as the Federal Crime Bill, prohibits individuals with felony convictions from engaging in the business of insurance. This includes any prospective officer, director, employee, or agent of an insurer, as well as applicants for positions requiring licensing. However, it is possible for felons to obtain a waiver, known as a 1033 waiver, that allows them to work in the insurance industry.
To obtain a 1033 waiver, an individual must submit an application to the Superintendent of Insurance. This application must include all relevant details related to the felony conviction, the specific duties of the position being offered, and the name of the licensed insurer seeking to employ the individual. It is important to note that a specific offer of employment from a licensed insurer is necessary for the waiver application. The Superintendent will then conduct an investigation and determine the individual's fitness for the position.
In evaluating the waiver application, the Department of Financial Services will consider the trustworthiness and competence of the applicant, taking into account the specific circumstances of the crime committed. The Certificate of Relief from Disabilities will also be considered, but it does not guarantee the granting of the waiver. If the waiver is denied, the applicant has the right to request an administrative hearing and seek judicial relief if necessary.
It is worth mentioning that the 1033 waiver is not required for all positions in the insurance industry. For example, an attorney employed by an unaffiliated law firm retained by an insurer may not need this waiver. Additionally, if the individual is seeking a waiver for a position that requires a license from the Department, they may not need an offer of employment beforehand.
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New York Life Insurance's job opportunities
New York Life Insurance offers a wide range of job opportunities across various fields. The company believes in supporting its employees and providing them with opportunities for personal and professional growth. They offer comprehensive benefits, training programs, and other valuable resources to help employees succeed and flourish.
For those seeking corporate careers, New York Life offers positions in finance, technology, marketing, and other fields. They value diversity and inclusion and have been recognised as one of America's Best Employers for Diversity. The company provides a supportive and collaborative environment, empowering employees with tools and resources to thrive.
New York Life also offers career paths for financial professionals, including providing insurance-based protection products and retirement solutions to families and businesses. Financial professionals at New York Life can pursue paths to become licensed financial advisors or field managers, offering opportunities for advancement and mentorship.
The company further extends internship opportunities, providing students with valuable, real-world experience and mentorship as they embark on their career journeys.
With a commitment to flexibility, New York Life accommodates onsite, hybrid, and remote positions. Their award-winning learning and development programs, coupled with a history of stability, ensure employees are supported at every turn.
New York Life is dedicated to making a difference and contributing to the community. This includes initiatives such as impact investing and extensive charitable programs.
Overall, New York Life Insurance presents a diverse range of job opportunities, backed by a supportive company culture that fosters growth and gives back to the community.
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Diversity and inclusion at New York Life Insurance
New York Life Insurance is committed to fostering a diverse and inclusive workplace that reflects the communities it serves. The company's dedication to diversity and inclusion is evident through its steadfast initiatives, extensive charitable programs, and impact investing strategies. With a workforce comprising more than one-half female and one-third people of color, New York Life Insurance embraces diversity as a strength.
The company has been recognized and awarded for its diversity and inclusion efforts, consistently earning a reputation as a great place to work. Their inclusive workplace culture is further enhanced by comprehensive support systems, including robust benefits, training programs, and valuable resources that empower employees to succeed. New York Life Insurance understands the importance of a welcoming and collaborative environment, fostering a space where everyone can grow and thrive in their careers.
The company's commitment to diversity and inclusion aligns with its core values of responsibility and service. With a long history of financial strength and stability, New York Life Insurance combines its award-winning learning and development programs with a flexible work environment, offering onsite, hybrid, and remote positions to meet the diverse needs of its employees.
New York Life Insurance's dedication to diversity and inclusion is also reflected in its business practices. As the largest mutual insurer in the U.S., the company operates with a commitment to its policy owners, distributing $2.2 billion in dividends in 2023 alone. Additionally, their impact investment strategy, with a $1 billion initiative, addresses the racial wealth gap and expands economic opportunities.
New York Life Insurance's holistic approach to diversity and inclusion, encompassing both their workforce and business practices, solidifies their position as a leader in promoting equality and fostering an inclusive environment. Their efforts extend beyond the workplace, positively impacting the communities they serve and reinforcing their commitment to making a meaningful difference.
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