Paul has answered your question. In addition, the name of your style is one that I would apply to a character style, not a paragraph style. Normally, I name paragraph styles by function rather than by attributes.

I would urge against using the "update styles from template option." See What happens when I send my document to someone else? Will Word mess up my formatting?

You could record a macro stored in your normal.dotm template that uses the organizer to import your style(s) from the normal.dotm template to the current document. Attach that to a keyboard shortcut or a QAT shortcut. You could then use that macro whenever you wanted to import the stye(s).

See also: Understanding Styles in Microsoft Word