Insurance & Compliance Specialist

Nicola Wealth Management Ltd.; Toronto; On-site; CAD 85,000 - 105,000; Full time

Job summary

An established industry player is seeking an Insurance & Compliance Specialist to enhance its compliance program. This role involves ensuring adherence to insurance regulations, managing risk assessment, and maintaining compliance policies. The successful candidate will collaborate with various teams to ensure effective communication and compliance with industry standards. This is an exciting opportunity to contribute to a firm recognized as one of Canada’s Top Employers, where your expertise will help shape the future of insurance compliance in a supportive and dynamic environment. If you are passionate about compliance and want to make a significant impact, we encourage you to apply.

Benefits

Performance Bonus

RRSP Contribution

Profit-Sharing Program

Share Ownership Program

Qualifications

• 3-5 years of experience in the life insurance industry, preferably in compliance.
• Strong knowledge of Canadian insurance regulatory environment and framework.

Responsibilities

• Implement and maintain the insurance compliance program.
• Coordinate risk assessment and ensure adherence to regulatory requirements.
• Document policies for screening and monitoring of insurance advisors.

Skills

Regulatory Compliance

Risk Management

Insurance Industry Knowledge

Communication Skills

Analytical Skills

Education

Life License Qualification Program (LLQP)

Experience in Compliance

Tools

Microsoft Office

Insurance Compliance Software

Job description

We have a lot to be proud of at Nicola Wealth. Our sophisticated financial planning, our diversified private investment funds and their exceptional performance, our 99% client retention rate and our award-winning culture, combine to position us as a national leader in wealth management. Recognized as a Best Managed Company and one of Canada’s Top Employers, we are dedicated to upholding our firm’s values through this phase of significant growth.

By bringing together smart, dedicated and supportive colleagues from diverse backgrounds, we deliver extraordinary client service in a values-driven work environment. The collaboration, creativity and entrepreneurial spirit we were founded on provides the opportunity for you to make a real impact and build a rewarding career. We are passionate about our business, our culture and investing deeply in your growth and development to build for the future. If you have this same drive, then let’s talk!

Purpose of the Role:

We’re looking for an Insurance & Compliance Specialist to join our Legal, Governance & Compliance team. Reporting to the Chief Compliance Officer, the Insurance & Compliance Specialist is responsible for the implementation, maintenance and administration of the insurance compliance program at Nicola Wealth. In addition, this position is responsible for developing and maintaining subject matter expertise in all regulatory requirements and expectations impacting our insurance business, including coordination of risk assessment, monitoring and auditing to ensure Nicola Wealth’s insurance business activities adhere to insurance regulatory requirements. The Insurance & Compliance Specialist will also be working on and maintaining the corporate insurance program and helping with general compliance related matters including registrations, licensing, risk management, portfolio compliance and special projects.

This role may be filled by someone located in Vancouver or Toronto.

Core Responsibilities:

• Ensure our MGA has adequate compliance policies and procedures in place and is operating effectively, including ensuring we are meeting industry standards/expectations with CLHIA guidelines as well as CCIR Fair Treatment of Consumers principles.
• Assist in the implementation, maintenance and administration of a robust insurance compliance program.
• Keep abreast of regulatory changes, updates in legislation, and best practices within the insurance industry. Also, provide guidance on the impact of these changes on current policies and procedures.
• Coordinate and perform risk assessment, monitoring and testing activities to ensure our insurance business activities adheres to internal policy and regulatory requirements.
• Establish clear lines of communication within the organization to promptly report any potential or actual compliance issues.
• In collaboration with the Privacy Officer and Security Team, ensure adherence to data privacy laws and regulations, ensuring client information is securely handled and stored.
• Document policies and procedures for initial and ongoing screening and monitoring of insurance advisors for suitability.
• Document policies and procedures for conducting investigations and ongoing reporting requirements.
• Build on the firm’s existing complaint handling process.
• Create audit program, schedule and conduct insurance desk audits to ensure ongoing compliance with screening requirements.
• Support in the management of regulatory inspections, audits, or inquiries.
• Create an Insurance Compliance policy and procedures manual and provide regular insurance compliance training to insurance advisors and administrative staff.
• Help the firm with strategic management of insurance compliance functions, including risk management and portfolio compliance.
• Manage day-to-day insurance compliance matters, including working on the company’s insurance compliance processes and requirements including matters of a strategic nature as well as timely reporting.
• Be responsible for the development and implementation of certain insurance related policies, procedures and internal controls.
• Work collaboratively with the Legal, Governance & Compliance Team and the Advisory Services Team on projects related to insurance compliance and operational risk.

Required Skills & Qualifications:

• Strong knowledge and understanding of Canadian insurance regulatory environment and framework, including CCIR and CLHIA Industry Guidelines (specifically Guidelines G8 and G18, related to Advisor Suitability: Screening, Monitoring and Reporting and Insurer-MGA Relationships).
• Knowledge of life insurance licensing as well as experience with Insurer-MGA relationships and regulations.
• Understanding of regulatory compliance and risk management principles as they apply to insurance environment.
• 3-5 years' experience in the life insurance industry, preferably in a compliance capacity or in investment/banking/mutual fund/insurance dealer and/or securities/insurance regulator.
• Compliance experience an asset.
• Life License Qualification Program (LLQP) and valid insurance licensing.
• Competency in Microsoft office computer software and all necessary industry related software.
• Legally entitled to work in Canada for any employer.
• Knowledge of BCSC, OSC, SEC, Canadian and US legislation and regulation an asset.
• Exposure to FATCA, CRS, CASL, AODA, FINTRAC an asset.

Compensation & Benefits Package:

This position comes with a base salary range of $85,000 - $105,000 plus a competitive performance bonus, RRSP contribution and participation in our profit-sharing program. Base salary will be commensurate with experience, skills, and qualifications.

At Nicola Wealth, our people grow our business, delight our clients, and live our values every day. Our comprehensive compensation and benefits package reflects our appreciation for this commitment. Whether it’s participating in our profit sharing and benefit programs on day one, or the opportunity to participate in our share ownership program, our people are able to go beyond a conventional salary and bonus structure. To learn more about our complete package, visit: www.nicolawealth.com/total-rewards.