Restricted Insurance Agency Licensing Analyst

Insurance Council of BC; Vancouver; Hybrid; CAD 74,000 - 82,000; Full time

Benefits offered by this job

Health and dental plan

Work-life balance

Hybrid work environment

Professional development

Equitable opportunities

Job summary

The Insurance Council of British Columbia is seeking a Licensing Analyst for the Restricted Insurance Agency (RIA) licensing program. The role focuses on reviewing and approving RIA licence applications, changes, amalgamations, and ensuring compliance with governing legislation and Council Rules.

You will prepare correspondence, provide guidance to applicants, and support licensing procedures while maintaining records and monitoring key performance indicators. Hybrid work in BC is available.

Qualifications

• Minimum 3 years' experience in regulatory or financial services, preferably in licensing and approvals.
• Post-secondary degree in a related field such as business administration, or equivalent experience.
• Insurance or financial services education and/or experience is preferred.
• Computer skills with word processing and spreadsheets.
• Experience in client service and conflict resolution.
• Strong organizational and time management skills.

Responsibilities

• Conduct reviews and analysis of RIA licence applications and licensing transactions, including new applications, licence changes, and amalgamations.
• Approve or refer licensing decisions that meet requirements; escalate concerns to the Manager.
• Review amendments to licences including changes to insurance classes, ownership, and business locations.
• Prepare and issue correspondence on outstanding requirements and licensing matters.
• Document communications in the licensing management system per recordkeeping requirements.
• Provide guidance to applicants and licensees regarding legislation, rules, and policies.
• Monitor KPIs related to timeliness, quality, and service standards.

Skills

Regulatory experience

Licensing approvals

Analytical skills

Risk assessment

Education

Post-secondary degree

Insurance/financial services education

Tools

MS Word

Excel

Job description

About the Insurance Council

The Insurance Council of British Columbia is the regulatory organization that licenses and regulates the activities of over 50,000 life and general insurance agents, general insurance salespersons, insurance adjusters, and restricted insurance agents in British Columbia.

Why Work for the Insurance Council?

Work with a great team of people in a rewarding career that makes a difference. We are in a downtown location with plenty of amenities nearby. The Insurance Council has a friendly and collaborative environment with a team who is committed to protecting the public.

• We offer a comprehensive health and dental plan
• Work-life balance
• Hybrid work environment (work from office/residence in BC)
• Professional development
• Equitable employment opportunities

The Opportunity

The Restricted Insurance Agency (‘RIA’) Licensing Analyst will assume the responsibility for the review and approval of certain matters, such as the handling of RIA licence applications, purchases/amalgamations, and the initial review of non-standard RIA licence applications, purchases/amalgamations, or those which involve suitability concerns.

Duties and Responsibilities

• Conduct reviews and analysis of RIA licence applications and licensing transactions, including new applications, licence cancellations, legal name and trade name changes, amalgamations, acquisitions, and other licensing matters, in accordance with governing legislation, Council Rules, policies, and departmental procedures.
• Approve RIA licence applications and licensing changes that meet established requirements. Refer applications that do not meet requirements, or that raise suitability, compliance, or other regulatory concerns, to the Manager, Restricted Insurance Agency Licensing with recommendations for consideration.
• Review and process amendments to RIA licences, including changes to classes of insurance, business activities, designated representatives, ownership and control, business names, business locations, and other licensing information, in accordance with applicable legislative, regulatory, and procedural requirements.
• Prepare and issue correspondence regarding outstanding requirements, licensing decisions, and licensing matters, and provide clarification of licensing requirements to applicants and licensees.
• Conduct research and analysis of issues identified during the application, licensing, and amendment processes, and support the preparation of reports for the Licensing Committee on policy, compliance, risk management, and other regulatory matters.
• Participate in the review, development, and enhancement of RIA licensing procedures, business processes, systems, policies, and applicable legislation.
• Respond to written and verbal inquiries regarding RIA licensing requirements, processes, and regulatory obligations.
• Document all relevant telephone calls, emails, correspondence, and meetings in the licensing management system in accordance with recordkeeping requirements.
• Provide guidance, support, and education to applicants, licensees, designated representatives, and other stakeholders regarding governing legislation, Council Rules, policies, and licensing requirements.
• Maintain current knowledge of legislation, Council Rules, policies, procedures, and developments affecting the RIA licensing framework.
• Liaise with regulatory bodies, government agencies, and other external organizations regarding applicants, licensees, and regulatory matters, as required.
• Monitor and report on individual key performance indicators (KPIs) related to the timeliness, quality, accuracy, and service standards of RIA licensing activities.
• Where required, support the review and approval of individual licence applications, reapplications, reinstatements, cancellations, and licence amendments in accordance with legislation, policies, regulatory frameworks, and departmental procedures.
• Contribute to projects, initiatives, consultations, and continuous improvement activities that support the effective administration of the RIA licensing framework.
• Perform other duties as assigned by the Manager, Restricted Insurance Agency Licensing.

Qualifications and Experience

• Minimum 3 years' experience in regulatory or financial services, preferably in regulatory licensing and approvals.
• Post-secondary degree in a related field such as business administration, or equivalent experience.
• Insurance or financial services education and /or experience is preferred.
• Computer skills, with proficiency in word processing and spreadsheets.
• Experience in client service and conflict resolution.
• Principles and practices of risk control models, analytical methods and compliance measure to assess eligibility for licences and to develop recommendations.
• Excellent organizational skills and attention to detail.
• A public service orientation.
• Ability to work independently as well as part of a team.
• Excellent time management skills and ability to meet deadlines.
• Ability to organize large volumes of work and deal with several concurrent tasks.
• Analytical and problem-solving skills to review and analyze licensing applications and develop relevant recommendations.
• Proven judgement and analytical skills to assess compliance/non-compliance with legislation in the review of licence applications.
• Interpersonal and collaboration skills to work in a team environment.
• Ability to manage work to meet deadlines and manage multiple competing priorities effectively.

Hiring Range: $74,195 - $81,500 per annum.

Placement within this range will be determined according to the candidate’s relevant experience, qualifications, and demonstrated competencies.