Insurance & Compliance Specialist

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.