Requisition ID: 209638

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

The Manager, Insurance Supervision’s primary focus is to manage the day‐to‐day sales practice supervision for the Insurance business within Scotia Wealth Management. This will be accomplished by working with the Sr. Manager, Risk Management and the Director, Insurance Advisory to ensure compliance with policies and sales standards and then managing the supervision process that ensures the business complies with that framework. The incumbent will also help ensure team members are kept abreast of any regulatory changes and adhere to insurance industry guidelines and best practices. This will include collaboration with internal partners as needed to ensure the business is compliant.

Accountabilities

1) Developing and managing a Tier One review of new business through a file review process that will include:

• Assessing suitability of insurance policies sold to clients;
• Addressing suitability of investments embedded within certain products (i.e. Universal Life);
• Reviewing accuracy and appropriateness of illustrations provided to clients;
• Considering general sales practices to defend against tied selling, twisting, churning, rebating, etc.;
• Communicating with field as part of the audit process;
• Reviewing needs analyses and sales concept material provided to clients;
• Reporting on findings of file audits; and
• Escalating any concerns to Group Compliance.

2) Developing and managing a Tier One review of our Inforce Block of business through a policy review that will include:

• Coordinating with carriers to review details of groups of policies (e.g. investment allocations of UL policies,
• premium allocation of PAR policies);
• Identifying and following up on any “red flags” related to inforce policies;
• Running Inforce Illustrations and comparing them to original projections; and
• Communicating with field as part of the review process.

3) Manage operational compliance functions by:

• Conducting quarterly licensing audit of segregated and GIA nominee accounts;
• Enforcing corporate policies and procedures and ensuring that the standards set out in the Compliance
• Manual are met;
• Reviewing policy records within our database for missing documentation;
• Maintaining business processes that meet compliance framework; and
• Maintaining insurance carrier contracts in Vista system.

4) Liaise with Scotia Wealth Compliance, Registrations, and Insurance Partners by:

• Assisting with annual carrier audits;
• Co‐managing insurance compliance manual;
• Leading resolution efforts with client\advisor escalations\complaints;
• Regularly auditing license data to ensure registrations is updating info;
• Keeping abreast of changes in regulatory and compliance matters and communicate the same to both field and operations;
• Liaising with General Counsel around any issues that require expertise related to provincial Insurance Acts or the Bank Act;
• Communicating with Scotia Life Financial in relation to their licensing sponsorship responsibilities; and
• Working with the carriers on any compliance matters to ensure that we are kept updated to meet deadlines where necessary.

5) Contribute to the effective functioning of the SMW Insurance team by:

• Participating actively in team learning development activities and team performance achievements;
• Building effective working relationships across the team and with various business line and corporate
• function contacts;
• Assist Director, Insurance Advisory and Sr. Manager, Risk Management in dealing with escalations;
• Maintaining a high level of customer service;
• Facilitating a culture of open and honest communication;
• Actively participating and contributing to touch bases and team meetings; and
• Actively share knowledge and experience to enhance the development of all team members.

Education/Work Experience/Designations

The Insurance Supervision Manager must have:

• Life license in the Quebec province
• Knowledge of insurance industry
• Knowledge of relevant insurance legislation
• Fluency in French and English
• Good working knowledge of Microsoft Office
• Excellent communication skills, both verbal and written
• Strong problem‐solving skills and attention to detail
• Good organizational and time‐management skills
• Ability to take initiative, working well with minimal direction and multi‐task.

It is desirable that the incumbent also have:

• Experience in insurance sales
• Additional designations, such as CFP or CLU, or a willingness to pursue them;
• Canadian Securities Course;
• Good understanding of the wealth management industry.
  

Work location: Anywhere in Canada

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.