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insurance manager
Title posted on CareerBeacon - Bilingual Manager, Insurance Supervision, Scotia Wealth Management - English French
Posted on November 28, 2024 by Employer details Scotiabank
Job details
Requisition ID: 209638Join 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 clientadvisor escalationscomplaints; 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 industr- LocationToronto, ON
- Workplace information On site
- SalaryNot available
- Terms of employment Permanent employmentFull time
- Starts as soon as possible
- vacancies 1 vacancy
- Source CareerBeacon #2120733
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