Compliance Associate

Compliance Associate
Position Title: Compliance Associate
Location: Mississauga, Ontario
Reports To: Chief Compliance Officer
Compensation: $50-000-$60,000
Overview:
The Compliance Associate plays a key role in supporting the Chief Compliance Officer in overseeing the day-to-day compliance operations of the MGA. This position is focused on the insurance side of the business, ensuring that new business submissions, advisor files, and carrier interactions meet regulatory and internal standards. The role requires a detail-oriented individual with a solid understanding of the life and group benefits insurance environment who is comfortable working with insurance systems, carrier portals, and compliance documentation.
Key Responsibilities:

1. New Business Compliance Review:

• Review incoming insurance policy submissions to ensure all documentation is complete, accurate, and compliant with carrier and regulatory requirements.
• Verify that applications, disclosures, and supporting documents meet MGA and carrier standards prior to submission.
• Identify and escalate any gaps, inconsistencies, or missing information to the CCO or new business team.
• Support the processing and tracking of new business cases through internal systems including WealthServ and vFund.
• Access and navigate carrier portals to retrieve policy status updates, outstanding requirements, and compliance-related documentation.

1. Documentation and Compliance Support:

• Maintain organized and current compliance files for advisors, including licensing, E&O insurance, and carrier appointment records.
• Capture and file compliance documentation using internal tools and document management systems.
• Conduct routine audits of new business files and advisor documentation to ensure ongoing compliance with MGA policies and provincial regulatory requirements.
• Assist in preparing reports for internal leadership, head office, or regulatory bodies as required.
• Monitor and follow up on outstanding compliance items, ensuring timely resolution.

1. Advisor and Carrier Liaison:

• Serve as a compliance resource for advisors, responding to questions related to new business requirements, documentation standards, and submission processes.
• Liaise with carriers to obtain outstanding information, confirm policy status, and resolve compliance-related issues.
• Support onboarding of new advisors by ensuring their contracting and licensing documentation is complete and properly filed.

1. Reporting and Recordkeeping:

• Maintain accurate and up-to-date records of new business activity, compliance reviews, and audit findings.
• Assist in preparing periodic compliance reports for submission to head office or regulators.
• Track advisor complaints and compliance matters, ensuring proper follow-up and documentation of resolution.

1. Administrative and Branch Support:

• Support the CCO in monitoring compliance activities across the MGA.
• Assist with internal and external audit preparation by ensuring documentation is accessible and well-organized.
• Contribute to the continuous improvement of compliance processes and procedures within the branch.

Qualifications and Skills:

• 1 to 3 years of experience in a life insurance, group benefits, or insurance MGA environment is preferred.
• Working knowledge of insurance new business processes, including an understanding of policy types such as term, universal life, and group benefits.
• Familiarity with insurance systems and tools including WealthServ, vFund, carrier portals, and document management platforms is an asset.
• Audit and compliance mindset with strong attention to detail and the ability to identify documentation gaps.
• Excellent organizational skills and the ability to manage multiple priorities in a deadline-driven environment.
• Strong communication skills with the ability to work professionally with advisors, carriers, and internal team members.
• Proficient in Microsoft Office; experience with branch or compliance management systems is a plus.

Education:

• Post-secondary education in Business Administration, Finance, or a related discipline is preferred.
• Industry certifications or coursework in life insurance (e.g., LLQP or equivalent) are considered an asset.