Compliance Responsibility and Accountability

The Compliance Officer will ensure all statutes, policies, and regulations are adhered to in the following ways:

  • Participate with Head Offices of Life Insurance Companies and industry self-regulating bodies in the design, implementation, and monitoring of a compliance program;
  • Participate in setting compliance standards and objectives for the organization;
  • Participate in setting standards of ethics and conduct for all SAFG personnel;
  • Develop processes to ensure that everyone connected with SAFG meets the standards.
  • Report to Senior Management any compliance issues that may have an impact on the organization.
  • Compile all pertinent information regarding compliance issues and distribute throughout the organization; and
  • Develop, distribute, and update all compliance policies.

In addition, the Compliance Officer’s responsibilities include:

  1. Review all business transactions (such as applications, etc) and ensure maintenance of records;
  2. Analyze problems and develop solutions;
  3. Investigate client complaints in conjunction with the Broker/Agency;
  4. Conduct annual examinations of Brokers/Agencies;
  5. Provide regular and ongoing information to SAFG personnel on compliance-related matters;
  6. Provide training to Brokers – to ensure compliance standards are met and problems are minimized; and
  7. Link with various organizations as assigned (Financial Services Council, FINTRAC, IFIC, Media, Insurance Council, etc).