AVP, Risk Management, TD Insurance

TD Insurance (TDI) is part of TD Bank Group, one of Canada’s largest financial institutions. TDI helps protect clients from the ‘accidents of life’ with a wide range of products including credit protection, life, health, travel, home and auto insurance. With more than three million clients, TDI authorized products and services are available online, over the phone, and through a network of more than 1,000 TD Canada Trust branches.

In Canada, we have two lines of business, General Insurance and Life and Health Insurance (LH). Our General Insurance business is one of the top Home and Auto insurance groups in Canada and the national leader in group insurance and affinity marketing. Our LH business is the number one provider of critical illness insurance and direct life and health insurance in Canada.

The LH business is supported by a Corporate Actuarial team comprising of 5 team members led by an Associate Vice President (AVP), TD Insurance, Risk Management. The AVP reports into the SVP, Chief Risk Officer for TD Insurance and Wealth Management.

Job Description / Accountabilities:

This position will lead a team providing risk oversight to the life and health business of TD Insurance and is accountable for:

• Provide risk oversight and counsel to the life and health corporate actuarial team
• Serve as the external Appointed Actuary (AA) to support the actuarial valuation and capital management functions, including quarterly valuation, Financial Condition Testing (FCT), Life Insurance Capital Adequacy Test (LICAT) reporting and Oct 31, 2021 year-end financial reporting.
• Present the AA work to the TDI Board of Directors, as the case may be
• Provide effective oversight and challenge of valuation methodologies and assumptions
• Support the assessment of new LH business strategies and proposed changes within the risk management framework including advice to the team member accountable for IFRS 17_Insurance Contracts actuarial analysis.
• Serve as a subject matter expert in meetings with Regulators and internal/external auditors together with the CRO, TD Insurance and Wealth Management
• Support and challenge the Risk Management team with respect to ORSA, including calculation of economic capital
• Oversee annual FCT and Enterprise Wide Stress Testing exercise for the LH business
• Proactively monitor and analyze key performance indicators to detect and interpret emerging issues / trends.
• Demonstrate strong leadership and people management capabilities when providing support and counsel to the internal TD team.

Minimum Qualification Requirements:

• Acquired Fellowship with the Society of Actuaries, Canadian Institute of Actuaries or equivalent;
• Undergraduate degree in actuarial science or other quantitative area of study
• Corporate actuarial / valuation experience
• Experience with GGY AXIS
• Superior financial analysis, analytical, problem solving skills.
• Strong communication and presentation skills, team player and strong business acumen.
• Able to work transparently with the team, the CRO and the Insurance Business to address current and future actuarial changes including IFRS 17.
• Resourceful and prioritize appropriately any enhancements to the AXIS models and data interfaces for IFRS 17 models.

It is expected that the candidate has each of the following qualifications, as required by the Superintendent of OSFI with regards to qualifications for an AA:

• Has appropriate Canadian practical experience, which is defined as Work in Canada for at least three of the last six years, of which at least one year was performing valuation of Canadian actuarial liabilities of an insurance company;
• Has experience with the CIA's Standards of Practice and relevant insurance legislation and regulation;
• Is up to date with respect to the CIA's Continuing Professional Development requirement;
• Has not been the subject of an adverse finding by a CIA Disciplinary Tribunal. Where there has been such a finding, the Superintendent may nevertheless conclude that the AA is a suitable person if the circumstances of the case and other information support such a conclusion