Managing Counsel, Insurance

Royal Bank of Canada • Mississauga, ON

4d • Onsite

About The Position

As Managing Counsel, you will be the key legal support for the business line providing creditor insurance products to Royal Bank customers, a dynamic and highly regulated business line at the intersection of banking and insurance. This is a unique opportunity to provide strategic legal advice on a broad range of matters, including product development, regulatory compliance, complaint oversight, and distribution arrangements. You will work closely with business partners, compliance professionals, and senior leadership to help shape decisions that protect both the bank and its customers.

Requirements

• Member in good standing of a Canadian provincial bar, with a minimum of 10 years of post-call experience in insurance law, financial services regulation, or a related practice area.
• Solid understanding of the insurance regulatory framework for bank-owned insurance companies in Canada, including familiarity with OSFI guidelines, provincial insurance legislation, and FCAC consumer protection requirements as they apply to creditor insurance products.
• Demonstrated experience drafting, reviewing, and negotiating complex commercial agreements, including insurance policies and third-party service contracts.
• Strong ability to identify and assess legal and regulatory risk, and to communicate practical, solutions-oriented advice to non-legal business partners and senior stakeholders.
• Proven capacity to manage multiple priorities in a fast-paced environment, working independently while collaborating effectively across legal, compliance, and business teams.

Nice To Haves

• Experience working in-house at a financial institution, insurance company, or regulatory authority.
• Bilingualism in English and French, written and spoken.
• Exposure to digital distribution channels and emerging Fintech or Insurtech developments relevant to insurance product delivery

Responsibilities

• Provide strategic legal advice on all aspects of the bank's creditor insurance business, including mortgage life and disability insurance, loan protection products, and credit card balance protection, ensuring that business initiatives are structured and executed in compliance with applicable laws and regulations.
• Support product development and promotion by reviewing and drafting legal documentation for new and existing insurance products, including policy wordings, certificate of insurance, and customer-facing disclosures.
• Monitor and interpret the regulatory landscape governing creditor insurance in Canada, including guidelines issued by OSFI, FCAC, and provincial insurance regulators, and advise business and compliance teams on the implications of regulatory developments and emerging requirements.
• Review and negotiate commercial agreements with insurers, reinsurers, and other service providers, identifying and mitigating legal risk while supporting RBC’s commercial objectives and operational needs.
• Oversee complaints matters by providing legal guidance on escalated claims disputes and regulatory complaints, and by working with external counsel where required to protect RBC’s interests and manage exposure.
• Collaborate with cross-functional partners including Compliance, Finance, Actuarial, Marketing, and Operations teams to support the end-to-end delivery of creditor insurance programs, providing practical, business-oriented legal advice that enables informed decision-making at all levels of the organization.
• Support governance and risk management by contributing to the development and maintenance of policies, procedures, and internal controls relevant to the creditor insurance business, and assisting in the preparation of materials for senior management.
• Manage relationships with external counsel and regulatory authorities as needed, coordinating legal strategy on complex matters and ensuring that outside counsel mandates are well-scoped, cost-effective, and aligned with RBC’s broader legal and business objectives.

Benefits

• bonuses
• flexible benefits
• competitive compensation
• commissions
• stock where applicable
• Leaders who support your development through coaching and managing opportunities
• Ability to make a difference and lasting impact
• Work in a dynamic, collaborative, progressive, and high-performing team
• A world-class training program in financial services
• Flexible work/life balance options
• Opportunities to do challenging work

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Education Level: No Education Listed