Actuarial officer III at Insurance Regulatory Authority (IRA)

Job Summary

Responsible for the implementation of actuarial policies and procedures as well as monitoring andevaluating their effectiveness in achieving the Authority’s goals and objectives

REQUIRED QUALIFICATIONS

Education and knowledge

• Bachelors degree in Actuarial Science, Mathematics or Statistics or equivalent from a recognized University;
• Pursuing professional Actuarial qualification;
• Member of the Institute of Actuaries (London) or Faculty of Actuaries (Scotland) or similar professional body; and
• Proficiency in ICT

Experience

• At least 1-year relevant experience;
• Experience in preparation of analytical and numerical reports; and
• Experience analyzing financial and statistical reports.

Skills

• Strong communication and reporting skills;
• Strong organization and interpersonal skills; and
• Good analytical, investigative, auditing and inspection skills

Competences

• Professionalism;
• Ethical and integrity;
• Strategic thinking; and
• Ability to work under pressure, prioritize and multi-task

Responsibilities

Actuarial Analysis

•  Analyse applications for new products
• Analyse actuarial valuation and financial condition reports for life and general business insurance
• Identify actuarial parameters suitable for the insurance industry
• Analyse premium rates for general insurance companies
• Analyse technical reserves for insurers
• Develop and update the IRA Electronic Regulatory System (ERS) new releases and templates

Policy development and

Compliance

• Participate in the formulation and development of actuarial policies and procedures
• Participate in on-site inspections of insurance companies
• Carry out actuarial investigation and analysis of the insurers and advise the management and the Board
• Develop and update Risk-Based Supervision (RBS) Models,
• Capital models and other Actuarial Models