Assistant Director, Supervision - 3 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities will entail:

• Formulating requirements and practices to be followed for compliance and governance in the insurance industry.
• Reviewing recommendations on licensing and approvals for members of the insurance industry as provided for in the Insurance Act.
• Overseeing development and implementation of strategies for effective supervision of insurers under statutory management.
• Reviewing assessment of potential impacts of developments and trends arising out of regional and international supervision practices.
• Developing and implementing a framework for identifying major insurance groups.
• Developing and continuously updating the insurers risk profiling framework.
• Formulating and monitoring the implementation of policies on group-wide, cross-border, regional and international insurance supervision.
• Preparing reports on stakeholder engagements for capacity building and articulation of emerging issues in supervision.
• Developing and implementing regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
• Coordinating collection and analysis of data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Leading off-site and on-site supervision of regulated entities.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected.
• Organizing supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
• Reviewing regulatory approvals as required under the Insurance Act.
• Overseeing monitoring and enforcement of penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations and any other requirement of the Insurance Act, regulations, guidelines and rules.
• Maintaining accurate information on all investigations, inspections and enforcement actions.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry.
• Monitoring remittance of insurance premium levy.
• Reviewing proposals for approval of reinsurance proposals and arrangements.
• Reviewing requests for approval under the Insurance Act.
• Reviewing proposals for approval of applications for overseas placement of insurance business.
• Approving lien applications.
• Reviewing proposals for approval of demergers and amalgamations as well as portfolio transfers.
• Overseeing development of recovery and resolution plans for insurers.
• Overseeing monitoring and reporting on the performance of statutory managers.
• Facilitating conducting gap analysis with respect to the law and regulatory impact analysis (RIA) and facilitating development of legislative and regulatory proposals.
• Facilitating conduct of relevant research.
• Developing procurement plans for the department.
• Monitoring compliance with the department’s Standard Operating Procedures.
• Reviewing reports on regulated entities’ strategies, processes and procedures and take appropriate actions.

Person Specifications

• Nine (9) years’ cumulative work experience, three (3) of which should have been at the level of Principal Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Master’s degree in any of the following fields: Business Administration, Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in any of the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA, or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate course in leadership lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Competencies and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills
• Mentoring, coaching and leadership skills.
• Conflict management.