Assistant Manager Supervision - 2 Positions at Insurance Regulatory Authority (IRA)

REF: AMS/16

The position is responsible for monitoring and reporting on the risk profiles of insurers on an ongoing basis to ensure that insurers are financially sound and stable.

Job specifications

Duties and responsibilities will entail:

Managerial/Supervisory responsibilities

• Monitor and implement minimum requirements in relation to capital, governance and risk management to ensure safety and stability in the insurance industry.
• Monitor and implement set out practices and steps to be followed for compliance ensure fair market practices in the industry.
• Monitor compliance with AML/CFT Act by members of insurance industry to ensure effective reporting on AML/CFT issues to the Financial Reporting Centre.
• Monitor and Implement policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry;
• Monitor and implement risk profiling framework for proactive intervention focused on fostering insurance industry stability and consumer protection.
• Implement the section’s standard operating procedures;
• Train, develop, coach and mentor junior staff in the section;
• Execute the section’s work plan, budget and procurement plan;
• Implement, monitor and evaluate risk assessment framework for the section.

Operational Responsibilities / Tasks

• Assess potential impacts of developments and trends arising out of regional and international supervision practices.
• Prepare reports on off-site and on-site supervision of regulated entities;
• Implement, monitor and evaluate the risk assessment framework for the section.
• Prepare report for use at the supervisory colleges.
• Implement policies on group-wide, cross-border, regional and international insurance supervision;
• Implement the department’s standard operating procedures

Person specification

• Master’s degree in Statistics, Insurance, Finance, Risk Management, Economics, Law, Business Administration, Commerce or its equivalent;
• Bachelor’s degree in Commerce, Business Administration, Statistics, Insurance, Finance, Economics, Law, or its equivalent;
• Six (6) years relevant experience;
• Management Course lasting not less four (4) weeks Supervisory Course for not less than two (2) weeks;
• Professional qualifications in Insurance or Accounting (ACII/AIIK/FLMI/CPA).
• Member of a relevant professional body
• Certificate in Computer Proficiency.
• Meets provision of chapter six of the Constitution

Competencies and skills

• Strong negotiation skills
• Strong communication and presentation skills
• Good mentorship and coaching skills
• Leadership and supervision skills