Director Market Conduct at Insurance Regulatory Authority (IRA)

DIRECTORATE Directorate of Market Conduct
DEPARTMENT N/A
GRADE/LEVEL IRA 2

IMMEDIATE SUPERVISOR Commissioner of Insurance & Chief Executive Officer

TERMS OF SERVICE

Five (5) years Contract renewable once subject to performance

Job Purpose

The position is responsible for safeguarding the interest of policy holders and beneficiaries, strengthening public trust and consumer confidence in the insurance sector and providing strategic leadership and oversight in development and implementation of strategies for ensuring that market conduct of regulated entities is in compliance with insurance legislations. Further, the position is responsible for promoting the development of the insurance sector through consumer education and insurance awareness.

Job Specifications /Key responsibilities

Duties and responsibilities will entail:

1. Managerial / Supervisory Responsibilities
2. Provide strategic leadership in formulation and implementation of strategies for undertaking comprehensive, targeted and risk focused market conduct examinations of regulated entities in order determine compliance with insurance legislation and regulations for consumer protection;
3. Coordinate review of insurance companies' operations, marketing, underwriting, rating, policyholder service, producer licensing, complaint handling and claims handling processes to ensure that regulated entities maintain high standards of integrity and fair dealing in conduct of their business;
4. Coordinate development, implementation and monitoring of a framework for treating customer fairly;
5. Oversee standardization of contracts of compulsory insurance to ensure that consumers are protected;
6. Provide leadership in review and assessment of regulated entities documents and data to ensure provision of information that is complete, timely, accurate and not misleading regarding their goods and services, terms, conditions, applicable fees, commissions and final costs to enable consumers to make informed decisions;
7. Oversee the collection and analysis of data from regulated entities to detect and address unlawful practices in marketing and distribution of insurance products to ensure that regulated entities promote products and services in a manner that is fair and not misleading;
8. Facilitate in conducting regulatory impact and gap analysis with respect to the Insurance Act aimed at protecting the insurance consumers;
9. Ensure adequacy of complaints handling infrastructure and mechanisms that provide consumers with expeditious, fair, transparent and effective dispute resolution;
10. Coordinate capacity building of the regulated entities for enhanced service delivery;
11. Coordinate development and implementation of a framework to ensure regulated entities communicates relevant and meaningful information in a timely and comprehensive manner to policyholders;
12. Ensure the development and maintenance of an effective complaints’ management and dispute resolution framework;
13. Coordinate local, regional and global strategic alliances and institutional linkages on consumer education and protection to enhance information sharing;
14. Coordinate the development and implementation of outreach programmes aimed at increasing access and inclusion;
15. Ensure regular public education on the rights and obligations of policyholders on insurance contracts to enable them make informed decisions;
16. Coordinate formulation, implementation, monitoring and evaluation of strategies for consumer education and public awareness programmes aimed at promoting development of the insurance industry;
17. Oversee development, implementation and review of the Directorate’s annual budgets, annual work plans, procurement and disposal plan in compliance with the applicable laws and regulations.
18. Operational Responsibilities / Tasks
19. Review and analyse new, or revised laws, regulations, policies, and procedures for consumer protection and education and determine impact to consumers of insurance services.
20. Coordinate offsite risk assessment and onsite inspections on market conduct.
21. Monitor implementation of TCF framework to ensure regulated entities exercise due care and act in a diligent manner in dealing with customers;
22. Coordinate development and implementation of product approval framework.
23. Oversee preparation of reports and other supporting documentation and schedules that detail a company's compliance with insurance legislation and make recommendations.
24. Ensure execution of the directorate’s strategies, policies, procedures and align with the Strategic Plan of the Authority;
25. Liaise with other Financial Sector regulators to develop programmes to support financial inclusion.
26. Monitor performance, information and feedback mechanisms to inform continuous improvement in systems, processes and resource management;
27. Ensure regulated entities promote insurance products and services in a manner that is clear, fair and not misleading.
28. Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Directorate.
29. Oversee the preparation and implementation of Directorate’s workplan and budget;
30. Oversee the preparation and implementation of procurement plans for the Directorate;
31. Provides oversight of the Directorate’s implementation of Quality Management System, risk management and knowledge management;
32. Preparation and presentation of Board papers.

Persons Specifications

1. Masters’ degree in, Business Administration, Communication, Public relations Economics, Law, Finance, or related from a recognized institution
2. Bachelors’ degree in, Business Administration, Communication, Public relations, Economics, law, Finance, Economics, Law, or related field from a recognized institution
3. Professional qualification: ACII, Diploma KSL, CIM or equivalent
4. Membership to a relevant professional body
5. Leadership course lasting not less Two (2) weeks
6. Fifteen (15) years relevant experience ten (10) of which should be in senior management position
7. Meets the provision of chapter six of the constitution

Competencies and skills

1. Strong communication and reporting skills;
2. Strong analytical and numerical skills;
3. Strong organization and interpersonal skill;
4. Mentoring, coaching and leadership skills;
5. Conflict management; and
6. Ability to work under pressure, prioritize and multi-task.
7. Demonstrate ethical and integrity attributes