DIRECTORATE Directorate of Supervision
GRADE/LEVEL IRA 2
Commissioner of Insurance & Chief Executive Officer
TERMS OF SERVICE Five (5) years Contract renewable once subject to performance
The position is responsible for financial safety and stability of regulated entities and the broader financial system ensuring that entities under all reasonable circumstances meet their financial obligation. The position will
undertake Licensing, Enforcement, Actuarial Services, and Data Analytics to promote the maintenance of a fair, safe and stable insurance industry.
Job Specifications/Key responsibilities
- Duties and responsibilities will entail:
- Managerial / Supervisory Responsibilities
- Oversee the formulation and implementation of minimum requirements in relation to capital, governance and risk managementto ensure safety and stability in the insurance industry;
- Provide direction to regulated entities by setting out practices and steps to be followed for compliance to ensure fair market practices in the industry;
- Provide leadership in the development, implementation and evaluation of policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry;
- Coordinate licensing and approvals for members of the insurance industry as provided for in the Insurance Act to ensure protection of insurance policyholders and beneficiaries;
- Provide leadership in enforcement and articulate sanctions as provided for under the Insurance Act to ensure market discipline;
- Stay abreast with regional and international insurance supervision practices, developments and trends and their potential impact on the insurance industry;
- Scope out and coordinate the development and implementation of supervisory policies and procedures, and evaluate their effectiveness in achieving the Authority’s goals and objectives;
- Oversee the development, continuous update and implementation of risk profiling framework for proactive intervention focused on fostering insurance industry stability and consumer protection;
- Oversee the formulation and implementation of policies on group-wide, cross-border, regional and international insurance supervision;
- Lead the development of data collection templates, data analysis and production of reports on insurance industry performance as required by the Insurance Act;
- Formulate and execute strategies for resource mobilization to finance the operation of the Authority to ensure it realises its mandate;
- Coordinate and monitor implementation of AML/CFT Act by members of insurance industry to ensure effective reporting on AML/CFT issues to the Financial Reporting Centre.
- Lead stakeholder engagements for capacity building and articulation of emerging issues in supervision;
- Provide leadership and strategic direction to staff in the directorate.
- Operational Responsibilities / Tasks
- Review and advise Management on proposals for registration and licensing;
- Advise management on the alignment of insurance supervision practices with global best practices to ensure that supervision is in line with global best practice;
- Coordinate off-site and on-site supervision of regulated entities;
- Coordinate Supervision of insurers with respect to anti-money laundering and combating financing of terrorism.
- Oversee remittance of the insurance premium levy amounting to Kes. 1.8 billion;
- Review the financial condition of insurers to determine their ability to meet their financial obligations and advise management.
- Review the actuarial reserving reports of insurers to determine adequacy of technical provisions and actuarial liabilities.
- Oversee the design, development and implementation of data capture template within the Electronic Regulatory System.
- Lead the review and assessment of Insurance companies’ compliance with capital adequacy requirements, governance structures and stress tests.
- Review analysis on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected;
- Coordinate, conduct and participate in supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
- Oversee the development of Directorate’s budget amounting KES. 221 million.
- Oversee the development of procurement plans for the Directorate;
- Ensure compliance with the Directorate’s standard operating procedures by staff.
- Ensure creation of a database of all the regulated entities;
- Provide advisory services to stakeholders and general public on matters pertaining to insurance;
- Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Directorate;
- Ensure implementation of appropriate Technology including SupTech and RegTech
- Master’s degree in Actuarial Science, Actuarial Management, Mathematics, Statistics, Insurance, Finance, Risk Management, Economics, Financial Engineering, Law, ICT or Business Administration or its equivalent.
- Bachelor’s degree in Actuarial Science, Statistics, Insurance, Finance,
- Economics, Law, ICT, Financial Engineering or its equivalent.
- Professional qualifications in Insurance, Financial Analysis, Accounts, Actuarial or its approved equivalent.
- Be a registered member of the Institute/Faculty of Actuaries, Chartered Insurance Institute, Insurance Institute of Kenya, Institute of certified Public Accountants of Kenya or any other professional body that may be approved by the Board.
- Leadership Course lasting not less than four (4) weeks
- Proficiency in Computer applications
- Fifteen (15) years relevant experience ten (10) of which should be in senior management position
- Member of a professional body recognized in Kenya
- Supervisory course lasting not less than two (2) weeks
- Certificate in computer proficiencyMeets provision of chapter six of the Constitution.
Competencies and skills
- Strong communication and reporting skills;
- Strong analytical and numerical skills;
- Strong organization and interpersonal skill;
- Mentoring, coaching and leadership skills;
- Conflict management; and
- Ability to work under pressure, prioritize and multi-task
- Demonstrate ethical and integrity attributes
Suitably qualified and experienced individuals should submit applications enclosing a detailed curriculum vitae (CV), copies of relevant academic and professional certificates/testimonials and a copy of National Identity Card.
The CV must at the minimum provide details of the applicant’s email address, day-time mobile telephone numbers, details of current employer, current remuneration and names and contacts of three (3) referees familiar with the applicant’s professional background and experience.
Applications, addressed to the undersigned, may be delivered at the Insurance Regulatory Authority (Registry Section) at Zep-Re Place, 2nd Floor, Longonot Road, Upper Hill. Please note that these should be sealed, marked “Confidential” and indicate the job reference (e.g “REF:SO/01” for Supervision Officer). Alternatively, they may be sent by post or email to:
Commissioner of Insurance & Chief Executive Officer
Insurance Regulatory Authority
P.O Box 43505-00100
EMAIL : [email protected]
Applications must be received by close of business on 18th of August 2022