Insurance Officers at Policyholders Compensation Fund

Job Specifications
In the case of:

Compensation 

• Receive and review claim documents for purposes of 
• compensation to claimants of insurers under management 
• and dividends to creditors of liquidated insurers;
• Maintain an up-to-date inventory of assets of distressed insurers; 
• Maintain investment schedules and reports on surplus 
• funds for insurers’ in statutory management and 
• liquidation as per approved investment policy; 
• Assist in analyzing and recommending compensation, 
• statutory management and liquidation cases for consideration by management; and 
• Prepare statutory returns for the distressed insurers for filing with the Registrar of Companies. 
• Assist in the development and maintenance of claimants’ database

Insurance Risk Monitoring 

• Initiate risk assessment activities including analysis, 
• measurement and reporting of insurers risks for the 
• allocated portfolio and preparing reports; 
• Initiate special on-site examination and off-site 
• surveillance of the insurers for the allocated portfolio and preparing reports; 
• Assess, collect, reconcile and prepare reports of 
• contribution levy by insurers for the allocated portfolio; and 
• Participate in monitoring and analyzing insurance risk 
• profiles for the allocated portfolio. 
• Assist in development, implementation and review of
• policies, strategies and procedures, regulations and 
• guidelines on insurance risk monitoring. 
• Participate in on-site inspection of insurers
• Maintain departmental records

Statutory Management 

• Assist in development, implementation and review of policies, strategies and procedures, regulations and 
• guidelines on statutory management. 
• Assist in preparing reports on the financial affairs of the insurer. 
• Establish the status of affairs of the Company at the time of appointment.
• Assist in tracing, preserving and securing all the assets 
• and property of the company under statutory management.
• Establish any debts and sums of money due to and owing 
• to the company under statutory management. 
• Draft routine correspondences. 
• Conduct due diligence on the liabilities of the Company under management.
• Prepare regular reports on progress made. 
• Assist in the development and implementation of the 
• departments annual work plans, procurement plans and budgets. 
• Maintain departmental records

Liquidation 

• Participate in the development, review, and implementation of departmental policies, strategies and
• procedures, regulations, and guidelines.
• Assist in recovery of debts and sums of money due to and 
• owing to the company including reinsurance recoveries 
• and deposit such proceeds with the Bank of Kenya under lien. 
• Receive and review claim documents for purposes of 
• paying dividends to creditors of liquidated insurers. 
• Maintain an up-to-date inventory of assets of distressed insurers. 
• Maintaining investment schedules and reports on surplus 
• funds for insurers in liquidation as per approved investment policy. 
• Assist in establishment of a framework for the process of 
• matching assets with the existing liabilities of the Company with a view to eventual settlement. 
• Assisting in analyzing and recommending liquidation cases for consideration by management. 
• Preparing statutory returns for the distressed insurers for filing with the Registrar of Companies. 
• Participate in the development and implementation of departmental policies, procedures, strategies, work plans, 
• procurement plans and budgets. 
• Maintain departmental records. 

Person Specifications

• Bachelor’s degree in Commerce, Finance, Insurance, 
• Economics, Insurance, actuarial science, Business 
• Administration or its equivalent from a recognized and accredited institution. 
• Proficiency in computer applications.
• Fulfilled the requirements of Chapter six of the Constitution of Kenya (2010)