Manager, Supervision - 2 Posts at Insurance Regulatory Authority (IRA)

Job purpose

• The position is responsible for ensuring that insurers manage the risks they are exposed to and coordinating the supervision of insurance intermediaries and service providers on an ongoing basis and that insurers are financially sound and stable.

 Job Specifications

The duties and responsibilities will entail:

Managerial / Supervisory Responsibilities

• Formulate minimum requirements in relation to capital, governance and risk management to ensure safety and stability in the insurance industry.
• Coordinate the process of formulation and implementation of minimum requirements in relation to supervision of intermediaries to ensure safety and stability in the insurance industry
• Develop practices and steps to be followed for compliance to ensure fair market practices in the industry.
• Formulate effective strategies and programmes for supervision of insurance intermediaries and insurance service providers.
• Develop and evaluate policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry.
• Co-ordinate off-site supervision, on-site supervision and analysis of various returns from intermediaries and service providers.
• Review assessment on potential impacts of developments and trends arising out of regional and international supervision practices.
• Develop and continuously update risk profiling framework for proactive intervention focused on fostering insurance industry stability and consumer protection.
• Formulate and monitor the implementation of policies on group-wide, cross-border, regional and international insurance supervision.
• Review reports on implementation of AML/CFT Act by regulated entities to ensure effective reporting on AML/CFT issues to the Financial Reporting Centre.
• Prepare reports on stakeholder engagements for capacity building and articulation of emerging issues in supervision.
• Develop and implement regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
• Develop, implement, monitor and evaluate of the risk assessment framework for the department.

Operational Responsibilities / Tasks

• Lead off-site and on-site supervision of regulated entities.
• Lead analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected.
• Organize supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
• Develop procurement plans for the department.
• Monitor compliance with the department’s Standard Operating Procedures.
• Review reports on regulated entities’ strategies, processes and procedures and take appropriate actions.
• Develop and implement a framework for identifying major insurance groups.
• Undertake performance management, training and development, coaching and mentoring and welfare for staff of the department.
• Monitor compliance with the department’s standard operating procedures by staff.

Persons Specifications

• Master’s degree in Statistics, Insurance, Finance, Risk Management, Economics, Law, Business Administration, Commerce or its equivalent.
• Bachelor’s degree in insurance, Economics, Commerce, Business Administration Minimum KCSE B Plain or its equivalent. Professional qualifications in Insurance or Accounting (ACII/AIIK/FLMI/CPA);
• Nine (9) years relevant experience. Be a registered member of a recognized professional body in Kenya.
• Management course lasting not less than four (4) weeks. Meets provision of chapter six of the Constitution.

Competency and Skills

• Strong communication and reporting skills.
• Strong analytical and numerical skills.
• Strong organization and interpersonal skills.
• Mentoring, coaching and leadership skills.
• Conflict management.
• Ability to work under pressure, prioritize and multi-task.