Principal Conduct Supervision Officer - 3 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities entail:

• Analysing market conduct data from the regulated entities.
• Reviewing policy wordings of new and repackaged insurance products to ensure policy holders and beneficiaries are protected;
• Reviewing of consumer complaints to identify gaps and recommend corrective actions;
• Implementing strategies for effective risk assessment of regulated entities with respect to market conduct;
• Collecting and analyse data from regulated entities;
• Carrying out offsite risk assessment and onsite inspections on market conduct.
• Analysing data on insurance products, distribution channels used and mechanisms in place for evaluating customers understanding of the products.
• Analysing data on insurance products filed for approval.
• Collecting data on new, or revised laws, regulations, policies, and procedures for consumer protection for determining impact to consumers of insurance services.
• Analysing insurance products for conformity to the standardized contracts of insurance;
• Conducting regulatory impact and gap analysis with respect to market conduct issues;
• Implementing a complaint handling infrastructure and mechanisms that provide consumers with expeditious, fair, transparent and effective dispute resolution;
• Undertaking capacity building of the regulated entities for enhanced service delivery;
• Identifying and recommending legislative changes aimed at protecting the consumers;
• Conducting insurance awareness needs assessment.
• Developing Information, Education & Communication (IEC) materials.
• Preparing progress reports on consumer education training and outreach activities.
• Developing and monitoring implementation of consumer education strategy.
• Preparing reports on emerging consumer needs.
• Monitoring and evaluating consumer outreach activities.

Person Specifications

• Six (6) years’ cumulative experience, three (3) of which must have been at the grade of Senior Conduct Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Law, Risk Management or equivalent from a recognized institution.
• Professional qualification in any of the following: ACII, AIIK, LOMA or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate in management course lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Competencies and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills
• Mentoring, coaching and leadership skills.
• Conflict management