Senior Actuarial Officer - 2 Posts at Insurance Regulatory Authority (IRA)

Job Specifications

The duties and responsibilities will entail:

• Preparing reports on analysis of products, premium rates, financial condition reports and technical reserves for insurers.
• Reviewing actuarial technical reserves, financial condition reports, risk-based capital calculations, actuarial valuation reports and the statements of actuarial opinion provided by each company’s appointed actuary.
• Preparing reports on capital adequacy ratios to ensure that the reports are accurate, complete and prepared in accordance with the provisions of the Insurance Act.
• Developing data collection templates, data analysis and preparation of reports on insurance industry performance as required under the Insurance Act.
• Determining the solvency and financial condition of regulated entities including reviewing actuarial reserves and risk-based capital calculations and the statements of actuarial opinion provided by each company’s appointed actuary.
• Preparing reports on financial stability of insurers and macro prudential indicators.
• Carrying out stress tests on insurers.
• Conducting data validation of insurance statistics to check on completeness and consistency of insurance data.
• Updating performance indicators, ratios and industry benchmarks and averages.
• Analysing, evaluating and interpreting insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters.

Person Specifications

• Three (3) years’ cumulative experience at the grade of Actuarial Officer or in a comparable and relevant position.
• Bachelor’s degree in any of the following fields: Actuarial Science, Mathematics, Statistics or equivalent from a recognized institution.
• Professional qualification in any of the following: FIA/FFA or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Proficiency in computer applications.

Competencies and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills