Senior Manager Intermediaries at Insurance Regulatory Authority (IRA)

DIRECTORATE Directorate of Supervision
DEPARTMENT Intermediaries
GRADE/LEVEL IRA 3
IMMEDIATE SUPERVISOR Director Supervision

TERMS OF SERVICE

Five (5) years Contract renewable subject to performance

Job Purpose

The position is responsible for ensuring that insurance intermediaries are effectively supervised on an ongoing basis and ensure that the risks posed by intermediaries are effectively managed to ensure that the interests of policyholders and insurance beneficiaries are protected.

Job Specifications / Key responsibilities

The duties and responsibilities will entail:

1. Managerial / Supervisory Responsibilities
   1. Manage the process of formulation and implementation of minimum requirements in relation to supervision of intermediaries to ensure safety and stability in the insurance industry;
   2. Formulate effective strategies and programmes for supervision of insurance intermediaries and insurance service providers;
   3. Monitor and enforce penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations and any other requirement of the Insurance Act in respect to insurance intermediaries and service providers;Coordinate and monitor implementation of AML/CFT Act by intermediaries to ensure effective reporting on AML/CFT issues to the Financial Reporting Centre;
   4. Coordinate ongoing and continuous supervision of insurance intermediaries and service providers;
   5. Manage the process of setting out practices and steps to be followed by intermediaries and service providers to ensure fair market practices in the industry;
   6. Develop capacity building initiatives for insurance intermediaries;
   7. Coordinate the development, implementation and evaluation of policy guidelines, regulations and amendments in the Insurance Act for supervision of intermediaries and service providers;
   8. Manage potential impacts of developments and trends arising out of regional and international supervision practices;
   9. Manage the development, continuous update and implementation of risk profiling framework for proactive intervention focused on fostering insurance industry stability and consumer protection;
   10. Provide leadership and strategic direction to staff in the department in achieving the goals of the Department;
   11. Oversee development, execution and control of departmental work plan, budget and procurement plan;
   12. Oversee the identification, development and implementation of regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines;
   13. Oversee the development, implementation, monitoring and evaluation of the risk assessment framework for the department.
   14. Ensure compliance with the department’s standard operating procedures by staff.
2. Operational Responsibilities / Tasks
   1. Oversee off-site supervision, on-site supervision and analysis of various returns from intermediaries and service providers;
   2. Ensure maintenance of a register and database of registered insurance intermediaries and service providers.
   3. Co-ordinate all approval requests by insurance intermediaries and service providers.
   4. Co-ordinate the registration of intermediaries and insurance service providers and ongoing market conduct supervision of the insurance intermediaries and service providers;
   5. Develop systems and procedures to monitor intermediaries’ compliance with the requirements of the Insurance Act and other directives issued by the Authority and take appropriate measures as provided for in the Insurance Act.
   6. Prepare Board and management reports in matters relating to supervision of intermediaries;
   7. Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Department;

Persons Specifications

• Master’s degree in Statistics, Insurance, Commerce, ICT, Finance, Risk Management, Economics, Law, Business Administration or its equivalent.
• Bachelor’s degree in Statistics, Insurance, Commerce, ICT, Finance, Risk Management, Economics, Law, Business Administration or its equivalent.
• Twelve (12) years relevant experience, eight (8) of which served at a management level.
• Leadership course lasting not less than four (4) weeks

OR

• Management Course lasting not less four (4) weeks
• Supervisory Course for not less than two (2) weeks;
• Be a registered member of the Chartered Insurance Institute, Insurance Institute of Kenya, Institute of Certified Public Accountants of Kenya, Institute of Certified investments & Financial Analysts, Information Systems, Audit & Control Association, CFA Institute, or Law Society of Kenya or any other professional body that may be approved by the Board.
• Relevant Professional qualifications;
• Certificate in Computer Proficiency;
• Meets provision of chapter six of the Constitution.

Competency and Skills

1. Strong communication and reporting skills;
2. Strong analytical and numerical skills;
3. Strong organization and interpersonal skill;
4. Mentoring, coaching and leadership skills;
5. Conflict management; and
6. Ability to work under pressure, prioritize and multi-task.