Background information about the job or company (e.g., role context, company overview)

Vision: To be the leading insurance industry regulator. Mission: To effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries. Core Values: (i)Accountability: -We exercise prudence in use of public resources entrusted to IRA. (ii)Team Spirit: -We work effectively with others across functional lines to a...

Responsibilities or duties

The duties and responsibilities will entail:

• Formulating requirements and practices to be followed for compliance and governance in the insurance industry.
• Reviewing recommendations on licensing and approvals for members of the insurance industry as provided for in the Insurance Act.
• Overseeing development and implementation of strategies for effective supervision of insurers under statutory management.
• Reviewing assessment of potential impacts of developments and trends arising out of regional and international supervision practices.
• Developing and implementing a framework for identifying major insurance groups.
• Developing and continuously updating the insurers risk profiling framework.
• Formulating and monitoring the implementation of policies on group-wide, cross-border, regional and international insurance supervision.
• Preparing reports on stakeholder engagements for capacity building and articulation of emerging issues in supervision.
• Developing and implementing regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
• Coordinating collection and analysis of data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Leading off-site and on-site supervision of regulated entities.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected.
• Organizing supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
• Reviewing regulatory approvals as required under the Insurance Act.
• Overseeing monitoring and enforcement of penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations and any other requirement of the Insurance Act, regulations, guidelines and rules.
• Maintaining accurate information on all investigations, inspections and enforcement actions.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry.
• Monitoring remittance of insurance premium levy.
• Reviewing proposals for approval of reinsurance proposals and arrangements.
• Reviewing requests for approval under the Insurance Act.
• Reviewing proposals for approval of applications for overseas placement of insurance business.
• Approving lien applications.
• Reviewing proposals for approval of demergers and amalgamations as well as portfolio transfers.
• Overseeing development of recovery and resolution plans for insurers.
• Overseeing monitoring and reporting on the performance of statutory managers.
• Facilitating conducting gap analysis with respect to the law and regulatory impact analysis (RIA) and facilitating development of legislative and regulatory proposals.
• Facilitating conduct of relevant research.
• Developing procurement plans for the department.
• Monitoring compliance with the department’s Standard Operating Procedures.
• Reviewing reports on regulated entities’ strategies, processes and procedures and take appropriate actions.

Qualifications or requirements (e.g., education, skills)

Person Specifications

• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Master’s degree in any of the following fields: Business Administration, Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in any of the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA, or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate course in leadership lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Experience needed

Nine (9) years’ cumulative work experience, three (3) of which should have been at the level of Principal Supervision Officer or in comparable and relevant position.

Any other provided details (e.g., benefits, work environment, team info, or additional notes)

Competencies and Skills

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

• Formulating requirements and practices to be followed for compliance and governance in the insurance industry.
• Reviewing recommendations on licensing and approvals for members of the insurance industry as provided for in the Insurance Act.
• Overseeing development and implementation of strategies for effective supervision of insurers under statutory management.
• Reviewing assessment of potential impacts of developments and trends arising out of regional and international supervision practices.
• Developing and implementing a framework for identifying major insurance groups.
• Developing and continuously updating the insurers risk profiling framework.
• Formulating and monitoring the implementation of policies on group-wide, cross-border, regional and international insurance supervision.
• Preparing reports on stakeholder engagements for capacity building and articulation of emerging issues in supervision.
• Developing and implementing regulatory reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
• Coordinating collection and analysis of data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Leading off-site and on-site supervision of regulated entities.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected.
• Organizing supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
• Reviewing regulatory approvals as required under the Insurance Act.
• Overseeing monitoring and enforcement of penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations and any other requirement of the Insurance Act, regulations, guidelines and rules.
• Maintaining accurate information on all investigations, inspections and enforcement actions.
• Leading analysis and preparation of reports on acquisitions, transfers and mergers within the insurance industry.
• Monitoring remittance of insurance premium levy.
• Reviewing proposals for approval of reinsurance proposals and arrangements.
• Reviewing requests for approval under the Insurance Act.
• Reviewing proposals for approval of applications for overseas placement of insurance business.
• Approving lien applications.
• Reviewing proposals for approval of demergers and amalgamations as well as portfolio transfers.
• Overseeing development of recovery and resolution plans for insurers.
• Overseeing monitoring and reporting on the performance of statutory managers.
• Facilitating conducting gap analysis with respect to the law and regulatory impact analysis (RIA) and facilitating development of legislative and regulatory proposals.
• Facilitating conduct of relevant research.
• Developing procurement plans for the department.
• Monitoring compliance with the department’s Standard Operating Procedures.
• Reviewing reports on regulated entities’ strategies, processes and procedures and take appropriate actions.

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

• Bachelor’s degree in any of the following fields: Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Master’s degree in any of the following fields: Business Administration, Insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in any of the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA, or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate course in leadership lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.