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:

• Monitoring and implementing risk-profiling framework.
• Monitoring implementation of minimum requirements in relation to capital, governance and risk management.
• Monitoring implementation of set out requirements and practices and steps to be followed for compliance.
• Reviewing analysis of applications for licensing, approval and authorization of insurance and reinsurance companies under the Insurance Act.
• Reviewing analysis of requests from regulated entities for corporate changes, shareholding structure, mergers and acquisitions.
• Reviewing analysis of requests for approval under the Insurance Act.
• Reviewing analysis of applications for overseas placement of insurance business.
• Reviewing 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.
• Collecting and analysing data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Conducting and preparing reports on off-site and on-site supervision of regulated entities.
• Participating in the organisation of supervisory colleges.
• Participating in group-wide, cross-border, regional and international insurance supervision.
• Reviewing and analysing reinsurance proposals and arrangements.
• Analysing requests for demergers and amalgamations and portfolio transfers.
• Reviewing requests for approval under the Insurance Act.
• Analysing applications for overseas placements.
• Reviewing lien processing applications.
• Reviewing reports for companies under statutory management.
• Reviewing reports on the activities of Statutory Managers.
• Participating in the preparation and updating of resolution plans.
• Participating in training of members of the industry.

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

Person Specifications

• Six (6) years’ cumulative relevant work experience, three (3) of which must have been at the grade of Senior Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in the following fields: insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA or approved 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

• Monitoring and implementing risk-profiling framework.
• Monitoring implementation of minimum requirements in relation to capital, governance and risk management.
• Monitoring implementation of set out requirements and practices and steps to be followed for compliance.
• Reviewing analysis of applications for licensing, approval and authorization of insurance and reinsurance companies under the Insurance Act.
• Reviewing analysis of requests from regulated entities for corporate changes, shareholding structure, mergers and acquisitions.
• Reviewing analysis of requests for approval under the Insurance Act.
• Reviewing analysis of applications for overseas placement of insurance business.
• Reviewing 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.
• Collecting and analysing data on onsite inspections, risk assessments, and trends to inform supervisory strategies.
• Conducting and preparing reports on off-site and on-site supervision of regulated entities.
• Participating in the organisation of supervisory colleges.
• Participating in group-wide, cross-border, regional and international insurance supervision.
• Reviewing and analysing reinsurance proposals and arrangements.
• Analysing requests for demergers and amalgamations and portfolio transfers.
• Reviewing requests for approval under the Insurance Act.
• Analysing applications for overseas placements.
• Reviewing lien processing applications.
• Reviewing reports for companies under statutory management.
• Reviewing reports on the activities of Statutory Managers.
• Participating in the preparation and updating of resolution plans.
• Participating in training of members of the industry.

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

• Six (6) years’ cumulative relevant work experience, three (3) of which must have been at the grade of Senior Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in the following fields: insurance, Finance, Accounting, Risk Management, Law, Economics, Information Technology or equivalent from a recognized institution.
• Professional qualification in the following fields: ACII, AIIK, LOMA, CPA, CIFA, CFA or approved 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.