Job Description
DIRECTORATE: Directorate of Supervision
GRADE/LEVEL: IRA 3
IMMEDIATE SUPERVISOR: Director Supervision
TERMS OF SERVICE: Five (5) years Contract renewable
subject to performance
Job Reference: REF: SMS/01
a) Job Purpose
The position is responsible for ensuring efficient registration and exit from the
market of insurers and ensure that the provisions of the Insurance Act, rules,
regulations, guidelines, circulars and other directives from the Authority are
enforced to ensure that the interests of policyholders and insurance beneficiaries
are sufficiently safeguarded.
b) Job Specifications / Key responsibilities
The duties and responsibilities will entail:
I. Managerial / Supervisory Responsibilities
i) Oversee registration of insurers as provided for in the Insurance Act to
ensure protection of policyholders and insurance beneficiaries.
ii) Co-ordinate the various regulatory approvals as required under the
Insurance Act to ensure proper operations of the insurers.
iii) Oversee enforcement of penalties, restrictions, directives,
inspection/investigation recommendations, offsite surveillance and
market conduct recommendations and any other requirement of the
Insurance Act on insurers;
iv) Maintain awareness of new trends and developments in the field of
enforcement and incorporate new developments as appropriate into
department’s programs;
v) Oversee development and implementation of strategies for effective
supervision of insurers under statutory management to ensure
recovery or smooth exit from the market.
vi) Oversee the identification, development and implementation of
regulatory reforms in areas of amendments or changes in the Insurance
Act, regulations and guidelines with regards to licensing and
enforcement;
vii) Coordinate and supervise the implementation of the supervisory
policies and procedures to achieve the Authority’s goals and objectives;
viii) Provide leadership and strategic direction to staff in the department in
achieving the goals of the Department;
ix) Ensure compliance with the department’s standard operating
procedures by staff.
II. Operational Responsibilities / Tasks
i) Oversee development of recovery and resolution plans for insurers;
ii) Monitor and report on the performance of statutory managers;
iii) Review reports on performance of approved insurance products and
intervene as provided for in the Insurance Act.
iv) Coordinate and oversee development of legislative and regulatory
proposals;
v) Develop capacity building initiatives for insurers on emerging issues;
vi) Ensure maintenance of a register and database of registered Insurers as
required under the Insurance Act;
vii) Prepare Board and management reports in matters relating to Licensing of
insurers and Enforcement of the requirements of the Act;
viii) Oversee development, execution and control of the department’s work
plan, budget and procurement plan;
ix) Oversee development, implementation, monitoring and evaluation of the
risk assessment framework for the department; and
x) Undertake performance management, training and development, coaching
and mentoring and welfare for staff of the Department
c) Persons Specifications
i) Master’s degree in Statistics, Insurance, Commerce, ICT, Finance, Risk
Management, Economics, Law, Business Administration or its equivalent.
ii) Bachelor’s degree in Statistics, Insurance, Commerce, ICT, Finance, Risk
Management, Economics, Law, Business Administration or its equivalent.
iii) Twelve (12) years relevant experience, eight (8) of which served at a
management level.
iv) Leadership course lasting not less than four (4) weeks
OR
Management Course lasting not less four (4) weeks
v) Supervisory Course for not less than two (2) weeks;
vi) Professional qualifications in Insurance or Accounting (ACII/
AIIK/FMLI/CPA)
vii) Certificate in Computer Proficiency;
viii) Meets provision of chapter six of the Constitution.