Job Description
DIRECTORATE/DEPARTMENT: Directorate of Supervision
GRADE/LEVEL: IRA 4
IMMEDIATE SUPERVISOR: Senior Manager, Actuarial and
Data Analytics
Job Reference: REF: MAS/04
a) Job purpose
The position is responsible for ensuring that all the actuarial work is done
accordance with the requirements of the Insurance Act including providing up
to date reports upon analysis of industry data and returns in order to support
other departments in the directorate in making informed decision in supervising
the insurance industry.
b) Job Specifications
The duties and responsibilities entail:
I. Managerial / Supervisory Responsibilities
(i) Formulate minimum requirements in relation to capital, governance and
risk management to ensure safety and stability in the insurance industry.
(ii) Formulate practices and steps to be followed for compliance to ensure fair
market practices in the industry.
(iii) Development, policy guidelines, regulations and amendments in the
Insurance Act for supervision of the insurance industry;
(iv) Monitor and implement set out practices and steps to be followed for
compliance ensure fair market practices in the industry.
(v) Monitor and Implement and evaluate policy guidelines, regulations and
amendments in the Insurance Act for supervision of the insurance
industry;
(vi) Coordinate the implementation of the actuarial policies and procedures,
monitor and evaluate their effectiveness in meeting the Authority’s goals
and objectives.
(vii) Monitoring the solvency and financial condition of regulated entities by
reviewing actuarial reserves and risk-based capital calculations and the
statements of actuarial opinion provided by each company’s appointed
actuary.
(viii) Coordinate the development of data collection templates and deployment
to the ERS.
(ix) Oversee data analysis and preparation of reports on insurance industry
performance as required by the Insurance Act;
II. Operational Responsibilities / Tasks
(i) Prepare Board and management reports in matters relating to actuarial
and financial analysis;
(ii) Oversee data analysis and preparation of reports on financial condition of
insurers to determine their ability to meet their financial obligations.
(iii) Oversee data analysis and preparation of reports on actuarial reserving by
insurers to determine adequacy of technical provisions and actuarial
liabilities.
(iv) Oversee the analysis for approval of insurance products and premium
rates applications to ensure that they conform with the requirements of
the law, regulations and guidelines.
(v) Oversee the analysis of data and reports on insurance industry
performance as required by the Insurance Act;
(vi) Oversee the analysis of data and reports on financial condition of insurers
to determine their ability to meet their financial obligations.
(vii) Oversee the analysis of data and reports on stress testing of insurers to
determine their ability to meet their future financial obligations.
(viii) Oversee the preparation of report to be used in the supervisory colleges
especially on capital adequacy ratios.
(ix) Developing and implementing changes to insurance laws and regulations
concerning proper reserve levels, premium rates, accounting and capital
adequacy requirements.
(x) Oversee the generation of periodic reports on performance, trends analysis
and projections for the insurance industry.
(xi) Oversee regular reviews and updates on insurance industry performance
indicators and benchmarks.
(xii) Coordinate continuous evaluation of financial returns to ensure they meet
acceptable standards and that all the necessary disclosures are made.
(xiii) Monitor the process of designing, implementing and evaluating the
reporting framework for the insurance industry.
(xiv) Participate in on-site inspections on issues related to actuarial.
(xv) Participate in the identification of reforms in areas of amendments or
changes in the Insurance Act, regulations and guidelines.
(xvi) Oversee the development of the section’s budget;
(xvii) Oversee the development of procurement plans for the Directorate;
(xviii) Ensure compliance with the section’s standard operating procedures by
staff.
(xix) Undertake performance management, training and development, coaching
and mentoring and welfare for staff of the section;
(xx) Implement appropriate Technology including SupTech and RegTech.
(xxi) Provide leadership and strategic direction to staff in the section.
c) Persons Specifications
(i) Master’s degree in Actuarial Science, Actuarial Management,
Mathematics, Statistics, Insurance, Finance, Risk Management,
Economics, Financial Engineering, Law, ICT or Business Administration
or its equivalent.
(ii) Bachelor’s degree in Actuarial Science, Statistics, Insurance, Finance,
Economics, Law, ICT, Financial Engineering or its equivalent.
(iii) Professional qualifications in Actuarial or its approved equivalent.
(iv) Be a registered member of a relevant professional body.
(v) Certificate in Computer Proficiency.
(vi) Management course lasting not less than Two (2) weeks will be an added
advantage.
(vii) Nine (9) years relevant experience
(viii) Meets provision of chapter six of the Constitution.