Manager, Insurance Supervision

Job Purpose

Key Responsibilities

• Gather, organise and analyse data for Authorised Firms and industry to enable risk-based and proportionate supervision.
• Identify emerging risk trends, which could have a material impact on regulated entities, in order to take appropriate actions and inform the line manager accordingly.
• Prepare, support and/or contribute to professional discussions with management of firms to gather and corroborate information.
• Monitor and assess risks of pool-managed Authorised Firms and of selected Authorised Firms and help ensuring compliance with laws and regulations, supervision service standards, processes and procedures.
• Prepare, support and/or contribute to performing desk-based reviews and on-site examinations, thematic and event-driven reviews, analysing firm-specific, financial and non-financial data through internal and external sources; write clear and concise memorandums and reports.
• Assist with firm-related matters, such as Authorised Individual reviews including fit and proper interviews, changes in control review, and reviews of licensing and scope variations.
• Draw conclusions from supervisory engagements, recommend as well as follow up on corrective actions, as appropriate, and support enforcement referrals, as necessary.

Technical Guidance

• Act internally as a technical expert in insurance risk, including underwriting, reserving, solvency and risk-based capital requirements pertaining to insurers, and support internal training as needed.
• Participate in conducting specialised reviews such as actuarial valuation reports, captive business models and run-off plans, as necessary.
• Monitor developments in relevant international and `regional regulatory standards and in the financial services industry (particularly that of the International Association of Insurance Supervisors (IAIS)) and provide inputs and updates.
• Assist in policy setting and in developing prudential related regulations.

Educational Background

• Bachelor’s degree in a relevant field such as Business, Finance, Economics, Actuarial/Data Science, Law, Accounting or Risk Management. A post graduate degree in similar fields would be considered as an advantage.
• Evidence of continuing professional education relevant to the target position.
• Professional qualifications in insurance, such as CII, CPCU, ARM, Chartered Actuary, etc. would be considered as a plus.

Professional Experience

• At least 5 – 7 years of recent regulatory experience with a broadly equivalent financial services regulator with insurance background.
• Experience in practically supervising general insurers and/or reinsurers, preferably as part of an internationally active insurance group and/or operating in the field of commercial/industrial insurance or in the London Market.
• Experience in dealing with financial services regulators, standard setters (particularly those relating to the IAIS on insurance supervision or other relevant international standard setters e.g. the FSB, IFSB).
• Additional experience in dealing with captive insurers, ILS, Lloyd’s syndicates, takaful undertakings and insurers in run-off would be considered as an advantage.
• Also, experience in the development and implementation of regulatory standards, policy analysis or insurance data analytics would be considered as an advantage.

Knowledge, Skills & Attributes

• Robust understanding of the responsibilities/role of the regulator and appreciation of what it means to be a risk-based regulator/day-to-day supervisor.
• An in-depth knowledge of the financial services industry, particularly the international and regional reinsurance sector, and its unique characteristics with proven understanding of the sector’s key risks, both at macro- and micro-prudential levels.
• Understanding of current and emerging risk management trends/issues as they relate to the insurance industry.
• Knowledge of the financial and/or non-financial performance indicators, data and risks, and the information and techniques used in the measurement and management of those risks.
• Working knowledge and experience in one or more of the following areas would be highly valued: Solvency II, IFRS 17 on Insurance Contracts or IAIS Insurance Core Principles (ICPs) and Insurance Capital Standard (ICS)
• Capable of taking the initiative to manage and deliver tasks on time with limited supervision.
• Good research, analytical and problem-solving skills, with ability to apply judgment.
• Good people, organisation and time management skills embodied in a professional, diplomatic and ethical attitude.
• Good communication and presentation skills.