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Insurance Regulatory Authority – Director Market Conduct.

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JOB REF: DMC/02 – DIRECTOR MARKET CONDUCT

JOB DESCRIPTION

JOB TITLE Director Market Conduct

DIRECTORATE Directorate of Market Conduct

DEPARTMENT N/A

GRADE/LEVEL IRA 2

IMMEDIATE SUPERVISOR Commissioner of Insurance & Chief
Executive Officer

TERMS OF SERVICE Five (5) years Contract renewable once
subject to performance

a) Job Purpose

The position is responsible for safeguarding the interest of policy holders and beneficiaries, strengthening public trust and consumer confidence in the insurance sector and providing strategic leadership and oversight in development and implementation of strategies for ensuring that market conduct of regulated entities is in compliance with insurance legislations. Further, the position is responsible for promoting the development of the insurance sector through consumer education and insurance awareness.

Job Specifications /Key responsibilities

Duties and responsibilities will entail:

Managerial / Supervisory Responsibilities

  • Provide strategic  leadership  in  formulation  and  implementation  of strategies for undertaking comprehensive, targeted and risk focused market conduct examinations of regulated entities in order determine compliance with insurance legislation and regulations for consumer protection;
  • Coordinate review of insurance companies’ operations, marketing, underwriting, rating, policyholder service, producer licensing, complaint handling and claims handling processes to ensure that regulated entities maintain high standards of integrity and fair dealing in conduct of their business;
  • Coordinate development, implementation and monitoring of a framework for treating customer fairly;
  • Oversee standardization of contracts of compulsory insurance to ensure that consumers are protected;
  • Provide leadership in review and assessment   of regulated entities documents and data to ensure provision of information that is complete, timely, accurate and not misleading regarding their goods and services, terms, conditions, applicable fees, commissions and final costs to enable consumers to make informed decisions;
  • Oversee the collection and analysis of data from regulated entities to detect and address unlawful practices in marketing and distribution of insurance products to ensure that regulated entities promote products and services in a manner that is fair and not misleading;
  • Facilitate in conducting regulatory impact and gap analysis with respect to the Insurance Act     aimed at protecting the insurance consumers;
  • Ensure adequacy of complaints handling infrastructure and mechanisms that provide consumers with expeditious, fair, transparent and effective dispute resolution;
  • Coordinate capacity building of the regulated entities for enhanced service delivery;
  • Coordinate development and implementation of a framework to ensure regulated entities communicates relevant and meaningful information in a timely and comprehensive manner to policyholders;
  • Ensure the development and maintenance of an effective complaints’ management and dispute resolution framework;
  • Coordinate local, regional and global strategic alliances and institutional linkages on consumer education and protection to enhance information sharing;
  • Coordinate the development and implementation of outreach programmes aimed at increasing access and inclusion;
  • Ensure regular  public  education  on  the  rights  and  obligations  of policyholders on insurance contracts to enable them make informed decisions;
  • Coordinate formulation, implementation, monitoring and evaluation of strategies for consumer education and public awareness programmes aimed at promoting development of the insurance industry;
  • Oversee development, implementation and review of the Directorate’s annual budgets, annual work plans, procurement and disposal plan in compliance with the applicable laws and regulations.

Operational Responsibilities / Tasks

  • Review and analyse new, or revised laws, regulations, policies, and procedures for consumer protection and education and determine impact to consumers of insurance services.
  • Coordinate offsite risk assessment and onsite inspections on market conduct.
  • Monitor implementation of TCF framework to ensure regulated entities exercise due care and act in a diligent manner in dealing with customers;
  • Coordinate development and implementation of product approval framework.
  • Oversee preparation of reports and other supporting documentation and schedules that detail a company’s compliance with insurance legislation and make recommendations.
  • Ensure execution of the directorate’s strategies, policies, procedures and align with the Strategic Plan of the Authority;
  • Liaise with other Financial Sector regulators to develop programmes to support financial inclusion.
  • Monitor performance, information and feedback mechanisms to inform continuous improvement in systems, processes and resource management;
  • Ensure regulated entities promote insurance products and services in a manner that is clear, fair and not misleading.
  • Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Directorate.
  • Oversee the preparation and implementation of Directorate’s workplan and budget;
  • Oversee the preparation and implementation of procurement plans for the Directorate;
  • Provides oversight  of  the  Directorate’s  implementation  of  Quality Management System, risk management and knowledge management;
  • Preparation and presentation of Board papers.

Persons Specifications

  •  Masters’ degree in, Business Administration, Communication, Public relations Economics, Law, Finance, or related from a recognized institution
  • Bachelors’ degree in, Business Administration, Communication, Public relations, Economics, law, Finance, Economics, Law, or related field from a recognized institution
  • Professional qualification: ACII, Diploma KSL, CIM or equivalent
  • Membership to a relevant professional body
  • Leadership course lasting not less Two (2) weeks
  • Fifteen (15) years relevant experience ten (10) of which should be in senior management position
  • Meets the provision of chapter six of the constitution

d) Competencies and skills

  • Strong communication and reporting skills;
  • Strong analytical and numerical skills;
  • Strong organization and interpersonal skill;
  • Mentoring, coaching and leadership skills;
  • Conflict management; and
  • Ability to work under pressure, prioritize and multi-task.
  • Demonstrate ethical and integrity attributes

Terms of Offer:

An attractive remuneration package commensurate with the responsibilities of the position will be negotiated with the successful candidate.

Application:

Suitably qualified and experienced individuals should submit applications enclosing a detailed curriculum vitae (CV), copies of relevant academic and professional certificates/testimonials and a copy of National Identity Card.

The CV must at the minimum provide details of the applicant’s email address, day-time mobile telephone numbers, details of current employer, current remuneration and names and contacts of three (3) referees familiar with the applicant’s professional background and experience.

Applications, addressed to the undersigned, may be delivered at the Insurance Regulatory Authority (Registry Section) at Zep-Re Place, 2nd Floor, Longonot Road, Upper Hill. Please note that these should be sealed, marked “Confidential” and indicate the job reference (e.g “REF:DS/01” for Director Supervision). Alternatively, they may be sent by post or email to:

Commissioner of Insurance & Chief Executive Officer

Insurance Regulatory Authority

Zep-Re Place

P.O Box 43505-00100

Nairobi

EMAIL : careers@ira.go.ke

Applications must be received not later than Thursday 18th August, 2022 at 5.00 pm.

Compliance Requirement:

In accordance with The Employment (Amendment) Act, 2022, the Authority will require candidates it wishes to enter into a written contract of service with to comply with Chapter Six of the Constitution by submitting mandatory compliance and clearance certificates from the relevant entities.

Important:

IRA is an Equal Opportunity Employer committed to diversity and gender equality.

Canvasing in any manner shall lead to automatic disqualification.

Only shortlisted candidates will be contacted.

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