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Insurance Regulatory Authority – Director Supervision.

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JOB REF: DS/01: DIRECTOR SUPERVISION

JOB DESCRIPTION

JOB TITLE Director Supervision

DIRECTORATE Directorate of Supervision

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 financial safety and stability of regulated entities and the broader financial system ensuring that entities under all reasonable circumstances meet their financial obligation. The position will undertake Licensing, Enforcement, Actuarial Services, and Data Analytics to promote the maintenance of a fair, safe and stable insurance industry.

Job Specifications/Key responsibilities

Duties and responsibilities will entail:

Managerial / Supervisory Responsibilities

  •  Oversee the formulation and implementation of minimum requirements in relation to capital, governance and risk management to ensure safety and stability in the insurance industry;
  • Provide direction to regulated entities by setting out practices and steps to be followed for compliance to ensure fair market practices in the industry;
  • Provide leadership in the development, implementation and evaluation of policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry;
  • Coordinate licensing and approvals for members of the insurance industry as provided for in the Insurance Act to ensure protection of insurance policyholders and beneficiaries;
  • Provide leadership in enforcement and articulate sanctions as provided for under the Insurance Act to ensure market discipline;
  • Stay abreast with regional and international insurance supervision practices, developments and trends and their potential impact on the insurance industry;
  • Scope out and coordinate the development and implementation of supervisory policies and procedures, and evaluate their effectiveness in achieving the Authority’s goals and objectives;
  • Oversee the development, continuous update and implementation of risk profiling framework for proactive intervention focused on fostering insurance industry stability and consumer protection;
  • Oversee the formulation and implementation of policies on group-wide, cross-border, regional and international insurance supervision;
  • Lead the development of data collection templates, data analysis and production of reports on insurance industry performance as required by the Insurance Act;
  • Formulate and execute strategies for resource mobilization to finance the operation of the Authority to ensure it realises its mandate;
  • Coordinate and monitor implementation of AML/CFT Act by members of insurance industry to ensure effective reporting on AML/CFT issues to the Financial Reporting Centre.
  • Lead stakeholder engagements for capacity building and articulation of emerging issues in supervision;
  • Provide leadership and strategic direction to staff in the directorate.

Operational Responsibilities / Tasks

  •  Review and advise Management on proposals for registration and licensing;
  • Advise management on the alignment of insurance supervision practices with global best practices to ensure that supervision is in line with global best practice;
  • Coordinate off-site and on-site supervision of regulated entities;
  • Coordinate Supervision of insurers with respect to anti-money laundering and combating financing of terrorism.
  • Oversee remittance of the insurance premium levy amounting to Kes. 1.8 billion;
  • Review the financial condition of insurers to determine their ability to meet their financial obligations and advise management.
  • Review the actuarial reserving reports of insurers to determine adequacy of technical provisions and actuarial liabilities.
  • Oversee the design, development and implementation of data capture template within the Electronic Regulatory System.
  • Lead the review and assessment of Insurance companies’ compliance with capital adequacy requirements, governance structures and stress tests.
  • Review analysis on acquisitions, transfers and mergers within the insurance industry to ensure policy holders are protected;
  • Coordinate, conduct and participate in supervisory colleges with other supervisory authorities that have regulatory oversight of entities within a group.
  • Oversee the development of Directorate’s budget amounting KES. 221 million.
  • Oversee the development of procurement plans for the Directorate;
  • Ensure compliance with the Directorate’s standard operating procedures by staff.
  • Ensure creation of a database of all the regulated entities;
  • Provide advisory services to stakeholders and general public on matters pertaining to insurance;
  • Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Directorate;
  • Ensure implementation of appropriate Technology including SupTech and RegTech

Person Specifications

  •  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.
  • Bachelor’s degree in Actuarial Science, Statistics, Insurance, Finance, Economics, Law, ICT, Financial Engineering or its equivalent.
  • Professional qualifications in Insurance, Financial Analysis, Accounts, Actuarial or its approved equivalent.
  • Be a registered member of the Institute/Faculty of Actuaries, Chartered Insurance Institute, Insurance Institute of Kenya, Institute of certified Public Accountants of Kenya or any other professional body that may be approved by the Board.
  • Leadership Course lasting not less than four (4) weeks
  • Proficiency in Computer applications
  • Fifteen (15) years relevant experience ten (10) of which should be in senior management position
  • Member of a professional body recognized in Kenya
  • Supervisory course lasting not less than two (2) weeks
  • Certificate in computer proficiency
  • Meets provision of chapter six of the Constitution.

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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