To be the leading insurance industry regulator. Mission: To effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries.

Job purpose
To ensure 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.

Job Specifications

Duties and responsibilities will entail:

Managerial / Supervisory Responsibilities

• Recommend licensing and approvals of regulated entities as provided for in the Insurance Act to ensure the protection of insurance policyholders and beneficiaries;
• Monitor and implement set out practices and steps to be followed by regulated entities to ensure fair market practices in the insurance industry;
• Monitor and implement policy guidelines, regulations, and amendments in the Insurance Act with regards to licensing;
• Monitor and enforce penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations, and any other requirement of the Insurance Act, regulations, guidelines, and rules;
• Provide leadership and strategic direction to staff in the section;
• Review reports on remittance of premium levy;
• Review enforcement reports.

Operational Responsibilities / Tasks

• Prepare proposals for registration and licensing;
• Review analysis on acquisitions, transfers, and mergers within the insurance industry to ensure policyholders are protected;
• Review analysis on process applications for registration, approval, and authorization of insurance and reinsurance companies under the Insurance Act;
• Review analysis on reinsurance proposals and arrangements;
• Review analysis on requests from regulated entities for corporate changes including new branches, shareholding structure, mergers, and acquisitions;
• Review analysis on approval of directors, principal officers, senior managers, and key officers as well as recruitment of expatriates and approvals for work permits;
• Review analysis on applications for overseas placement of insurance business;
• Ensure compliance with the section’s standard operating procedures by staff;
• Review reports on remittance of premium levy;
• Review enforcement reports;
• Maintain accurate information on all investigations, inspections, and enforcement actions;
• Develop systems and procedures to monitor insurers’ compliance with the requirements of the Insurance Act and other directives issued by the Authority and take appropriate measures as provided for in the Insurance Act;
• Intervene in the event of non-compliance with regulatory and supervisory requirements;
• Evaluate and monitor the implementation of corrective plans;
• Ensure compliance with the section’s standard operating procedures by staff;
• Undertake performance management, training and development, coaching and mentoring, and welfare for staff of the section;
• Oversee the development of recovery and resolution plans for insurers;
• Monitor and report on the performance of statutory managers.

Person Specifications

• Master’s degree in Statistics, Insurance, Finance, Risk Management, Economics, Law, Business Administration, Commerce, or its equivalent;
• Bachelor’s degree in Commerce, Business Administration, Statistics, Insurance, Finance, Economics, or Law;
• Six (6) years relevant experience;
• Management Course lasting not less than four (4) weeks;
• Professional qualifications in Insurance or Accounting (ACII/AIIK/FLMI/CPA);
• Member of a relevant professional body;
• Meets the provision of chapter six of the Constitution.

Competencies and skills

• Strong negotiation skills;
• Strong communication and presentation skills;
• Good mentorship and coaching skills;
• Leadership and supervision skills.