Insurance Analyst II (Domestic Insurance Unit)

INSURANCE ANALYST II

Department: Insurance (Domestic Insurance Unit)

Location: Providenciales

Annual Salary: $56,037.00- $64,985.00

 JOB SUMMARY

This is a technical position that conducts analysis, regulatory/supervisory activities, and risk assessments on a portfolio of higher-risk and complex insurance companies to ensure compliance with relevant ordinances, regulations, guidelines, international and regional best practice standards, and to assess their financial strength.

 The analyst will serve as examiner in charge for onsite examinations of assigned licensees, organize and conduct meetings with the licensees.

 The analyst will be responsible for reviewing and assessing regulatory applications, including applications to establish an insurance company based on the relevant ordinances, regulations, codes, guidelines and/or international standards. The analyst will also provide assistance in developing policies and procedures to enhance the regulation of the financial sector.

EDUCATION
i)     BSc. Degree or an equivalent qualification in accounts, finance, economics, business or a related discipline; or
ii)    Professional qualifications such as from the Chartered Insurance Institute; or
iii)   Certified Financial Analyst (CFA); or
iv)   Other relevant or comparable professional qualifications/certifications.

EXPERIENCE
At least three years working experience as a financial sector regulator/supervisor with experience/exposure in the following areas:
i)    Analysing, monitoring, and supervising a portfolio of insurers, to assess regulatory compliance and financial strength, and report on the findings.

ii)   Analysing actuarial returns, financial data and statements to determine the viability and strength of insurers, particularly assessing the capital, asset quality, earnings, liquidity and management/corporate governance.

iii)   Planning, organizing, and conducting onsite examinations in the role of examiner in charge and drafting examination reports.

iv)   Assessing reinsurance arrangements to determine adequacy based on the complexity and products of the insurance company.

v)   Applying risk based supervisory techniques to risk assess significant activities, identifying and assessing inherent risks, and assessing the quality of risk management, corporate governance, and other oversight functions, including the internal audit function at an insurer.

vi)   Assessing money laundering and financing terrorism risks of insurance entities.

vii)  Reviewing and assessing applications for an insurance licence and other regulatory request/application, and making recommendations based on relevant legal, policy and/or international standards.

SPECIFIC KNOWLEDGE REQUIRED
i)    Sound financial/analytical skills to read and interpret financial data and financial statements, and effectively draft financial analysis reports.

ii)   Sound knowledge of the laws, rules and best practices governing the insurance sector, such as Insurance Ordinance, Proceeds of Crime Ordinance, Insurance Core Principles and other related policies and international supervisory standards.

iii) Sound knowledge of accounting principles and standards (IFRSs and IASs), inclusive of new IFRSs, particularly as they relate to insurance contracts and the recognition and measurement of financial assets, liabilities, and financial instruments.

iv)  Sound knowledge of the operations of insurance entities including reinsurance, the insurance industry, insurance terminologies and developments in the insurance sector.

v)   Sound knowledge of risk-based supervision methodology and concepts.

vi)  Working knowledge of risk-based capital assessment would be an asset.

vii) Working knowledge of stress testing would be an asset.

viii) Working understanding of IT systems and the use of such technologies in the financial services industry would be an asset.

SPECIALISED TECHNIQUES/SKILLS
i)     High level conceptual, interrogative, and critical thinking analytical skills.
ii)    Sound interpretative and quantitative analytical skills in assessing financial data, statements, and economic indicators.
iii)   Ability to communicate effectively (orally and written).
iv)   Ability to work on own initiative with minimal supervision.
v)    Ability to work under pressure.
vi)   Ability to work well as part of a team.
vii)  Proficiency in Microsoft Office Suite.

WORKING CONDITIONS
i)    Occasionally required to work outside of normal working hours.
ii)   Travel to regulated institutions to conduct reviews or attend meetings.
iii)  International travel for training, meetings and conferences.

REPORTING AND ORGANIZATIONAL RELATIONSHIPS
Reports To:                                                                                                                Nature of Supervision Received
Directly:
     Director, Insurance                                                                                         Periodic supervision based on broad
     Supervisor/Assistant Manager (DIU)                                                             Procedures (weekly or monthly reviews)

Supervision Given To:                                                                                                           Nature of Supervision Given:
Directly:
     N/A

Indirectly:
     Analyst I

LIAISES WITH:
Internally:
     i)    Licensing Committee
     ii)   Companies Registry
     iii)  AML Supervision Department
     iv)  Administration and Finance Departments
     v)   Policy and Legal Units
     iv)  Bank and Trust Department

Externally:
     i)     Relevant licensees/supervisees
     ii)    Ministry of Finance, Statistics Department and other relevant government agencies
     iii)   Regional and International Regulators and Central Banks
     iv)   Caribbean Association of Insurance Regulators

DUTIES & RESPONSIBILITIES
1. Conducts off-site monitoring of a portfolio of assigned licensees:
    

i)     Review and monitor submissions of monthly, quarterly and annual returns, including

audited financial statements, internal audit reports, compliance reports, etc.

ii)    Assess returns for completeness, accuracy, and compliance. Liaise with licensees to address queries and inconsistencies observed.

iii)   Compile and analyze data and information from licensees to determine compliance with guidelines, regulations, laws and international best practice standards. This involves an examination of ratios and trends, and identification of potential risks.

iv)   Prepare and keep current risk assessment documents based on the risk based supervisory framework adopted by the Commission. This involves identifying and assessing risks and recommending the supervisory intervention stage rating.

v)    Conduct relevant research to assess the macroeconomic factors, both local and globally, impacting assigned licensees.

vi)   Conduct industry/sector analysis to determine the impact of any changes on assigned licensees.

vii)  Maintain up-to-date knowledge on the business profiles of assigned licensees.

viii)  Assess operations of assigned licensees to determine significant activities and inherent risks.

 ix)   Gather sufficient information to assess and rate inherent risks in the significant activities of assigned licensees.

x) Assess the quality of risk management and corporate governance to determine their adequacy in mitigating risks and meeting local, regional, and international standards.

xi) Prepare quarterly (or as assigned) risk assessment reports, annual supervisory letters, and annual supervisory plans for assigned entities.

xii) Prepare financial analysis and risk assessment/monitoring reports as required, in the department’s prescribed format.

xiii) Conduct ongoing monitoring of assigned entities and advise the Supervisor of any breaches in regulations, problems or potential problems observed, with recommendations for their solution.

xiv) Prepare report on assessment of money laundering and financing of terrorism risks for assigned entities in the department’s prescribed format.

2. Examiner in Charge of on-site examinations of assigned licensees or as assigned. This involves:

i) Determining the scope for an on-site examination based on offsite monitoring and risk assessment.

ii) Preparing on-site examination plan and letter for review.

iii) Conducting pre-on-site assessments based on the scope of the examination, including the licensee’s significant activities, risk management framework, capital adequacy, asset quality, earnings quality, liquidity, IT systems and overall corporate governance. Utilizing risk-focused examination techniques as necessary, to determine the need for additional documentation or changes to the scope and focus of the examination.

iv) Planning and organizing the examination process, which includes preparing pre-examination letters to the licensee, and organizing and conducting meetings with licensees. Examining files, Board Minutes and other documents to determine compliance/non-compliance with internal policies and procedures and relevant laws, regulations and supervisory standards (best practices).

v) Obtaining sufficient relevant evidence during examinations to support findings.

vi) Collating examination findings and preparing draft reports that highlight risks, trends and issues, and presenting recommendations and conclusions.

vii)  Compiling examination findings and filing evidence and supporting documentation.

viii) Conducting follow-up on remediation of examination findings by licensees.

3. Participating in prudential meetings with licensees on an annual or semi-annual basis, or as need be, based on risk assessment and the supervisory plan, to discuss performance, strategic changes within the organization, initiatives and/or outstanding issues, etc., as guided by the Supervisor.

4. Reviewing, assessing and drafting recommendations on licensee applications and requests requiring regulatory approval, based on the relevant legal and/or regulatory requirements. Conduct the relevant and appropriate fit and proper assessment on officers and officials of the licensees.

5. Conducting relevant research, draft correspondence and other regulatory assessments as assigned.

6. Undertaking special projects as assigned.

7. Keeping abreast of relevant economic and political events (locally and internationally) to be able to liaise with the assigned institutions at an informed level and to properly assess risk and update the risk assessment document (RAD).

8. Maintaining electronic and manual files in relation to work done for assigned institutions, including working papers, correspondence, regulatory approval, records of financial statements and returns, etc., in an orderly manner to allow for transparency, review, and ease of retrieval.

9. Performing related duties as assigned by the Director, and/or Supervisor.

AUTHORITY TO
i)    Access all records and documents (inclusive of confidential information) in the possession of any officer within regulated institutions.
ii)   Instruct the Insurance Analyst on the execution of various tasks.
iii)  Make recommendations resulting from desk review conducted, onsite inspection findings and review of application for insurance license.

PERFORMANCE CRITERIA
This job is satisfactorily performed when:
i)     Analyst works independently in managing his or her portfolio of assignments.
ii)    Reports, letters, memos are prepared within agreed or reasonable timelines and are of a high quality.
iii)   Documents are drafted promptly for finalization within established deadlines, and recommendations and position papers are prepared as necessary for vetting and approval.
iv)   Minutes of meetings attended accurately represent proceedings, file notes are produced, and letters prepared within established deadlines for vetting by the Supervisor.
v)   Working papers are maintained in established formats and submitted within the established reporting timeframe.
vi)  The RAD is appropriately completed and kept up-to-date, effectively identifying and assessing the risks in assigned licensees.
vii)  On-site/off-site reviews are completed as scheduled, and reports completed and transmitted within the set deadline.
viii) Findings from reviews are supported by accurate and comprehensive analysis in keeping with established standards.
ix)   Examination findings and required actions are appropriately followed-up within the established timeframe.
x)    Breaches of regulations and other serious issues are readily identified and reported to the Supervisor and/or appropriately followed up on until satisfactorily addressed.
xi)   Files are maintained in accordance with established standards.
xii)  Professional work ethics, confidentiality and integrity are maintained at a high level.
xiii) Policies and procedures of the Commission and the Insurance Department are consistently observed.

All Applications should be submitted via The Financial Services Commission’s Website (https://tcifsc.tc/vacancies/) 

APPLICATION DEADLINE 30TH NOVEMBER 2024