Manager, Insurance Division

Manager, Insurance Division

Manager, Insurance Division

Fixed Term Contract

The Financial Services Commission (FSC) is an integrated financial services regulator. Our mission is to regulate and supervise the securities, insurance and private pensions industries,

for the protection of their users, thereby enhancing public confidence through the efforts of a competent workforce.

We seek to recruit individuals who are driven, results-oriented, and have a passion for providing excellent service.

The FSC has an immediate opening for the position of Manager, Insurance Division

SUMMARY OF RESPONSIBILITIES

The Insurance Manager, Special Projects, Statistics and Enhance Monitoring (Insurance Manager,(SSE))  is responsible for ensuring that registrants under the Act are effectively supervised, balancing the interests of both the industry and the public.  The functions include anticipating trends in the sector, detecting signs of financial weakness or non-compliance in insurance companies or insurance intermediaries, and taking action to correct or reduce the risks. The Job Holder provides leadership in the development and administration of supervisory programs in accordance with theInsuranceAct and Regulations that govern the regulated entities. This job has significant impact on the compliance rate, public confidence, growth rate and financial health of the insurance industry.

The Insurance Manager makes recommendations to the Senior Director regarding decisions to address irregularities or reduce risk, which may result in refusal of a licence or registration granted insurance entities and individuals. He/she assists the Senior Director, Insurance in administering comprehensive programs to assess risk, implements performance standards, and develops appropriate policies and procedures as well as proposals for legislative changes.

MAJOR ACCOUNTABILITIES

• Ensure effective monitoring of the operating activities and financial health of insurance companies and brokers in order to protect the public’s interest.
• Identify where potential financial problems and statutory compliance are identified in insurance companies and intermediaries assists in determining appropriate action to be taken to correct the problems and direct FSC’s programs to accomplish this.

• Monitoring and coordinating the activities the division for Special Projects.
• Ensure that quality statistics is available and disseminated to the relevant parties.
• Monitors entities  that the Insurance Division deemed as needing enhanced monitored due to the entity being systemically important or otherwise.  

• Provide the FSC with continuing expertise and information on developments with respect to legislative policy and problems; and concerns and issues arising from the insurance sector.
• Compile and write examination reports and recommendations, and discuss with management, audit committees, and directors of financial institutions. 
• Monitor and evaluate the department’s performance against its balanced scorecard targets and develop and execute the necessary interventions on a timely basis.
• Make recommendations to the Senior Director on decisions required to correct irregularities or reduce risk, which can result in revocation or refusal of an insurance licence, or intermediary registration.

QUALIFICATIONS AND EXPERIENCE 

• A master’s degree in any of the following: Accounting, Business Administration, Finance, or related field.
• The job requires at least 5 years relevant work experience in a comparable position and business.
• The ability to communicate with external Auditors of the regulated entities to determine scope and quality of their audits so that reliance can be placed on their work where warranted.
• Provide advice to policy and legislation developers regarding the effectiveness of the legislation and the needs of the insurance industry.