Actuarial Officer at Insurance Regulatory Authority (IRA)

Vision: To be the leading insurance industry regulator. Mission: To effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries. Core Values: (i)Accountability: -We exercise prudence in use of public resources entrusted to IRA. (ii)Team Spirit: -We work effectively with others across functional lines to a...

 

Actuarial Officer

  • Job TypeFull Time
  • QualificationBA/BSc/HND
  • Experience
  • LocationNairobi
  • Job FieldInsurance 

Job Purpose
The position is responsible for reviewing data collected for accuracy and completeness, analyzing data, and preparing reports.

Job Specifications
Duties and responsibilities will entail:

  • Prepare reports on the analysis of products, premium rates, financial condition reports, and technical reserves for insurers.
  • Review the data analysis and insights on technical reserves reports, financial condition reports, and actuarial valuation reports for completeness and accuracy of information.
  • Prepare draft reports on capital adequacy ratios to ensure that the reports are accurate, complete, and prepared in accordance with the provisions of the insurance act.
  • Develop data collection templates, data analysis, and preparation of reports on insurance industry performance as required by the Insurance Act.
  • Determine the solvency and financial condition of regulated entities, including reviewing actuarial reserves and risk-based capital calculations, and the statements of actuarial opinion provided by each company’s appointed actuary.
  • Prepare reports on the analysis of financial stability of insurers and implementation of macroprudential policy, including carrying out regular macro stress tests and preparing documents for public communication on the tests.
  • Conduct data validation of quarterly and annual insurance statistics to check on completeness and consistency of insurance data.
  • Update various performance indicators, ratios, and industry benchmarks and averages.
  • Analyze, evaluate, and interpret insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters such as insurance premiums, income, expenditure, assets, and liabilities.

Person Specifications

  • Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or Financial Engineering.
  • Meets the provisions of Chapter Six of the Constitution.

Competencies and Skills

  • Strong communication and presentation skills
  • Good analytical skills
  • Problem-solving
  • Professionalism

Method of Application

Terms of Offer:

The Authority offers an attractive remuneration package commensurate with the duties and responsibilities of each position.

Successful candidates for positions in Job Grade IRA 4 to IRA 10 shall be appointed on Permanent and Pensionable terms of service.

Application:

Interested applicants MUST adhere to the application instructions provided below:

  • The applicants MUST submit their biodata online by filling in the form provided in the link below: https://forms.office.com/r/L8fWqDZ1r1
  • In addition, the applicants MUST send their hard copy applications enclosing their Curriculum Vitae and copies of relevant academic and professional certificates and copy of National Identification Card. The applicant MUST also include telephone number, e-mail address and names and addresses of three (3) referees familiar with the applicant’s professional background and experience.

Hard Copy Applications addressed to the undersigned, to be sent by post or delivered to the Insurance Regulatory Authority 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: MF/05” for Manager Finance).

Commissioner of Insurance & Chief Executive Officer
Insurance Regulatory Authority
Zep-Re Place
P.O Box 43505-00100
Nairobi

Applications must be received by close of business at 5pm on Friday 28th June 2024.

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

Canvasing in any manner shall lead to automatic disqualification.

Only shortlisted candidates will be contacted for interviews.

Interested and qualified? Go to Insurance Regulatory Authority (IRA) on forms.office.com to apply

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