Manager Actuarial Services at Insurance Regulatory Authority (IRA)
Manager Actuarial Services
- Job TypeFull Time
- QualificationBA/BSc/HND , MBA/MSc/MA
- Experience9 years
- LocationNairobi
- Job FieldInsurance
Job purpose
The position is responsible for ensuring that all the actuarial work is done in accordance with the requirements of the Insurance Act, including providing up-to-date reports upon analysis of industry data and returns in order to support other departments in the directorate in making informed decisions in supervising the insurance industry.
Job Specifications
The duties and responsibilities entail:
Managerial / Supervisory Responsibilities
- Formulate minimum requirements in relation to capital, governance and risk management to ensure safety and stability in the insurance industry.
- Formulate practices and steps to be followed for compliance to ensure fair market practices in the industry.
- Development, policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry;
- Monitor and implement set out practices and steps to be followed for compliance to ensure fair market practices in the industry.
- Monitor, implement and evaluate policy guidelines, regulations and amendments in the Insurance Act for supervision of the insurance industry;
- Coordinate the implementation of the actuarial policies and procedures, monitor and evaluate their effectiveness in meeting the Authority’s goals and objectives.
- Monitoring the solvency and financial condition of regulated entities by reviewing actuarial reserves and risk-based capital calculations and the statements of actuarial opinion provided by each company’s appointed actuary.
- Coordinate the development of data collection templates and deployment to the ERS.
- Oversee data analysis and preparation of reports on insurance industry performance as required by the Insurance Act;
Operational Responsibilities / Tasks
- Prepare Board and management reports in matters relating to actuarial and financial analysis;
- Oversee data analysis and preparation of reports on financial condition of insurers to determine their ability to meet their financial obligations.
- Oversee data analysis and preparation of reports on actuarial reserving by insurers to determine adequacy of technical provisions and actuarial liabilities.
- Oversee the analysis for approval of insurance products and premium rates applications to ensure that they conform with the requirements of the law, regulations and guidelines.
- Oversee the analysis of data and reports on insurance industry performance as required by the Insurance Act;
- Oversee the analysis of data and reports on financial condition of insurers to determine their ability to meet their financial obligations.
- Oversee the analysis of data and reports on stress testing of insurers to determine their ability to meet their future financial obligations.
- Oversee the preparation of reports to be used in the supervisory colleges especially on capital adequacy ratios.
- Develop and implement changes to insurance laws and regulations concerning proper reserve levels, premium rates, accounting and capital adequacy requirements.
- Oversee the generation of periodic reports on performance, trends analysis and projections for the insurance industry.
- Oversee regular reviews and updates on insurance industry performance indicators and benchmarks.
- Coordinate continuous evaluation of financial returns to ensure they meet acceptable standards and that all the necessary disclosures are made.
- Monitor the process of designing, implementing and evaluating the reporting framework for the insurance industry.
- Participate in on-site inspections on issues related to actuarial.
- Participate in the identification of reforms in areas of amendments or changes in the Insurance Act, regulations and guidelines.
- Oversee the development of the section’s budget;
- Oversee the development of procurement plans for the Directorate;
- 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;
- Implement appropriate Technology including SupTech and RegTech.
- Provide leadership and strategic direction to staff in the section.
Persons Specifications
- Master’s degree in Actuarial Science, Actuarial Management, Mathematics, Statistics, Insurance, Finance, Risk Management, Economics, Financial Engineering, or Business Administration;
- Bachelor’s degree in Actuarial Science, Statistics, Mathematics, Financial Engineering;
- Minimum KCSE B or its equivalent;
- Possess at least an Associate Professional qualification in Actuarial or its approved equivalent;
- Be a registered member of a relevant professional body;
- Certificate in Computer Proficiency;
- Management course lasting not less than four (4) weeks;
- Nine (9) years relevant experience; and
- Meets provisions of chapter six of the Constitution.
Competencies and skills
- Strong communication and reporting skills;
- Strong analytical and numerical skills;
- Strong organization and interpersonal skills;
- Mentoring, coaching and leadership skills;
- Conflict management; and
- Ability to work under pressure, prioritize and multi-task.
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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