Jun 13, The Insurance Regulatory Authority Manager Actuarial Services Jobs in Kenya

jun-13,-the-insurance-regulatory-authority-manager-actuarial-services-jobs-in-kenya

The Insurance Regulatory Authority Manager Actuarial Services Jobs in Kenya

Job purpose

  • The position is responsible for ensuring that all the actuarial work is done

    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 decision 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 ensure fair market practices in the industry.
  • Monitor and 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 report to be used in the supervisory colleges

    especially on capital adequacy ratios.
  • Developing and implementing 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.

    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 qualifications 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 provision of chapter six of the Constitution.

    Competency and Skills

  • Strong communication and reporting skills;
  • Strong analytical and numerical skills;
  • Strong organization and interpersonal skill;
  • Mentoring, coaching and leadership skills;
  • Conflict management; and
  • Ability to work under pressure, prioritize and multi-task.

    How to Apply

    For more information and job application details, see; The Insurance Regulatory Authority Manager Actuarial Services Jobs in Kenya

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