Job Description
DIRECTORATE/DEPARTMENT: Directorate of Market Conduct
GRADE/LEVEL: IRA 4
IMMEDIATE SUPERVISOR: Senior Manager, Consumer
Protection
Job Reference: REF: MCP/05
a) Job purpose
The position is responsible for safeguarding the interest of policy holders and
beneficiaries, strengthening public trust and consumer confidence in the
insurance sector. The position ensures that market conduct of regulated
entities is in compliance with insurance legislations.
b) Job Specifications
Duties and responsibilities will entail:
I. Managerial / Supervisory Responsibilities
(i) Manage review of insurance companies' operations, marketing,
underwriting, rating, policyholder service, producer licensing, complaint
handling and claims handling processes to ensure that regulated entities
maintain high standards of integrity and fair dealing in conduct of their
business;
(ii) Drive collection and analysis of data from regulated entities to detect
and address unlawful practices in marketing and distribution of insurance
products to ensure that regulated entities promote products and services
in a manner that is fair and not misleading;
(iii) Lead review of policy wordings of new and repackaged insurance products
to ensure policy holders and beneficiaries are protected;
(iv) Supervise implementation of Quality Management System, risk
management and knowledge management.
II. Operational Responsibilities / Tasks
(i) Undertake offsite risk assessment and onsite inspections on market
conduct.
(ii) Implement TCF framework to ensure regulated entities exercise due care
and act in a diligent manner in dealing with customers;
(iii) Review of complaints to identify systemic problems and recommend
corrective actions;
(iv) Implement strategies for undertaking comprehensive, targeted and risk
focused market conduct examinations of regulated entities in order
determine compliance with insurance legislation and regulations for
consumer protection. Develop and implement strategies for effective risk
assessment and ongoing supervision of regulated entities with respect to
market conduct;
(v) Analyse new, or revised laws, regulations, policies, and procedures for
consumer protection and determine impact to consumers of insurance
services.
(vi) Implement framework for treating customer fairly;
(vii) Undertake standardization of contracts of compulsory insurance to ensure
that consumers are protected;
(viii) Implement product approval framework.
(ix) Prepare and submit reports and other supporting documentation and
schedules that detail a company's compliance with insurance legislation
and make recommendations.
(x) Undertake performance management, training and development, coaching
and mentoring and welfare of direct reports.
(xi) Assess and prepare reports on regulated entities documents and data
to ensure provision of information that is complete, timely, accurate and
not misleading regarding their goods and services, terms, conditions,
applicable fees, commissions and final costs to enable consumers make
informed decisions;
(xii) Conduct regulatory impact and gap analysis with respect to the Insurance
Act aimed at protecting the insurance consumers;
(xiii) Implement a complaint handling infrastructure and mechanisms that
provide consumers with expeditious, fair, transparent and effective
dispute resolution;
(xiv) Undertake capacity building of the regulated entities for enhanced service
delivery;
(xv) Implement a framework for ensuring regulated entities communicate
relevant and meaningful information in a timely and comprehensive
manner to policyholders;
(xvi) Identify and recommend legislative changes aimed at protecting the
consumers;
(xvii) Implement departmental workplan and budget;
(xviii) Implement procurement plans for the department
c) Persons Specifications
(i) Masters’ degree in, Statistics, Insurance, Actuarial, Education;
Communication, Finance, Risk Management, Economics, Law, ICT,
Business Administration or its equivalent;
(ii) Bachelor’s degree in Commerce, Statistics, Insurance, Actuarial,
Education, Communication, Finance, Risk Management, Economics, Law,
ICT, Business Administration or its equivalent;
(iii) At least Nine (9) years’ work experience;
(iv) Management course lasting not less four (4) weeks;
(v) Recognized professional qualifications in Insurance (ACII/AIIK/FLMI);
(vi) Membership of a professional body;
(vii) Meets the provision of chapter six of the constitution