Job Description
Manager Supervision, Intermediaries
DIRECTORATE/DEPARTMENT: Directorate of Supervision
GRADE/LEVEL: IRA 4
IMMEDIATE SUPERVISOR: Senior Manager Intermediaries
REF: MI/11
a) Job purpose
The position is responsible for coordinating the supervision of insurance
intermediaries and service providers on an ongoing basis to ensure that the risks
they pose are effectively managed to ensure that the interests of policyholders
and insurance beneficiaries are protected.
b) Job Specifications
The duties and responsibilities will entail:
I. Managerial / Supervisory Responsibilities
(i) Coordinate the process of formulation and implementation of minimum
requirements in relation to supervision of intermediaries to ensure safety
and stability in the insurance industry
(ii) Formulate effective strategies and programmes for supervision of
insurance intermediaries and insurance service providers;
(iii) Co-ordinate off-site supervision, on-site supervision and analysis of
various returns from intermediaries and service providers;
(iv) Monitor and enforce penalties, restrictions, directives,
inspection/investigation recommendations, offsite surveillance and
market conduct recommendations and any other requirement of the
Insurance Act in respect to insurance intermediaries and service
providers.
(v) Coordinate the development, implementation and evaluation of policy
guidelines, regulations and amendments in the Insurance Act for
supervision of the insurance industry;
(vi) Coordinate and monitor implementation of AML/CFT Act by members of
insurance industry to ensure effective reporting on AML/CFT issues to the
Financial Reporting Centre;
(vii) Manage potential impacts of developments and trends arising out of
regional and international supervision practices;
(viii) Manage the development, continuous update and implementation of risk
profiling framework for proactive intervention focused on fostering
insurance industry stability and consumer protection;
(ix) Develop, execute and control of the section’s work plan, budget and
procurement plan;
(x) Provide leadership and strategic direction to staff in the section in
achieving the goals of the Department.
II. Operational Responsibilities / Tasks
(i) Conduct ongoing and continuous supervision of insurance intermediaries
and service providers;
(ii) Develop and implement regulatory reforms in areas of amendments or
changes in the Insurance Act, regulations and guidelines;
(iii) Develop, implement, monitor and evaluate the risk assessment framework
for the section
(iv) Ensure compliance with the section’s standard operating procedures by
staff.
(v) Implement capacity building initiatives for insurance intermediaries;
(vi) Maintain a register and database of registered insurance intermediaries
and service providers.
(vii) Review all approval requests by insurance intermediaries and service
providers.
(viii) Monitor the registration of intermediaries and insurance service providers
and ongoing market conduct supervision of the insurance intermediaries
and service providers;
(ix) Implement systems and procedures to monitor intermediaries’ compliance
with the requirements of the Insurance Act and other directives issued by
the Authority and take appropriate measures as provided for in the
Insurance Act.
(x) Undertake performance management, training and development, coaching
and mentoring and welfare for staff of the Department
c) Persons Specifications
(i) Master’s degree in Statistics, Insurance, Finance, Risk Management,
Economics, Law, Business Administration, Commerce or its equivalent;
(ii) Bachelor’s degree in Statistics, Insurance, Finance, Economics, Law,
Commerce, Business Administration or its approved equivalent;
(iii) Professional qualifications in Insurance or Accounting
(ACII/AIIK/FLMI/CPA);
(iv) Nine (9) years relevant experience;
(v) Be a registered member of a recognized professional body;
(vi) Certificate in Computer Proficiency;
(vii) Management course lasting not less than four (4) weeks;
(viii) Supervisory Course for not less than two (2) weeks;
(ix) Meets provision of chapter six of the Constitution.