Job Description
DIRECTORATE/DEPARTMENT: Directorate of Supervision
GRADE/LEVEL: IRA 7
IMMEDIATE SUPERVISOR: Senior Supervision Officer
REF: SO/21
a) Job purpose
The position is responsible for carrying out prudential supervision, licensing and
enforcement to ensure financial soundness and proper governance of regulated
entities.
b) Job Specifications
The duties and responsibilities will entail:
(i) Carry out risk profiling of regulated entities in line with the risk-based
supervision framework for proper assignment of risks and management of
resources.
(ii) Continuously monitor, evaluate and report on the risk status of each of
the assigned entities to allow for early intervention in the case of high-risk
companies.
(iii) Carry out offsite and on-site surveillance of regulated entities to ensure an
up-to-date risk profile.
(iv) Enforce penalties, restrictions, directives, inspection/investigation
recommendations, offsite surveillance and market conduct
recommendations and any other requirement of the Insurance Act,
regulations, guidelines and rules.
(v) Prepare reports on compliance with set minimum requirements in relation
to capital, governance and risk management to ensure safety and stability
in the insurance industry.
(vi) Prepare reports on compliance with set out practices and steps to be
followed to ensure fair market practices in the industry.
(vii) Analyse any requests for approval under the Insurance Act.
(viii) Analyse and recommend for approval of reinsurance programmes as
provided under the Insurance Act.
(ix) Process lien applications as provided under the Insurance Act.
(x) Conduct preliminary analysis of applications for licensing for regulated
entities to ensure completeness and accuracy of information.
(xi) Assess non-compliance with laws and regulations by regulated entities
and submit reports for necessary actions.
(xii) Prepare a variety of reports, memos and correspondences related to
licensing and enforcement activities.
(xiii) Participate in the formulation and development of policies and procedures
for the development of the insurance industry.
(xiv) Participate in training of members of the industry.
(xv) Participate in supervisory colleges.
(xvi) Participate in the development of departmental work plan, budget and
procurement plan.
c) Persons Specifications
(i) Bachelor’s degree in Insurance or Accounting
(ii) Certificate in Computer Proficiency.
(iii) Meets provision of chapter six of the Constitution