Job Purpose
The position is responsible for ensuring efficient registration and exit from the market of insurers and ensure that the provisions of the Insurance Act, rules, regulations, guidelines, circulars and other directives from the Authority are enforced to ensure that the interests of policyholders and insurance beneficiaries are sufficiently safeguarded.
Job Specifications / Key responsibilities
The duties and responsibilities will entail:
Managerial / Supervisory Responsibilities
Oversee registration of insurers as provided for in the Insurance Act to ensure protection of policyholders and insurance beneficiaries.
Co-ordinate the various regulatory approvals as required under the Insurance Act to ensure proper operations of the insurers.
Oversee enforcement of penalties, restrictions, directives, inspection/investigation recommendations, offsite surveillance and market conduct recommendations and any other requirement of the Insurance Act on insurers;
Maintain awareness of new trends and developments in the field of enforcement and incorporate new developments as appropriate into department’s programs;
Oversee development and implementation of strategies for effective supervision of insurers under statutory management to ensure recovery or smooth exit from the market.
Oversee the identification, development and implementation of regulatory reforms in areas of amendments or changes in the
Insurance Act, regulations and guidelines with regards to licensing and enforcement;
Coordinate and supervise the implementation of the supervisory policies and procedures to achieve the Authority’s goals and objectives;
Provide leadership and strategic direction to staff in the department in achieving the goals of the Department;
Ensure compliance with the department’s standard operating procedures by staff.
Operational Responsibilities / Tasks
Oversee development of recovery and resolution plans for insurers;
Monitor and report on the performance of statutory managers;
Review reports on performance of approved insurance products and intervene as provided for in the Insurance Act.
Coordinate and oversee development of legislative and regulatory proposals;
Develop capacity building initiatives for insurers on emerging issues;
Ensure maintenance of a register and database of registered Insurers as required under the Insurance Act;
Prepare Board and management reports in matters relating to Licensing of insurers and Enforcement of the requirements of the Act;
Oversee development, execution and control of the department’s work plan, budget and procurement plan;
Oversee development, implementation, monitoring and evaluation of the risk assessment framework for the department; and
Undertake performance management, training and development, coaching and mentoring and welfare for staff of the Department;
Persons Specifications
Master’s degree in Statistics, Insurance, Commerce, Finance, Risk Management, Economics, Business Administration or its equivalent;
Bachelor’s degree in Statistics, Insurance, Commerce, Finance, Risk Management, Economics, Business Administration
Minimum KCSE B or its equivalent;
Twelve (12) years relevant experience, eight (8) of which served at a senior management level;
Leadership course lasting not less than four (4) weeks;
OR
Management Course lasting not less four (4) weeks;
Professional qualifications in Insurance or Accounting (ACII/ AIIK/FLMI/CPA);
Be a registered member of a professional institution recognized in Kenya;
Meets provisions 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.
go to 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: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
NairobiApplications 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 EmployerCanvasing in any manner shall lead to automatic disqualification.Only shortlisted candidates will be contacted for interviews.
Apply via :
forms.office.com
