Manager, Insurance Supervision
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Key skills for this role
About the Role
The DFSA is seeking a Manager for Insurance Supervision to contribute to risk-based supervision of reinsurers, captives, and insurance intermediaries in the DIFC. The role involves data analysis, risk assessment, on-site examinations, and policy development.
Key Skills for This Role
Responsibilities
- Gather, organise and analyse data for Authorised Firms and industry to enable risk based and proportionate supervision
- Identify emerging risk trends that could have a material impact on regulated entities
- Prepare, support and/or contribute to professional discussions with management of firms
- Monitor and assess risks of pool managed Authorised Firms and selected Authorised Firms
- Prepare, support and/or contribute to performing desk based reviews and on site examinations
- Assist with firm related matters such as Authorised Individual reviews, changes in control, and licensing reviews
- Act internally as a technical expert in insurance risk and support internal training
- Monitor developments in international and regional regulatory standards and provide inputs
Requirements
- Bachelor’s degree in Business, Finance, Economics, Actuarial/Data Science, Law, Accounting or Risk Management
- At least 5 7 years of recent regulatory experience with a broadly equivalent financial services regulator with insurance background
- Experience in practically supervising general insurers and/or reinsurers
- Experience in dealing with financial services regulators and standard setters
- Professional qualifications in insurance (e.g., CII, CPCU, ARM, Chartered Actuary) considered a plus
Full Job Posting
Job Purpose
- The Manager contributes to the effective and efficient risk based supervision of the activities of reinsurers, captives, insurance intermediaries and insurance managers/underwriters conducted in and from the DIFC.
- A Manager, Insurance Supervision, will primarily spend their time in supervising regulated entities in the DIFC, both pool and relationship managed Authorised Firms.
Key Responsibilities
- Gather, organise and analyse data for Authorised Firms and industry to enable risk based and proportionate supervision.
- Identify emerging risk trends, which could have a material impact on regulated entities, in order to take appropriate actions.
- Prepare, support and/or contribute to professional discussions with management of firms to gather and corroborate information.
- Monitor and assess risks of pool managed Authorised Firms and of selected Authorised Firms and help ensuring compliance with laws and regulations.
- Prepare, support and/or contribute to performing desk based reviews and on site examinations, thematic and event driven reviews.
- Assist with firm related matters, such as Authorised Individual reviews including fit and proper interviews, changes in control review, and reviews of licensing and scope variations.
- Draw conclusions from supervisory engagements, recommend as well as follow up on corrective actions.
Technical Guidance
- Act internally as a technical expert in insurance risk, including underwriting, reserving, solvency and risk based capital requirements.
- Participate in conducting specialised reviews such as actuarial valuation reports, captive business models and run off plans.
- Monitor developments in relevant international and regional regulatory standards and in the financial services industry.
- Assist in policy setting and in developing prudential related regulations.
Educational Background
- Bachelor’s degree in a relevant field such as Business, Finance, Economics, Actuarial/Data Science, Law, Accounting or Risk Management.
- A post graduate degree in similar fields would be considered as an advantage.
- Evidence of continuing professional education relevant to the target position.
- Professional qualifications in insurance, such as CII, CPCU, ARM, Chartered Actuary, etc. would be considered as a plus.
Professional Experience
- At least 5 – 7 years of recent regulatory experience with a broadly equivalent financial services regulator with insurance background.
- Experience in practically supervising general insurers and/or reinsurers, preferably as part of an internationally active insurance group.
- Experience in dealing with financial services regulators, standard setters (particularly IAIS).
- Additional experience in dealing with captive insurers, ILS, Lloyd’s syndicates, takaful undertakings and insurers in run off would be considered an advantage.
Knowledge, Skills & Attributes
- Robust understanding of the responsibilities/role of the regulator and appreciation of risk based regulation.
- In depth knowledge of the financial services industry, particularly the international and regional reinsurance sector.
- Understanding of current and emerging risk management trends/issues as they relate to the insurance industry.
- Knowledge of financial and/or non financial performance indicators, data and risks.
- Working knowledge and experience in Solvency II, IFRS 17 or IAIS Insurance Core Principles and Insurance Capital Standard.
- Capable of taking initiative to manage and deliver tasks on time with limited supervision.
- Good research, analytical and problem solving skills.
- Good people, organisation and time management skills.
- Good communication and presentation skills.
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