Duties & Responsibilities

DUTIES AND RESPONSIBILITIES

i.To scrutinize and approve CEO of insurance institutions, Brokers and agents;

ii.To analyze and approve new insurance products;

iii.To monitor compliance with local content requirements;

iv.To conduct due diligence in the registration of insurance registrants;

v.To register and license insurers, re-insurers, intermediaries and other industry registrants;

vi. To analyze insurance policy contracts and related information to ensure compliance with legal and regulatory requirements and to evaluate potential impact on the insurance-buying public;

vii.To oversee market conduct and conduct security analysis of insurance and reinsurance companies;

viii.To facilitate restructuring of insurance entities or business including amalgamation, mergers, acquisitions, and portfolio transfers; 

ix.To carry out Analysis of Treaty Reinsurance Contracts filed by insurers from time to time and determine soundness thereof;

x.To asses requests for externalization of risks to offshore markets and determine soundness thereof;

xi.To develop and implement risk retention strategies for the insurance industry;

xii.To develop guidelines for the industry on matters relating to insurance registrants’ licensing, restructuring and reinsurance;

xiii.To manage the Authority’s electronic system for licensing and supervision of conduct of insurance registrants in the market; and

xiv.To perform any other related duties as assigned by the supervisor. 

Qualifications

Holder of Master’s and Bachelor Degree in one of following fields: - Actuarial Science, Insurance and Risk Management, Social Protection or any other related equivalent qualification from recognized institution. 

Remuneration

TIRAS 11