Brief description

• The main purpose of this position is to perform prudential oversight over registered insurance companies on a solo and group level through a combination of on- and off-site monitoring and supervision to ensure the financial soundness and sound governance of these insurance entities.

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Supervise insurers and insurance groups within the portfolio through a combination of on- and off-site supervisory tools, focusing on both quantitative and qualitative financial and non-financial information, to identify and assess risks and then propose mitigating actions.
• Provide input into the development and implementation of a prudential risk-based supervisory plan for each insurer and insurance group within the portfolio.
• Provide input and assistance into the development and implementation of the regulatory framework.
• Analyse quantitative and qualitative data through the statutory submissions received from insurers and insurance groups.
• Assist with, and provide input into, the co-ordination and implementation of interventions for problematic insurers and/or insurance groups, as per the supervisory ladder of intervention.
• Maintain databases and records of all relevant information on the insurers and insurance groups within the portfolio.
• Liaise and collaborate with other relevant departments within the Prudential Authority (PA) and the South African Reserve Bank (SARB).
• Assist with, and provide input into, the development of public documents relating to insurance supervision.
• Liaise with the industry, other regulators (local and international) and relevant financial institutions.
• Process the notifications and applications of a financial and non-financial nature.
• Promote efficient, fair and sustainable insurance markets as well as policyholder protection.

Qualifications
Job requirements

To be considered for this position, candidates must be in possession of:

• a postgraduate qualification (NQF 8) in Accounting, Banking, Economics, Finance, Actuarial Science Insurance or Risk Management, or a relevant equivalent qualification; and
• at least 5–8 years of relevant working experience in a regulatory environment or the financial sector.
• Knowledge and exposure to Insurance Act, FSR Act, GOI and FSI Standards

Additional requirements include:

• problem-solving and analytical skills;
• financial and business acumen;
• attention to detail;
• excellent verbal and written communication skills;
• time management;
• confidentiality;
• influence;
• building and maintaining relationships;
• knowledge of the financial sector, specifically of the insurance industry;
• knowledge of corporate governance as well as risk management practices and standards; and
• knowledge of the International Association of Insurance Supervisors (IAIS) principles and standards as well as other relevant legislation.