Principal - Supervision (Insurance) - Hamilton, United Kingdom - Bermuda Monetary Authority
Description
Description:
Principal
Supervision (Insurance) Department
Bermuda Monetary Authority is seeking the services of a skilled and capable individual to work as a Principal in our Supervision (Insurance) Department.
Reporting to the Assistant Director, the Principal will perform and lead a team responsible for regulatory supervision activity including monitoring Insurers performance, analysing regulatory reporting and undertaking appropriate supervisory action in line with legislation and/or strategic business goals.
This is a key role for the Authority and the post-holder will be responsible for but not limited to:
- Undertaking on-site reviews and analysis of selected businesses and their respective capital models by utilising various risk assessment methodologies to evaluate compliance with existing laws, regulations, policies, plans and procedures and/or identifying risk issues and formulating reports on findings for submission and discussion with management
- Developing agendas, schedules and attending prudential meetings with financial entities to discuss findings of the review, minute discussions/decisions and developing a corrective action plan as appropriate
- Undertaking projects relating to the departments' supervisory and regulatory responsibilities, as requested
- Monitoring the market with a specific focus on developments in the insurance industry (local and international), regulatory bodies/regimes, accounting standards, as well as market information on insurance companies via monitoring of key indicators, newspapers, periodicals, media and relevant websites
- Monitoring identified companies with compliance issues by reviewing memoranda and timely direct followup with company representatives
- Reviewing documents/reports/recommendations from staff on regulatory or operational matters and determining an appropriate course of action
- Participating in local and international meetings, conferences, and seminars with other regulatory bodies, governmental agencies and the financial services industry
- Providing managerial direction, leadership and supervision to the assigned team(s) in addition to providing support for technical and administrative issues, which led to the achievement of Departmental goals
- Monitors the performance of individual team members and provides routine mentoring and feedback and prepares formal performance appraisal reports as prescribed by the performance management process
- Identifying training needs of employees in conjunction with core competencies and L&D establishing programmes for their development by way of formal training courses, special projects or on the job exposure
- Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post
The position requires a proven technical and business background.
Therefore, the post-holder must have:
- Master's Degree or equivalent qualification in a financial or accounting discipline from a recognised institution or professional body
- Minimum of seven (7) years relevant postgraduate experience, of which at least (3) years should be at a senior level working within a regulated financial services business, preferably in Insurance
- General insurance and Long Term, or as a financial services regulator. Experience conducting or participating in forensic investigations or inspections would be beneficial.
11 April 2023.
- Bermuda Monetary Authority is an Equal Opportunity Employer_
- Individual Excellence Collective Strengt_h
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