Risk Based Capital Specialist - Hamilton, United Kingdom - Bermuda Monetary Authority

Bermuda Monetary Authority

Verified Company

Hamilton, United Kingdom

2 weeks ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Description:

Risk Based Capital Specialist

Supervision (Insurance) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Risk Based Capital Specialist in our Supervision (Insurance) Department.

Reporting to the Deputy Director, the Risk Based Capital Specialist will be responsible for developing and contributing to the team's strategic direction, goals and objectives.

The incumbent will employ their expertise in insurance capital standards in North America and Bermuda, life/long-term insurance markets and the financial risks faced by life/long-term insurers to provide their opinion to BMA Management on such things as emerging risks, insurance transactions or other technical-related matters that have an impact on the overall financial resiliency of regulated institutions.

This is a key role for the Authority and the post-holder will be responsible for but not limited to:

Supporting the Department with on-site inspections of regulated entities, particularly establishing the appropriateness of capital management frameworks and compliance with applicable legislation, codes and guidance
Assisting in the promotion and implementation of rules, policies and guidance affecting the BMAregulated (re)insurers
Identifying and reporting circumstances that could be indicators of potential insurance company distress and recommending appropriate courses of action
Researching and analysing market developments, drafting thought leadership papers and recommending appropriate courses of action
Performing reviews of (re)insurance transactions, including but not limited to reserves, capital, product risks, investments and stress testing
Supporting the licensing and authorisation process in relation to insurer requests
Leading supervision of large complex (re)insurers and/or insurance groups
Providing support for technical issues, knowledge sharing, as well as coaching and mentoring to junior team members
Representing the Authority at various local, regional and international meetings, conferences and seminars involving meetings and information exchanges with other regulatory bodies, government agencies and the financial services industry to maintain and develop key relationships as required
Assisting in other areas of the supervision of insurance companies, for example, special projects aimed at meeting departmental objectives or to address emerging issues
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:

A master's degree or equivalent qualification in a relevant discipline (e.g., actuarial science, mathematics, statistics, finance or related quantitative field) from a recognised institution or a professional designation from a recognised institution or professional body, such as CPA, CFA, FIA, FSA
A minimum of seven (7) years of relevant longterm insurance experience in the financial services industry, of which at least three (3) years should be at a senior level
Experience with US GAAP, statutory reserve calculation, and riskbased capital (and economic capital models) under the US regulatory framework
Experience with stress testing for US life/longterm companies, including regulatory requirements
Experience with asset adequacy analysis under the US framework
Experience with life/longterm products in the US market
Familiarity with various international insurance regulatory and capital standards would be an asset
A good understanding of longterm (re)insurance and the review of reinsurance transactions
Deep understanding of capital, liquidity and collateral processes in the context of a life/longterm insurance company
Knowledge of emerging risks, regulatory developments, market evolution, technical, business and professional actuarial standards in an environment of fastpaced regulatory change
Experience in working with a wide range of stakeholders (e.g., financial services industry, policymakers, other regulatory bodies) and representing the positions of an organisation or department
Proven ability to provide intellectual support to colleagues with varying levels of experience, as well as encouraging cooperation and teamwork across the department
Experience developing and presenting written reports and briefing notes to senior management
Exceptional analytical, presentation and communication skills (written and oral) and highly developed coaching and mentoring skills
A willingness to work outside normal business hours as required

The Bermuda Monetary Authority is the integrated regulator of the financial services sector in Bermuda. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.

Bermuda