Principal - Supervision (Insurance)

2 weeks ago

Hamilton, South Lanarkshire, United Kingdom Bermuda Monetary Authority Full time

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.
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.

11 April 2023.

  • Bermuda Monetary Authority is an Equal Opportunity Employer_
  • Individual Excellence Collective Strengt_h

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