Pension and Annuities Specialist

2 weeks ago

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

Description:

Pension and Annuities 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 Pension and Annuities Specialist in our Supervision (Insurance) Department.

Reporting to the Assistant Director, the Pension and Annuities Specialist will be responsible for developing and contributing to the Team's strategic direction, goals and objectives.

The incumbent will employ their expertise in various de-risking strategies for pension funds, implementation of longevity hedging transactions, 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, focusing on a wide range of areas, including but not limited to annuity and Pension Risk Transfer (PRT) deals, valuation of annuity products, and other pension de-risking strategies 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
  • Acting as the expert within the BMA for PRT business, annuity business (Fixed Annuity, Index Annuity, Variable Annuity, Registered Index-Linked Annuity, etc.) and other savings products and derisking strategies for pension schemes, including carrying out thoughtleadership research on these matters
  • Performing reviews of PRT deals and communicating findings to management and/or recommending changes to guidance to address findings
  • Supporting the licensing and authorisations 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, insurance, finance or related 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 in pricing or valuation of PRT deals, various annuity and other savings products or risk and capital modelling within large annuity provider
  • Familiarity with various international insurance regulatory and capital standards would be an asset
  • A good understanding of the current market dynamics in the global PRT and annuity markets
  • Knowledge of pension and annuity regulations in developed markets
  • Deep understanding of pension and annuity products, buyins, buyouts, and derisking strategies
  • 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 Bermuda's financial services sector. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.

Bermuda Monetary Authority is an Equal Opportunity Employe

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