Risk Based Capital Specialist

3 weeks ago

Hamilton, United Kingdom Bermuda Monetary Authority Full time

**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 BMA-regulated (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 long-term 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 risk-based capital (and economic capital models) under the US regulatory framework
- Experience with stress testing for US life/long-term companies, including regulatory requirements
- Experience with asset adequacy analysis under the US framework
- Experience with life/long-term products in the US market
- Familiarity with various international insurance regulatory and capital standards would be an asset
- A good understanding of long-term (re)insurance and the review of reinsurance transactions
- Deep understanding of capital, liquidity and collateral processes in the context of a life/long-term insurance company
- Knowledge of emerging risks, regulatory developments, market evolution, technical, business and professional actuarial standards in an environment of fast-paced 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.

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