Job Summary

The Insurance Regulatory Authority (IRA) is seeking to recruit three (3) Principal Conduct Supervision Officers to join their team. The role involves ensuring the effective regulation and supervision of the insurance industry, with a focus on market conduct and consumer protection. The IRA's vision is to be the leading insurance industry regulator, committed to protecting insurance beneficiaries through effective supervision and development of the sector.

Duties and Responsibilities

• Analysing market conduct data from the regulated entities.
• Reviewing policy wordings of new and repackaged insurance products to ensure policy holders and beneficiaries are protected.
• Reviewing of consumer complaints to identify gaps and recommend corrective actions.
• Implementing strategies for effective risk assessment of regulated entities with respect to market conduct.
• Collecting and analyse data from regulated entities.
• Carrying out offsite risk assessment and onsite inspections on market conduct.
• Analysing data on insurance products, distribution channels used and mechanisms in place for evaluating customers understanding of the products.
• Analysing data on insurance products filed for approval.
• Collecting data on new, or revised laws, regulations, policies, and procedures for consumer protection for determining impact to consumers of insurance services.
• Analysing insurance products for conformity to the standardized contracts of insurance.
• Conducting regulatory impact and gap analysis with respect to market conduct issues.
• Implementing a complaint handling infrastructure and mechanisms that provide consumers with expeditious, fair, transparent and effective dispute resolution.
• Undertaking capacity building of the regulated entities for enhanced service delivery.
• Identifying and recommending legislative changes aimed at protecting the consumers.
• Conducting insurance awareness needs assessment.
• Developing Information, Education & Communication (IEC) materials.
• Preparing progress reports on consumer education training and outreach activities.
• Developing and monitoring implementation of consumer education strategy.
• Preparing reports on emerging consumer needs.
• Monitoring and evaluating consumer outreach activities.

Person Specifications

• Six (6) years’ cumulative experience, three (3) of which must have been at the grade of Senior Conduct Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Law, Risk Management or equivalent from a recognized institution.
• Professional qualification in any of the following: ACII, AIIK, LOMA or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate in management course lasting not less than four (4) weeks from a recognized institution.
• Proficiency in computer applications.

Competencies and Skills

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills
• Mentoring, coaching and leadership skills.
• Conflict management

• Analysing market conduct data from the regulated entities.
• Reviewing policy wordings of new and repackaged insurance products to ensure policy holders and beneficiaries are protected;
• Reviewing of consumer complaints to identify gaps and recommend corrective actions;
• Implementing strategies for effective risk assessment of regulated entities with respect to market conduct;
• Collecting and analyse data from regulated entities;
• Carrying out offsite risk assessment and onsite inspections on market conduct.
• Analysing data on insurance products, distribution channels used and mechanisms in place for evaluating customers understanding of the products.
• Analysing data on insurance products filed for approval.
• Collecting data on new, or revised laws, regulations, policies, and procedures for consumer protection for determining impact to consumers of insurance services.
• Analysing insurance products for conformity to the standardized contracts of insurance;
• Conducting regulatory impact and gap analysis with respect to market conduct issues;
• Implementing a complaint handling infrastructure and mechanisms that provide consumers with expeditious, fair, transparent and effective dispute resolution;
• Undertaking capacity building of the regulated entities for enhanced service delivery;
• Identifying and recommending legislative changes aimed at protecting the consumers;
• Conducting insurance awareness needs assessment.
• Developing Information, Education & Communication (IEC) materials.
• Preparing progress reports on consumer education training and outreach activities.
• Developing and monitoring implementation of consumer education strategy.
• Preparing reports on emerging consumer needs.
• Monitoring and evaluating consumer outreach activities.

• Communication skills
• Interpersonal skills
• Analytical skills
• Report writing skills
• Presentation skills
• Mentoring, coaching and leadership skills.
• Conflict management
• Proficiency in computer applications

• Six (6) years’ cumulative experience, three (3) of which must have been at the grade of Senior Conduct Supervision Officer or in comparable and relevant position.
• Bachelor’s degree in any of the following fields: Insurance, Law, Risk Management or equivalent from a recognized institution.
• Professional qualification in any of the following: ACII, AIIK, LOMA or equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing.
• Certificate in management course lasting not less than four (4) weeks from a recognized institution.