Background

The Insurance Regulatory Authority (IRA) aims to be the leading insurance industry regulator, with a mission to effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries. The core values include Accountability and Team Spirit.

Duties and Responsibilities

At this level, duties and responsibilities will entail:

• Analysing market conduct data from the regulated entities.
• Analysing policy wordings of new and repackaged insurance products to ensure policy holders and beneficiaries are protected and escalate for approval.
• Collecting data on the TCF tool to determine compliance with TCF outcomes.
• Preparing reports on insurance companies' operations, marketing, underwriting, rating, policyholder service, complaint handling and claims handling processes to ensure that regulated entities maintain high standards of integrity and fair dealing in conduct of their business.
• Collecting and compiling data from regulated entities to detect and address unlawful practices in marketing and distribution of insurance products to ensure that regulated entities promote products and services in a manner that is fair and not misleading.
• Carrying out off-site risk assessment and onsite inspections on market conduct.
• Analysing data on insurance products sold, distribution channels used and system 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 insurance contracts.
• Analysing documents and data from regulated entities to assess implementation of TCF principles.
• Handling complaints from policyholders and beneficiaries, and generating reports on the trends for review by management.
• Generating reports on capacity building undertaken on regulated entities for review by management.
• Identifying and recommending legislative changes aimed at protecting the consumers.
• Assessing insurance awareness and literacy gaps.
• Formulating and implementing consumer education programmes.
• Developing Information, Education & Communication (IEC) materials.
• Developing and delivering financial education and outreach programmes.
• Analysing and evaluating emerging consumer needs.
• Developing Information, Education & Communication (IEC) materials.
• Conducting insurance awareness needs assessment.
• Monitoring and evaluating of outreach activities.
• Preparing progress reports on consumer education training and outreach activities.

Qualifications and Requirements

For appointment to this grade, an officer must have:

• Three (3) years’ cumulative experience at the grade of Conduct Supervision Officer or in a 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 its approved equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing where applicable.
• 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.
• Analysing policy wordings of new and repackaged insurance products to ensure policy holders and beneficiaries are protected and escalate for approval.
• Collecting data on the TCF tool to determine compliance with TCF outcomes.
• Preparing reports on insurance companies' operations, marketing, underwriting, rating, policyholder service, complaint handling and claims handling processes to ensure that regulated entities maintain high standards of integrity and fair dealing in conduct of their business.
• Collecting and compiling data from regulated entities to detect and address unlawful practices in marketing and distribution of insurance products to ensure that regulated entities promote products and services in a manner that is fair and not misleading.
• Carrying out off-site risk assessment and onsite inspections on market conduct.
• Analysing data on insurance products sold, distribution channels used and system 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 insurance contracts.
• Analysing documents and data from regulated entities to assess implementation of TCF principles.
• Handling complaints from policyholders and beneficiaries, and generating reports on the trends for review by management.
• Generating reports on capacity building undertaken on regulated entities for review by management.
• Identifying and recommending legislative changes aimed at protecting the consumers.
• Assessing insurance awareness and literacy gaps.
• Formulating and implementing consumer education programmes.
• Developing Information, Education & Communication (IEC) materials.
• Developing and delivering financial education and outreach programmes.
• Analysing and evaluating emerging consumer needs.
• Developing Information, Education & Communication (IEC) materials.
• Conducting insurance awareness needs assessment.
• Monitoring and evaluating of outreach activities.
• Preparing progress reports on consumer education training and outreach activities.

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

• 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 its approved equivalent from a recognized institution.
• Membership to a relevant professional body and in good standing where applicable.