Insurance Regulatory Authority IRA
a) Job purpose
The position is responsible for assessing and monitoring the financial soundness of the industry, conducting macro-prudential surveillance, data analytics, reporting, and publication with the aim of protecting policyholders and insurance beneficiaries.
b) Job Specifications
Duties and responsibilities will entail:
(i) Compile statistics of insurers and check for completeness including: annual insurance statistics, quarterly insurance statistics, quarterly insurance industry claims statistics, Monetary Financial Statistics (MFS), Kenya National Bureau of Statistics’;
(ii) Prepare periodic reports on performance, trends analysis and projections for the insurance industry including: monthly gross direct premium report, monthly summary of claims report, quarterly insurance industry report and annual insurance industry report;
(iii) Conduct data validation of quarterly and annual insurance statistics to check on completeness and consistency of insurance data;
(iv) Update various performance indicators, ratios and industry benchmarks and averages;
(v) Analyse, evaluate and interpret insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters
such insurance premiums, income, expenditure, assets and liabilities;
(vi) Create monthly, quarterly and annual returns and recommend continuous updates to ensure the returns meet acceptable standards
and that all the necessary disclosures are made;
(vii) Conduct analyses on financial stability and macro prudential policy;
(viii) Carry out regular macro stress tests and prepare documents for public communication of those tests;
(ix) Participate in preparations for conducting research work in the field of financial stability, including collaboration with other institutions and
professionals such as participating in FinAccess survey; and
(x) Continuously evaluate financial returns to ensure they meet acceptable standards and that all the necessary disclosures are made
c) Persons Specifications
(i) Diploma in Statistics, Insurance, Finance, Economics, Law, or its equivalent from a recognized institution;
(ii) Certificate in Computer Proficiency.
(iii) Meets provision of chapter six of the Constitution.
d) Competencies and skills
(i) Strong communication and presentation skills
(ii) Good analytical skills
(iii) Problem solving
Suitably qualified and experienced individuals should submit applications enclosing a detailed curriculum vitae (CV), copies of relevant academic and professional certificates/testimonials and a copy of National Identity Card.
The CV must at the minimum provide details of the applicant’s email address, day-time mobile telephone numbers, details of current employer, current remuneration and names and contacts of three (3) referees familiar with the applicant’s professional background and experience. Applications, addressed to the undersigned, may be delivered at the Insurance Regulatory Authority (Registry Section) at Zep-Re Place, 2nd Floor, Longonot Road, Upper Hill. Please note that these should be sealed, marked “Confidential” and indicate the job reference (e.g “REF:SO/01” for Supervision Officer). Alternatively, they may be sent by post or email to: Commissioner of Insurance & Chief Executive Officer
Insurance Regulatory Authority
P.O Box 43505-00100
EMAIL : email@example.com
Applications must be received by close of business on 21st June 2022
To apply for this job email your details to firstname.lastname@example.org.