The successful candidate will:
• Plan, delegate and evaluate the off-site and onsite monitoring process to ensure licensee activities and strategies are in line with regulatory requirements;
• Monitor those licensees which are out of compliance with the insurance act &/or regulations and supervise their implementation of the prompt resolution, as agreed with the Authority;
• Identify and conduct investigations on complex and serious regulatory or risk management issues of licensees and determine recommendations for improvements;
• Assess (re)insurance programs and other risk factors of licence applicants and make recommendations to the Head of Division;
• Attend and chair meetings with licensees and representatives of the insurance industry and represent CIMA at international regulator meetings, conferences and industry events;
• Manage staff performance by addressing and/or coaching and directing Senior Analysts to deal with performance deficiencies when they arise;
• Manage, delegate, and supervise the work of an assigned team to ensure compliance with regulatory requirements or pertinent Acts;
• Assess and conduct the probationary assessments and annual performance appraisal in consultation with the Senior Analysts;
• Prepare and deliver relevant and informative internal/external presentations;
• Provide recommendation about legislation, regulations, rules, guidance and supervisory practices to ensure that the Insurance Industry is aligned with international standards and best practices; and
• Ensure the development and maintenance of procedure manuals and participate in the production of industry statistics with respect to changing developments and policies and procedures.
• A Bachelor’s Degree from an accredited institution in a Finance related field and at least six (6) years of cumulative experience in the insurance/reinsurance/risk management industry - 3 years relevant prior management experience and 3 years of Insurance/Reinsurance Supervision experience.
• Professional insurance qualifications through the Chartered Insurance Institute or its equivalent would be beneficial.
• Specialized knowledge of accounting principles and analytical skills relating to insurance and reinsurance companies;
• Specialized knowledge of insurance and reinsurance theory and practices and emerging insurance supervisory techniques;
• Significant knowledge of the Cayman Islands’Insurance Act, regulations, relevant rules, guidance, policies and procedures relating to the supervision of insurance companies;
• Specialized knowledge of Internal Capital Models would be an asset; and
• Proficiency in all Microsoft Office applications such as MS word, excel and PowerPoint.
Salary: CI$84,252 - $104,664 per annum
(Only shortlisted candidates will be notified)