Supervisor, Insurance Supervision

ROLE PURPOSE

• Undertake supervision of the insurance sector in Labuan IBFC to ensure (re)insurance entities operate in a safe and sound manner and in compliance with applicable laws and regulations.
• Identify risks, vulnerabilities and supervisory issues within the insurance sector, and undertake supervisory, remedial or enforcement-related actions in accordance with approved frameworks and guidance.
• Assess regulatory applications from (re)insurance entities and recommend appropriate regulatory actions in line with prevailing requirements.

PRINCIPAL ACCOUNTABILITIES

• Undertake supervisory activities for the insurance sector through offsite surveillance, onsite examinations and supervisory engagements to assess the financial soundness and regulatory compliance of (re)insurance entities.

• Execute supervisory tasks in accordance with the annual supervisory plan and assigned work programme to ensure timely completion of deliverables and departmental KPIs.

• Conduct continuous surveillance of the insurance sector based on the risk-based supervisory framework, including:

  • Reviewing and analysing regulatory returns, audit reports, compliance reports and surveys;
  • Assessing financial condition and performance, inherent risks, risk management practices, control functions and market conduct; and
  • Identifying early warning indicators, supervisory concerns and instances of non-compliance.

• Prepare supervisory assessments, issue papers, examination findings and recommendations for remedial or enforcement actions for review and endorsement by senior officers.

• Participate in supervisory engagements with the board and senior management of (re)insurance entities, including preparation of materials, attendance at meetings and documentation of outcomes.

• Participate in onsite examinations, including planning, data analysis, interviews and drafting of examination reports.

• Consolidate supervisory observations and monitor progress of remedial actions undertaken by (re)insurance entities.

• Assess emerging risks and developments in the insurance sector and propose mitigating actions within the approved supervisory framework.

• Undertake regulatory assessments of applications submitted by (re)insurance entities, including requests for extensions, exemptions, appointments and other regulatory approvals.

• Participate in engagement and coordination activities with industry players, associations, home and host supervisors and other regulatory authorities, including supervisory colleges and regulatory forums.

• Keep abreast of regulatory, industry and technological developments and contribute to enhancements of supervisory processes, tools and methodologies.

• Undertake any other duties or projects assigned by the Head of Unit and/or Director as and when required.

QUALIFICATIONS

• Degree in Actuarial Science, Insurance/Risk Management, Accounting, Economics, Banking, Finance or other relevant fields.
• Minimum 2-3 years of relevant experience in insurance, finance, audit, risk management or regulatory-related roles.

COMPETENCIES

• Labuan FSA Competency Level Targeted at Level 1
• Analytical thinking and professional judgement
• Strong written and verbal communication
• Stakeholder engagement and teamwork
• Professional integrity and attention to detail