Head of Insurance

Our client seeks a Head of Insurance to join their team.

This is a senior leadership role responsible for overseeing all aspects of supervision and maintenance/development of the regulatory framework applicable to the Island's insurance sector.

You will contribute to the mandate by leading the effective and efficient prudential and conduct supervision of the island's insurance sector, which includes life insurers and life insurance groups, general insurers, captive insurers, insurance intermediaries and regulated insurance managers.

This includes ensuring that robust supervisory controls, processes and engagement are in place, that supervisory activity is risk-based and proportionate, and that the insurance supervisory plan is delivered in a prioritised manner alongside demand-led matters and cross-Authority priorities.

The role provides strategic leadership to the Prudential Supervision Division (alongside the Head of Banking), leads the Insurance Supervision and Policy teams, contributes to the development and maintenance of the Island's insurance regulatory framework in line with relevant legislation, regulatory requirements and international standards, and supports the Executive Team in strategy setting, risk horizon scanning and positive cultural leadership.

You will be expected to demonstrate flexibility in the performance of their duties and responsibilities. From time to time, the Authority may require the postholder to undertake additional duties, projects, or responsibilities that are commensurate with the level of the role. This may include providing support or cover for other teams, functions or areas of the Authority to ensure business objectives and operational requirements are met.

The primary responsibilities of the role are to:

• Lead the Prudential Supervision Division's remit pertaining to insurance supervision and associated regulatory frameworks.
• Lead the work of the Insurance Supervision & Policy teams, ensuring completion of agreed deliverables and the smooth running of the team in an effective, efficient and prioritised manner.
• Oversee the risk-based prudential and conduct supervision of insurers, insurance groups and other entities within the Insurance Supervision remit.
• Manage and develop a professional team to optimise delivery of supervisory priorities, business-as-usual activity and the divisional plan.

• Effectively manage staff through leadership, coaching, stretching objectives and meaningful development plans to facilitate a high-performing, engaged and accountable team.
• Lead the implementation and delivery of the Authority's Supervisory Methodology for insurance, ensuring appropriate use of systems, records, governance and quality assurance.
• Formulate, oversee and deliver supervisory plans for insurers by firm, group, sector risk and theme, using a mix of engagement meetings, inspections, thematic work, requests for information, regulatory colleges and other stakeholder dialogue.
• Oversee firm, group and sector risk assessments for the insurance portfolio, ensuring risk assessments are current, evidence-based and supported by appropriate data and supervisory judgement.
• Identify and assess insurance-sector risk trends and supervisory themes.
• Oversee the review of regulatory returns and supervisory information, including annual and quarterly returns, solvency and capital information, ORSAs, actuarial and audit reports, business plans, recovery or run-off plans and other data submitted by insurers.
• Ensure that authorisation, registration, change of control, portfolio transfer, acquisition, merger, restructuring, run-off and other significant regulatory proposals are assessed in accordance with relevant legislation, the Authority's policies and procedures, and the Authority's risk appetite.
• Ensure that breaches, complaints, notifications and complex supervisory matters are managed in accordance with Authority procedures, including timely escalation and referral for enhanced regulatory action or enforcement where appropriate.
• Ensure the accuracy, validity, completeness, timeliness and consistency of data in Authority systems, and support improvements to data quality, analytics, automation and reporting.

• Contribute to the development, maintenance and enhancement of the insurance regulatory and supervisory framework, including legislation, rules, guidance, policies and procedures, to…