Senior Technical Specialist; Actuarial - Insurance Policy Division

Location:

London/England

Employment type:

Full-Time

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.

The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

Prudential Policy Directorate are responsible for designing, negotiating internationally and implementing effective prudential regulation in order to remove or reduce systemic risks, promote the safety and soundness of PRA-regulated firms and ensure appropriate protection for insurance policyholders. PPD supports both the Prudential Regulation Committee and Financial Policy Committee in fulfilling their objectives.

Department Overview

Our area of PPD – the Insurance Policy Division – works to maintain a strong and coherent prudential regime for UK insurers. We do this by crafting the international and domestic regulatory regimes, and supporting their implementation.

Job Description

Insurance regulation in the UK is changing. Solvency II is being reformed to tailor it to the UK market. The Future Regulatory Framework will bring new objectives and accountability for the Bank and will change how we make policy. We need an experienced actuary to join us, using their technical leadership to help us set effective policy at home, and to shape it internationally.

You will have real reach and influence; what we do affects the entire UK insurance industry and all of its policyholders.

As a Senior Technical Specialist (Actuarial), you will spend your time:

• Leading technical policy and actuarial work across policy and supervision, working with other actuaries, policy specialists and economists;
• Presenting work to senior committees including PRC, and preparing material for external publication (e.g., discussion and consultation papers);
• Mentoring and developing others in building their technical capabilities, and acting as a peer-reviewer;
• Advising Bank seniors, and providing technical input to HM Treasury and other external parties;
• Supporting and influencing the PRA approach to insurance supervision;
• Handling relationships with technical experts in firms and industry bodies;
• Forging links with other areas of the PRA and Bank.

We have one role available. IPD currently consists of four teams:

• International Policy – covers international engagement on insurance in forums such as the International Association of Insurance Supervisors (IAIS) and Financial Stability Board (FSB), as well as trade issues.
• Domestic Capital Requirements Policy – leads on domestic policy on internal models, standard formula, matching and volatility adjustment, transitional measures, risk margin, and risk-free rates.
• Insurance Groups and Conglomerates Policy – owns policy relating to insurance groups, branches and conglomerates, and the operation of colleges.
• Capital resources, Pillar 2 and Strategy – responsible for policy on own funds, risk management and governance frameworks. Leads co-ordination of special projects such as the Solvency II Review.

In addition, a new team is being created:

• Economic Impact, Research and Cross Cutting Issues – responsible for developing the Bank’s framework on the macroprudential effects of insurers on the system, and on the impact of regulation on insurance.

You would work within one or more of these teams, depending on experience, with scope for further cross-team working to develop new areas of interest.

Role Requirements

Minimum Criteria

• Qualified Actuary (to IFoA Fellowship level), or equivalent similar actuarial experience.
• In-depth experience of at least one of investments, risk management or solvency capital requirements, gained through roles held in financial services, regulation or public policy.
• Experience in Solvency II or the IAIS Insurance Capital Standard.
• Significant experience of leading analytical projects, with strong creative and problem-solving skills, demonstrated thought leadership, and the…