Insurance Analyst I

TCI FSC official careers. Original employer wording is preserved.

*Belongers Need Only Apply*

JOB SUMMARY

This is a technical position with responsibility to conduct analysis, monitor regulatory/supervisory activities and risk assessments on a portfolio of lower to moderate risk and less complicated insurance companies and insurance intermediaries to ensure compliance with relevant ordinances, regulations guidelines and international best regulatory best standards. Analyze financial statements and prudential returns to ascertain the financial strength of the licensee or potential licensee and to inform on financial viability and compliance with statutory and regulatory requirement. Additionally, the incumbent would be required to apply the Commission’s risk-based supervisory framework in the risk assessment and supervisory monitoring of assigned licensees.

EDUCATION & EXPERIENCE

• Bachelor’s degree in Accounting, Economics, Business Administration or equivalent professional qualifications such as ACII or equivalent.

• Three (3) years related working experience in the financial sector, regulation, or auditing field.

SPECIFIC KNOWLEDGE REQUIRED

• Good financial analytical skill to read and interpret financial data and financial statements.

• Good knowledge of accounting principles and standards (IFRS and GAAP).

• Working knowledge of the operations of insurance entities, the insurance industry and insurance terminologies.
• Working knowledge of local and international insurance regulations and standards, and relevant legislation.
• Working knowledge of relevant computer packages including MS Office, Email and database management software.

SPECIALISED TECHNIQUES/SKILLS

• Good interpretative and analytical skills in assessing financial data and financial ratio.

• Good critical thinking skills

• Good report writing skills.

• Good time management skills

• Ability to communicate effectively (both orally and in writing).

• Ability to use initiative and work with minimal supervision.

• Ability to perform under pressure.

• Ability to work well as part of a team.

WORKING CONDITIONS

• Normal office environment.

• Occasionally required to work outside normal working hours.

• Travel to regulated insurance entities to conduct reviews or attend meetings.

JOB DESCRIPTION

REPORTING AND ORGANIZATIONAL RELATIONSHIPS

Reports To: Nature of Supervision Received

Directly

Assistant Manager DIU/Analyst III

Indirectly

Director of Insurance

Insurance Analyst II

Supervision Given To: Nature of Supervision Given

Directly

N/A N/A

Indirectly

N/A N/A

LIAISES WITH

Internally

Companies, Trademarks and Patents Registration Department. Legal and Policy Units.Licensing Committee.HR & Administration Department

Externally

Insurance Entities/Licensees Trainers/Training Institutions Members of the Public

DUTIES & RESPONSIBILITIES

• Conducts off-site monitoring of assigned licensees:

• Review and monitor submissions of quarterly and annual returns, including audited financial statements, internal audit and compliance reports etc.
• Assess returns for completeness, accuracy, and compliance. Liaise with licensees to address queries and inconsistencies observed.

• Compile and analyze data/information from licensees to determine compliance with guidelines, local regulations, laws, and international best practice standards. This involves an examination of ratios and trends and identification of potential risks.

• Prepare and keep current risk assessment documents and the relevant file notes, based on the risk based supervisory framework adopted by the Commission, identifying and assessing risks and making recommendations on the necessary supervisory intervention.

• Prepare financial analysis and risk assessment reports as required in the department’s prescribed format for review by the Supervisor.

• Conduct ongoing monitoring of assigned entities and advise the Supervisor of any breaches in regulations or any problems or potential problems observed, including recommendations for their solution.

• Organize and participate in meetings with the management of assigned institutions

• Participates/assist in on-site examination reviews of licensees as assigned. This involves:

• Contributing to the planning of the examination.

• Assist in the pre-on-site assessments of the institutions’ risk management framework, capital adequacy, asset quality, earnings quality, liquidity, market risk sensitivities, and overall corporate governance, utilizing risk focused examination techniques as necessary, to determine the need for additional documentation or changes to the scope and focus of the examination.

• Participates in meetings with the management of the assigned institutions during the examination exercise and retaining minutes of these meetings.

• Examine files and other documents to determine compliance/non-compliance with internal policies and procedures and relevant laws, regulations, and supervisory standards (best practices), in accordance with the examination scope;

• Conduct after examination remediation and follow-up.
• Composes and, on approval, issues letter to insurance entities to inform of violations, explain compliance requirements or provide justification for corrective actions.
• Monitors and reports on trends in the financial performance of the insurance brokers; and make recommendations to the Supervisor in cases where financial performance is below standard.
• Review regulatory applications/requests and draft proposals based on regulatory and/or legal guidelines in the department’s prescribed format. Conduct appropriate fit and proper assessment on officers and officials of the licensee etc.
• Collects, collates and analyses statistical information relating to the insurance industry or insurance licensees as required.
• Maintain computerized and manual files in relation to work done for assigned institutions, including working papers, correspondence, regulatory approval, records of financial statements and returns, etc, in an orderly manner to allow for transparency, review, and ease of retrieval.
• Performs other related functions assigned from time to time by the Director.

AUTHORITY TO

• Make recommendations resulting from inspection findings.

• Make recommendations with regards to application for insurance licenses.

PERFORMANCE CRITERIA

This job is satisfactorily performed when

• Reports, letters, memos are prepared within given timelines and of a high quality that requires minimum edits.

• The RADs are appropriately completed and kept update, effectively identifying and assessing the risks in assigned licensees.

• Off-site reviews are completed as scheduled, and reports completed and transmitted within the set deadline.
• Findings from reviews are supported by accurate and comprehensive analysis in keeping with established standards.
• Examination findings and required actions are appropriately followed-up and tracked in the prescribed format.

• Breaches of regulations and other serious issues are readily observed and reported to the supervisor and appropriately followed up on until satisfactory addressed.
• Files are maintained in accordance with established standards.

• Professional work ethics, confidentiality and integrity are maintained.

APPLICATION DEADLINE: October 30, 2026

Compensation: $47,142.00 - $54,670.00 Per Annum