Assistant Manager - Insurance

JOB SUMMARY

To provide support to the Manager, with the management of the day to day operations of the Domestic Insurance Unit; providing overall guidance in areas requiring compliance with the Insurance Core Principles; participating and helping to develop and implement the risk assessment methodology for the insurance entities supervised and identification of gaps in the supervisory process as against international and best practice trends.

EDUCATION & EXPERIENCE

• MBA Finance, Regulation or a professional accounting certification such as ACCA, CPA
• At least seven (7) years in a supervisory position in the field of Insurance Regulation.

SPECIFIC KNOWLEDGE REQUIRED

• Sound knowledge of the Financial Services Commission Ordinance and related laws and regulations.
• Sound knowledge of the Insurance Ordinance and associated Regulations and Codes.
• Sound knowledge of the Insurance Core Principles and requirements of international standard setters such as the IAIS, CAIR, GIICS
• Sound knowledge of insurance business and practices
• Sound knowledge of international financial reporting standards, such as IFRS or USGAAP
• Good knowledge of auditing, financial management, corporate governance and risk management principles
• Good knowledge of statistics and economic principles
• Good knowledge of report writing and presentation tools and computer applications for business purposes.

SPECIALISED TECHNIQUES/SKILLS

• Well developed planning and organizing skills.
• Well developed analytical, reasoning power and decision making skills.
• Well-developed communication skills, in verbal and written formats.
• Excellent interpersonal and human relations skills.
• Ability to communicate clearly and effectively both orally and in writing.

WORKING CONDITIONS

• Normal working environment
• Some local and overseas travel is required

JOB DESCRIPTION

REPORTING AND ORGANIZATIONAL RELATIONSHIPS

Reports To: Nature of Supervision Received:

Directly: Manager, Domestic Insurance Unit

Supervision Given To: Nature of Supervision Given:

Directly: Senior Insurance Analysts

Insurance Analysts at all levels

Liaises With:

International: All Heads of Departments
All Staff Members

Externally: In respect of Insurance Companies:
CEOs and Branch Managers,
Financial Controllers,
Compliance Officers and Money Laundering and Reporting Officers
Internal Auditors
External Auditors
Boards of Directors

DUTIES & RESPONSIBILITIES

1. Assist in developing annual plans for monitoring and supervision of insurance entities.
2. Perform off-site reviews to help determine the overall health and viability of insurance entities, by analysing insurance returns and financial statements, based on set criteria.
3. Co-ordinate, lead and participate in on-site inspections of insurance entities; prepare report detailing findings and recommendations for perusal by the Manager Domestic Insurance.
4. Evaluate applications for approval of corporate changes, applications for insurance licences, Special Dispensation, and requests for extensions to submit insurance returns.
5. Review risk assessment reports prepared by Insurance Analysts for accuracy and completeness, provide feedback and coaching.
6. Review documents prepared by Insurance Analysts to verify accuracy and completeness and submit to Manager Domestic Insurance for approval.
7. Participate in meetings with insurance entities and/or Home Regulators to disclose and discuss the findings from reviews and assist with follow up to ensure that action is taken to resolve issues identified.
8. Monitor and prepare report on trends in the financial performance of insurance entities; make recommendations to Manager Domestic Insurance in cases where financial performance is below standard.
9. Assist in the development of internal policies, and procedures for the Domestic Insurance Unit as well as Guidelines for the Domestic Insurance industry.
10. Manage the work of subordinates; conducts performance appraisals, provide feedback on performance and make recommendations as required
11. Prepare and deliver internal and external training presentations relating to the activities of the Domestic Insurance Unit.
12. Perform any other duties that may be assigned from time to time by a Supervisor.

AUTHORITY TO

• Represent the FSC at domestic and international meetings to discuss issues relating to insurance entities which are supervised.
• Access highly confidential and sensitive information related to matters pertaining to a licensed insurance entity.
• Delegate some duties, within reason, to junior Department staff.
• Recommend remedial action in relation to the performance or behaviour of an Insurance Analyst (at all levels of the Unit).

PERFORMANCE CRITERIA

• Key deliverables are produced within the agreed timeframe and to required standards, including compliance with legal and regulatory requirements
• Licensing applications and special dispensation are processed properly and within the prescribed time
• Offsite, onsite and risk assessment reviews reports are carried out effectively and efficiently and submitted by their deadline
• The Insurance Department’s policies and procedures are maintained, and where shortfalls are discovered, quickly remedied
• Professional work ethics, confidentiality and integrity are maintained
• Competency of employees reporting to your position is at an acceptable standard.

APPLICATION DEADLINE - October 30, 2026