Policyholders Compensation Fund Deputy Director - Insurance Services Jobs in Kenya

Job Purpose

An Officer at this grade may be designated to head any of the following Departments and to perform the duties specified thereof. The position reports to the director of the Directorate he/she is deployed to (Compensation and Insurance Risk
Monitoring directorate/Statutory Management and Liquidation directorate).

Job Specifications

In the case of:

Compensation

• Develop, implement and review policies, strategies and procedures, regulations and guidelines on compensation of insurance claimants.

• Develop appropriate resolution mechanisms for problem insurers with a view to safeguarding the claimants’ interest.

• Develop and maintain database of claimants.

• Carry out public awareness and dissemination of
information to stakeholders and the public.

• Process compensation claims.

• Adopt research recommendations and analysis as a basis for compensation and resolution policy formulation.

• Collaborating with international, regional and national organizations on best practice for promotion and growth of the sector.

• Enforce insurers compliance with PCF policies and relevant laws.

• Develop and implement departmental annual workplans, procurement plans and budgets.

Insurance Risk Monitoring

• Develop, Implement and review department’s Policies, Guidelines, Regulations, Quality Management System and Frameworks.

• Conduct risk monitoring and profiling of insurers and make recommendations.

• Develop inter-agency relationships to facilitate
achievement of PCF mandate.

• Implement risk assessment activities including analysis, measurement and reporting of insurers risks.

• Enforce insurers compliance with PCF policies and relevant laws.

• Coordinate special on-site examination and off-site surveillance of the insurers.

• Levy fees and reconcile insurers PCF Levy returns

• Monitor the respective insurance risk profiles and recommend appropriate mitigating measures.

• Coordinating the Enterprise risk and business continuity management in the department.

• Coordinate implementation of audit recommendations touching on the department.

• Provide leadership in Performance Management in the Division; and

• Mentor and coach staff under his/her purview.

Statutory Management

• Develop, implement and review policies, strategies and procedures, regulations and guidelines on statutory management.

• Prepare and report on the financial affairs of the insurer.

• Establish the status of affairs of the Company at the time of appointment.

• Trace, preserve and secure all the assets and property of the company.

• Recover any debts and sums of money due to and owing to the company including reinsurance recoveries and deposit such proceeds with the Bank of Kenya under lien.

• Collaborate with international, regional and national organizations on best practice for promotion of insurance resolution.

• Evaluate and establish the financial position and in particular, the solvency and liquidity of the company.

• Where necessary, obtain from any former principal officer, director, secretary, officer or employee of the insurer any documents, records, accounts, statements, correspondence or information relating to the company.

• Review reports from the regulator and obtain any
information relating to the company which would aid in achieving the desired objectives.

• Discuss with the shareholders of the Company, where necessary, any revival strategy that may be envisaged.

• Recommend whether a Company should be liquidated or revived

• Establish the extent

of authenticity of liabilities of the Company.

• Establish a framework for the process of matching assets with the existing liabilities of the Company with a view to the eventual settlement of claims.

• Determine the extent to which assets so traced and secured may be utilized towards the settlement of the claims.

• Recommend an appropriate claims settlement strategy that would facilitate eventual payment of outstanding claims.

• Prepare regular reports on progress made.

• Develop and implement the departments annual work plans, procurement plans and budgets.

Liquidation

• Develop, implement and review departmental strategies, policies, frameworks and related procedures, annual work plans, procurement plans, performance contracts and budgets.

• Develop inter-agency relationships to facilitate
achievement of PCF’s mandate.

• Ensure prompt payment and reporting of dividends to creditors of liquidated insurers.

• Ensure prudent investment and reporting on surplus funds for insurers under liquidation as per approved investment policy.

• Review and making proposals on liquidation cases for consideration by Management and Board.

• Provide advisory role to the Technical and Public Policy Committee of the Board on liquidation.

• Oversee implementation of Board’s decisions and audit recommendations.

• Ensure compliance with PCF policies and relevant laws.

• Ensure effective communication of relevant policies in the department.

• Participate in the activities of International Forum of Insurance Guarantee Schemes (IFIGS) and other agencies.

• Provide leadership in the day to day running of the department.

• Oversee performance management of the Department;

• Coordinate implementation of Board resolutions and audit recommendations;

• Assessing performance, mentoring and coaching of staff under the Officer’s purview.

Person Specifications

• Minimum period of ten (10) relevant work experience, five (5) years of which must have been in a supervisory role.

• A Bachelors Degree in any of the following disciplines:- Commerce, Actuarial Science, Finance, Insurance, Economics, Business Administration or its equivalent from a recognized and accredited institution;

• A Masters Degree in any of the following disciplines: Commerce, Actuarial Science, Finance, Insurance, Economics, Business Administration or its equivalent from a recognized and accredited institution;

• Professional qualifications in Insurance or equivalent.

• Diploma in Insurance or its equivalent

• Membership to the Chartered Insurance Institute or Insurance Institute of Kenya or institute of certified investments and Financial Analysts or law society of Kenya.

• Leadership course lasting no less than six (6) weeks from a recognized institution.

• Proficiency in computer applications.

• Fulfilled the requirements of Chapter six of the
Constitution of Kenya (2010).

How to Apply

For more information and job application details, see; Policyholders Compensation Fund Deputy Director - Insurance Services Jobs in Kenya

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