Policyholders Compensation Fund Insurance Officers Jobs in Kenya

Job Purpose

The position is responsible for developing appropriate resolution mechanisms for insurers in distress, protecting and preserving their assets and properties, and verifying & settling claims of
policyholders, claimants and creditors. The Position reports to the Deputy Director of the department deployed to (Compensation/Insurance Risk Monitoring/Statutory Management/Liquidation).

Job Specifications

In the case of:

Compensation

• Receive and review claim documents for purposes of compensation to claimants of insurers under management and dividends to creditors of liquidated insurers;

• Maintain an up-to-date inventory of assets of distressed insurers;

• Maintain investment schedules and reports on surplus funds for insurers’ in statutory management and liquidation as per approved investment policy;

• Assist in analyzing and recommending compensation, statutory management and liquidation cases for consideration by management; and

• Prepare statutory returns for the distressed insurers for filing with the Registrar of Companies.

• Assist in the development and maintenance of claimants’ database

Insurance Risk Monitoring

• Initiate risk assessment activities including analysis, measurement and reporting of insurers risks for the allocated portfolio and preparing reports;

• Initiate special on-site examination and off-site surveillance of the insurers for the allocated portfolio and preparing reports;

• Assess, collect, reconcile and prepare reports of contribution levy by insurers for the allocated portfolio;and

• Participate in monitoring and analyzing insurance risk profiles for the allocated portfolio.

• Assist in development, implementation and review of policies, strategies and procedures, regulations and guidelines on insurance risk monitoring.

• Participate in on-site inspection of insurers.

• Maintain departmental records.

Statutory Management

• Assist in development, implementation and review of policies, strategies and procedures, regulations and guidelines on statutory management.

• Assist in preparing reports on the financial affairs of the insurer.

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

• Assist in tracing, preserving and securing all the assets and property of the company under statutory management.

• Establish any debts and sums of money due to and owing to the company under statutory management.

• Draft routine

correspondences.

• Conduct due diligence on the liabilities of the Company under management.

• Prepare regular reports on progress made.

• Assist in the development and implementation of the departments annual work plans, procurement plans and budgets.

• Maintain departmental records

Liquidation

• Participate in the development, review, and
implementation of departmental policies, strategies and procedures, regulations, and guidelines.

• Assist in recovery of 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.

• Receive and review claim documents for purposes of paying dividends to creditors of liquidated insurers.

• Maintain an up-to-date inventory of assets of distressed insurers.

• Maintaining investment schedules and reports on surplus funds for insurers in liquidation as per approved investment policy.

• Assist in establishment of a framework for the process of matching assets with the existing liabilities of the Company with a view to eventual settlement.

• Assisting in analyzing and recommending liquidation cases for consideration by management.

• Preparing statutory returns for the distressed insurers for filing with the Registrar of Companies.

• Participate in the development and implementation of departmental policies, procedures, strategies, work plans, procurement plans and budgets.

• Maintain departmental records.

Person Specifications

• Bachelor’s degree in Commerce, Finance, Insurance, Economics, Insurance, actuarial science, Business Administration or its equivalent from a recognized and accredited 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 Insurance Officers Jobs in Kenya

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