Actuary

Actuary

ACTUARY- FIXED-TERM CONTRACT

The Financial Services Commission (FSC) is an integrated Financial Services regulator. Our mission is to regulate and supervise the Securities, Insurance and Private Pensions and Trust and Corporate Services providers for the protection of their users, thereby enhancing public confidence through the efforts of a competent workforce. 

We are seeking individuals who are self-directed, results-oriented, and have a passion for providing excellent service.

The FSC has an immediate opening for the position of Actuary.

Position Summary:

The responsibilities of the FSC are complex, analytical and subject to rigorous time constraints and they have major financial impact.  The Actuary occupies a pivotal position that bridges technical actuarial expertise with high-level regulatory oversight.

The Actuary is responsible providing advice and guidance with respect to actuarial matters concerning regulated entities to ensure that registrants maintain financial soundness, adhere to statutory requirements and effectively manage risks.  The role includes conducting actuarial reviews and risk assessments and making recommendations regarding changes to legislative requirements. The Actuary will work with consulting actuaries on any special projects, which may arise from time to time, to complete agreed work.

The Actuary reports to the Chief Actuary and works mainly with the Senior Directors of Insurance and Pensions. The job holder provides leadership to a team of Associate Actuaries and Actuarial Assistants to perform actuarial risk assessments and achieve other agreed objectives.

Key Responsibilities:

• Perform actuarial analysis of insurance rates, rating procedures, rating plans and schedules of insurance companies
• Provide technical assistance and support on actuarial matters to analysts, examiners, investigators, complaints coordinators and other technical staff.
• Provide actuarial advice on legislative proposals, draft proposals for new regulations and/or circular letters and queries from government agencies, among others.
• Prepare and deliver balanced, consistent, timely and effective reports on the appropriateness of actuarial assumptions and methods used, and the robustness of the actuarial reserves and other policy liabilities of regulated entities.
• Review stress testing reports prepared by regulated entities to identify risks to which they are sensitive
• Conduct top-down stress tests using system-wide scenarios
• Co-ordinate all actuarial and statistical studies and provide training and guidelines as necessary to relevant staff.
• Design, develop and/or maintain computer models, using a variety of software tools.
• Design and document research projects and actuarial experience studies, perform analysis, testing and evaluation of produced outcomes.
• Analyse submissions on risk-based capital adequacy to determine if regulated entities are compliant with statutory requirements and prepare reports with recommendations.
• Analyse and report on insurance companies own risk and solvency assessments.
• Assess schemes of surplus distribution of pension plan being wound up and preparing reports on findings and recommendations.
• Review and comment on Amendments to the constitutive documents of pension plans
• Developing draft guidelines, bulletins and discussion papers on actuarial, matters (e.g. valuation, stress testing, ORSA, capital adequacy) for review by the Chief Actuary.
• Identify of weaknesses/areas of emerging risk in the insurance and pensions industry

• Provide technical input in the licensing, merger, and acquisition assessments of insurance entities.
• Represent the organization in discussions with industry stakeholders, international bodies, and actuarial associations.
• Develop and keep updated policy and procedure manuals for the activities of the Division.
• Monitor and evaluate the Division’s performance against its operational targets and develop and execute the necessary interventions on a timely basis
• Support actuarial capacity-building initiatives and contribute to internal training.
• Represent the Chief Actuary and Division at meetings as required
• Conduct staff appraisal sessions and prepare individual development plans.

Candidates must possess the required education, knowledge and skills:

• Fellow of a recognised Actuarial Association
• The job requires a minimum of six years’ post qualification experience preferably in the insurance industry or insurance regulator

While we thank everyone for their interest, only short-listed applicants will be contacted.