Associate Actuary

Associate Actuary

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 Associate Actuary.

Position Summary:

The Associate Actuary performs advanced actuarial analysis and provides professional actuarial judgement in support of the Financial Services Commission’s supervisory and regulatory mandate for insurance and pension entities. The role requires the independent assessment of actuarial valuation reports, capital adequacy submissions, stress testing outcomes, pricing reports, and pension-related actuarial matters, with particular focus on larger, more complex institutions and entities with higher risk profiles.

The Associate Actuary applies actuarial expertise to identify material risks, assess regulatory compliance, and formulate recommendations that directly inform risk-based supervision. The job holder works with a high degree of professional independence while operating under the general direction of the Chief Actuary and/or Actuary and provides technical guidance.

Key Responsibilities:

• Review actuarial valuation reports submitted by life insurance companies, general insurance companies, and pension schemes.
• Evaluate valuation methodologies, actuarial assumptions, risk adjustments, contractual service margins, outstanding claims, and liability adequacy.
• Assess sensitivity testing and determine the reasonableness and appropriateness of actuarial assumptions used in valuations.
• Analyse pricing reports for new and amended insurance products.
• Assess pricing methodologies, profitability projections, solvency impacts, sensitivity analyses, and policy illustrations.
• Determine whether insurance products are appropriately priced and compliant with statutory and regulatory requirements.
• Analyse regulatory capital adequacy submissions, including Life Insurance Capital Test (LICAT), Minimum Capital Test (MCT), and other applicable capital frameworks.
• Assess capital sufficiency and identify the drivers of material changes in capital ratios.
• Identify emerging risks and vulnerabilities arising from capital adequacy assessments.
• Review stress testing and scenario analysis reports submitted by regulated entities.
• Evaluate the impact of adverse scenarios on financial position and capital adequacy.
• Assess the consistency of base scenarios with regulated entities’ business plans.
• Identify vulnerabilities and potential systemic risk exposures within regulated entities.
• Analyse dividend proposals submitted by insurance companies.
• Assess the impact of proposed dividends on capital adequacy, solvency, and compliance with regulatory thresholds and internal capital targets.
• Assess pension-related actuarial matters, including surplus distribution proposals.
• Review amendments to trust deeds, rules, and other constitutive documents of pension schemes.
• Ensure pension-related actuarial submissions treat members fairly and comply with legislative and actuarial standards.
• Assess compliance with actuarial standards of practice, statutory requirements, FSC guidelines, and relevant international best practices.
• Identify deficiencies, weaknesses, or areas of concern requiring supervisory or regulatory attention.
• Provide actuarial input into supervisory examinations of insurance and pension entities.
• Provide actuarial input into licensing assessments, mergers, acquisitions, and other regulatory approvals involving insurance and pension entities.
• Prepare actuarial reports, briefing notes, and technical recommendations that translate complex actuarial analyses into clear supervisory insights.
• Contribute to the development, review, and updating of actuarial guidelines, procedures, templates, bulletins, and discussion papers.
• Participate in cross-divisional initiatives and provide actuarial support to other divisions on complex financial, risk, and supervisory matters.
• Represent the Actuarial Division at internal and external meetings as required.
• Support actuarial research initiatives, experience studies, and data analysis projects.
• Perform any other related duties consistent with the category, nature, functions, and objectives of the job.

Candidates must possess the required education, knowledge and skills:

• A Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or a related discipline
• Associate designation of a recognised actuarial organization such as the Society of Actuaries or the Institute and Faculty of Actuaries

• A minimum of five years’ relevant actuarial experience, preferably in the insurance or pensions industry or within a regulatory or supervisory environment.

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