Director Insurance

Director of Insurance Department

JOB SUMMARY

Reporting to the Managing Director, the Head of Insurance is responsible for directing and overseeing activities aimed at regulating and maintaining the integrity, security, stability and efficiency of the insurance services industry within theTurks and Caicos Islandsin accordance with local and international standards, regulations and ordinances. 

EDUCATION & EXPERIENCE:

• Masters Degree in Finance, Business Administration or Accounting from a recognized University or equivalent qualifications such as ACII.
• Specialized training in insurance regulation
• Eight (8) years related experience, of which at least four (4) must be in a managerial position in a regulatory capacity or organisation

SPECIFIC KNOWLEDGE REQUIRED:

• Sound knowledge of the Financial Services Commission Ordinance, ancillary legislation and standards and regulations set by international bodies such as OGIS, IAIS and CAIR
• Sound knowledge of the insurance business and insurance regulation
• Sound knowledge of financial analysis and accounting
• Sound knowledge of relevant computer applications including, spreadsheet, word processing, and database packages

SPECIALISED TECHNIQUES/SKILLS:

• Excellent planning and organizing skills.
• Excellent time management skills
• Sound leadership and team building skills
• Sound decision-making and problem solving skills
• Excellent human relations skills
• Sound analytical skills and judgment
• Ability to communicate clearly and effectively both orally and in writing
• Good presentation skills

WORKING CONDITIONS:

• Normal working environment
• May be required to work beyond normal hours from time to time
• Required to travel to conferences, seminars, Board of Directors meetings, etc. from time to time

JOB DESCRIPTION

REPORTING AND ORGANIZATIONAL RELATIONSHIPS

Reports To:                                          Nature of Supervision Received:

Directly:  

Deputy Managing Director                               

Supervision Given To:                        Nature of Supervision Given:                   

Directly:

Senior Insurance Officer

Insurance Analyst

Junior Insurance Analyst

Indirectly:

Senior Insurance Administrator

Insurance Administrator

LIAISES WITH:

Internally:

All Department Heads

Board Members

Externally:

Insurance Entities (Agents, Sub Agents, Brokers, Insurers,

Insurance Managers, Principal Reps)

Members of the Public

Industry Practitioners

DUTIES & RESPONSIBILITIES:

1. Prepares the Insurance Department’s inputs to the Corporate Plan and budget to ensure that the department’s objectives and targets are reflected.
2. Develops and periodically updates the Department’s policies and procedures in keeping with applicable international and Government laws and regulations; oversees their implementation and ensures compliance.
3. Evaluates applications for new or renewal of insurance licenses, based on established criteria, and makes recommendations to the Licensing Committee of the Board of Directors.  
4. Ensures that insurance entities submit all information requested in order to obtain or renew their licenses, particularly where licenses are approved provisionally.
5. Monitors the payment of annual and other prescribed fees by insurance entities and assists the Finance unit in collecting outstanding fees.
6. Oversees or participates in the conduct of off-site reviews of the operations of insurance entities by analyzing their financial statements, and returns submitted to the FSC. 
7. Manages or participates in the conduct of planned and ad hoc on-site inspections of licensees’ operations on the basis of findings from off-site reviews or the results of previous on-site inspections or from new developments. 
8. Conducts off-site and/or on-site inspections that are sensitive or would have serious implications for the FSC
9. Conducts risk assessments to identify inspection areas and prepares and follows inspection programmes/schedules for the examination and assessment of those areas.

10. Writes inspection reports stating deficiencies and implications, and makes recommendations to the Board of Directors, its Licensing Committee or the Managing Director, dependent on the issues identified.

11. Meets with insurance entities to discuss the findings from inspections and follows up to ensure that deficiencies are corrected.

12. Reviews and signs off working papers for all inspections undertaken by the Insurance Department and ensures the security of such files.

13. Monitors the financial status of insurance entities; determines the impact of any changes and takes or recommends appropriate action where necessary.

14. Provides guidance/advice to the Managing Director, managers and the Board of Directors and responds to queries from members of the public on insurance related matters.

15. Prepares reports and maintains statistics on the activities of the Insurance Department and on the insurance industry as required.

16. Ensures the processing of requests for Corporate Changes (e.g. a change of directors, or changes to the business model).

17. Represents the FSC at conferences, symposiums, workshops, meetings and other events as required.

18. Manages the work of subordinates through effective objective setting, delegation and communication; agrees objectives and performance targets with subordinates and conducts interim and annual performance appraisals

19. Undertakes performance appraisals for staff supervised and participates in and makes recommendations related to various human resource functions including but not limited to hiring, promotions, transfers and vacation scheduling.

20. Assesses staff training requirements on an on-going basis and ensures provision of structured training programs and on-the-job coaching to develop required skills and knowledge.

21. Ensure the proper management, development and training of subordinates and carry out performance reviews.                                                                                                           

22. Performs other related functions assigned from time to time by the Managing Director

AUTHORITY TO:

• Recommend the issue or revocation of licenses
• Co-sign cheques for the organization up to the authorized limit
• Sign off inspection work papers
• Sign inspection reports
• Initiate ad hoc audits where a valid need is established
• Approve expenditure within budget
• Take disciplinary action in regards to supervisees in accordance with human resources policies and procedures
• Delegate tasks to department staff

PERFORMANCE CRITERIA:

This job is satisfactorily performed when:

• Key deliverables are produced within the agreed timeframe and to required standards, including compliance with legal and regulatory requirements
• Licensing applications are processed within the prescribed time
• Operational targets are met
• Reports are submitted by their deadline
• The Insurance Department’s policies and procedures are maintained
• Advice is provided and decisions are taken in accordance with established policies and procedures
• Professional work ethics, confidentiality and integrity are maintained.
• Harmonious relations are maintained with external and internal contacts
• Competency of employees reporting to your position.

APPLICATION DEADLINE: 18TH MAY 2026