(1136) Manager: Insurance Supervision

Brief description

The main purpose of this position is to provide managerial leadership in the supervision of insurers and insurance groups and to ensure the financial soundness and sound governance of insurers and insurance groups within the Prudential Authority at the South African Reserve Bank (SARB).

Detailed description

The successful candidate will be responsible for the following key performance areas:

• Supervise, oversee and participate in supervisory practices.
  • Contribute towards maintaining a financially sound and stable insurance sector and the overall financial services sector.
  • Contribute towards the development of processes and procedures for the effective implementation of the Insurance Act 18 of 2017 and the prudential standards.
  • Assess compliance with prudential regulations and applicable financial soundness standards.
  • Install a risk-based, pre-emptive, outcomes-based and integrated supervisory framework.
  • Review and evaluate the adequacy and appropriateness of the own risk and solvency assessment (ORSA) submissions of each insurer for their specific risk profile.
  • Refine the supervisory approach by introducing prudential supervisory best practice.
  • Identify cross-sectoral risks and devise appropriate measures to contain them.
  • Deploy effective supervisory tools for monitoring insurers’ exposure to the above risks.
  • Ensure the sufficiency and appropriateness of the capital and solvency requirements of the assigned insurance entities with respect to all prudential risks.
  • Ensure that insurers’ risk management practices and governance structures are adequate and appropriate.
  • Analyse and interpret risk-based regulatory returns.
• Provide guidance and direction to subordinates, including the setting of performance standards and monitoring performance.
• Contribute meaningfully to prudential regulation matters relating to insurance groups.
• Contribute towards the attainment of departmental strategic objectives.
• Mentor, train and motivate staff towards the attainment of departmental goals.
• Manage the attainment of operational objectives.