Our client is seeking a Head of Insurance to provide strategic leadership within the Prudential Supervision Division. This full-time position based in the Isle of Man involves overseeing the supervision of the insurance sector, ensuring adherence to regulatory frameworks. The role focuses on enhancing the prudential and conduct supervision of various insurance entities, including life insurers, general insurers, captive insurers, and insurance intermediaries. The Head of Insurance will be responsible for leading the Insurance Supervision and Policy teams, implementing risk-based supervisory practices, and maintaining compliance with relevant legislation and international standards. This position is integral to supporting the Executive Team in strategy setting, risk management, and corporate culture enhancement, with the potential for additional tasks as required.
JOB DUTIES:
- Lead the Prudential Supervision Division’s mandate concerning insurance supervision and regulatory frameworks.
- Guide the Insurance Supervision and Policy teams to ensure effective and timely completion of deliverables.
- Oversee risk-based prudential and conduct supervision for insurers and other licensed entities.
- Manage and develop the supervisory team, fostering a high-performance culture through leadership and development initiatives.
- Implement the Authority’s Supervisory Methodology for insurance, ensuring effective governance and quality assurance.
- Formulate and execute supervisory plans for insurers, tailored to specific group and sector risks.
- Conduct risk assessments for the insurance portfolio, ensuring they are evidence-based and reflective of current data.
- Identify and analyse emerging trends within the insurance sector.
- Review regulatory submissions and ensure compliance with legislative requirements and the Authority’s procedures.
- Manage breaches, complaints, and complex supervisory issues, escalating as necessary.
- Enhance data accuracy and quality within supervisory systems, supporting ongoing improvements in analytics and reporting.
- Contribute to the evolution of the regulatory framework for insurance, aligning with international standards.
- Foster relationships with industry stakeholders, regulators, and governmental bodies.
- Represent the Authority in various forums and meetings, providing updates and insights on supervisory matters.
- Support the Insurance Supervision plan delivery through effective oversight and governance.
- Encourage cross-departmental collaboration and contribute to strategic planning within the Authority.
- Actively promote a risk-based culture, supporting operational improvements and innovation.
- Assume the role of Information Asset Owner for the Insurance Supervision function as required.
- Adhere to the Authority’s operational policies and perform any duties assigned by the Chief Executive or Board.
JOB REQUIREMENTS:
- Holds a professional qualification relevant to the financial services industry.
- Evidence of continuing professional development (CPD) is essential.
- Management qualification (e.g., ILM or CMI Level 7) is desirable.
- Extensive industry experience in operational, actuarial, compliance, or audit roles within the insurance sector is essential.
- Proven strategic leadership experience with a collaborative management style is essential.
- Experience working for a financial services regulator in a supervisory role is desirable.
- Demonstrates extensive knowledge of insurance sector legislation and financial industry trends.
- Exhibits strong leadership skills and the ability to mentor and inspire team members effectively.
- Possesses excellent verbal and written communication skills.
- Holds strong analytical abilities with a flexible approach to problem-solving.
- Is attentive to emerging issues and able to adapt strategic plans accordingly.
- Able to manage multiple priorities under pressure and meet deadlines effectively.
- Demonstrates strategic thinking, planning, and decision-making skills.
- Capable of contributing to broader Authority initiatives.
WHAT YOU'LL LOVE:
This role offers the opportunity to shape the future of insurance supervision in the Isle of Man, work collaboratively with a diverse team, and influence regulatory frameworks. With a commitment to professional development and a supportive environment, you will have the chance to engage with key stakeholders and work on strategic implementation within a dynamic landscape. The position includes a comprehensive benefits package, including a defined benefit pension scheme, death in service benefits, and flexible working arrangements.
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