Assistant Director - Supervision (Insurance)

at  Bermuda Monetary Authority

SUPERVISION (INSURANCE) DEPARTMENT

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as an Assistant Director in the Long-term section of our Supervision (Insurance) Department. Reporting to a Deputy Director, the Assistant Director will lead a team of professionals responsible for designing and implementing the Authority’s insurance supervision, risk framework and market analysis programme by generating and interpreting market data and recommending appropriate supervisory action.

THIS POSITION REQUIRES A PROVEN TECHNICAL AND BUSINESS BACKGROUND; THEREFORE, THE POST HOLDER MUST HAVE:

• A master’s degree in finance, accounting or insurance and/or equivalent qualification from a recognised institution or professional body (e.g., CPA, CA, CFA, ASA, CERA, FIA, etc.)
• A minimum of ten (10) years experience, of which at least five (5) years should be in the life insurance industry acquiring knowledge related to solvency risks arising from life products and/or working experience with a regulatory body in an insurance-related capacity in life analytics or supervision
• The ability to assimilate facts, analyse and prioritise information to ensure accuracy and conformity of procedures for risk assessments
• A working knowledge of licensed Bermuda entities’ operations
• The ability to lead and provide training on policy development initiatives
• The ability to interface with the financial services industry, government and various international regulatory bodies
  The Authority is the integrated regulator of the financial services sector in Bermuda. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.
  If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via our ‘Careers at BMA’ page on www.bma.bm. Applications for this position must be received no later than 1 November 2024.
  Bermuda Monetary Authority is an Equal Opportunity Employer.
  Individual Excellence…Collective Strength

• Managing a team responsible for ongoing risk-based supervision of a portfolio of Long-term insurers and groups and providing leadership, development and nurturing the growth of direct reports
• Providing insurance risk framework and risk model development, market analysis, risk training and support
• Identifying and monitoring economic indicators and trends impacting the long-term insurance market at both the macro and micro level and assessing the impact of these indicators on licensed commercial life insurers and groups
• Modelling complex transactions, including sensitivity analysis, stress testing and assessment of financial soundness indicators, whilst also managing a team of risk analysts to ensure accuracy and

reconciliation of numbers and appropriate techniques

• Performing on-site examinations and financial reviews of financial statements and returns, including risk exposure and probable maximum loss, risk management strategies, capital adequacy, governance and other relevant sources of information for both insurance legal entities and insurance groups
• Ensuring appropriate monitoring is in place with the objective of communicating issues/trends/risks and recommending appropriate supervisory action
• Performing due diligence and reviewing internal models, including peer comparisons and industry reviews, by analysing both past performance and forward-looking indicators to identify emerging risks
• Providing advice on all relevant technical matters pertaining to insurance supervision, risk assessment, macroprudential drivers and risk model tool development
• Representing the Authority at various local, regional and international meetings, conferences and seminars with other regulatory bodies, government agencies and the financial services industry, as required, to keep abreast of industry trends