Summary
Date Posted: Thursday, July 20 2023, Base Salary: Not Disclosed

JOB DETAILS:
Job Purpose
Reporting to the Registrar-The Deputy Registrar-Insurance will provide technical support to the Registrar in the enforcement of provisions of the Insurance Act and other applicable Laws in order to ensure a stable and developing insurance industry in Zambia.

Specific Duties
• Develops Annual Work plan, including Inspection schedules, incorporating subordinates’ inputs to form the basis for budgetary planning.
• Assesses resources required to execute work plans, Inspections and other programmes and submits budget to Registrar for consideration and consolidation into Authority budget.
• Formulates and enforces standards of conduct for insurance business in the country in order to ensure compliance with acceptable insurance business practices and standards.
• Advises the Registrar on matters pertaining to and incidental to insurance whenever required, undertaking any necessary research and analysis with the aid of subordinates.
• Oversees the licensing process of Insurance Companies and entities in accordance with the provisions of the Insurance Act No. 38 of 2021, checking processed applications and accompanying documentation as well as statutory requirements are met.
• Recommends issuing of licences to Companies and entities meeting requirements and standards to the Registrar for final approval.
• Analyses received Quarterly and Annual/Returns Reports from the regulated entities to monitor their performance and their ability to meet obligations and provide quality services, takes corrective action where weaknesses are identified.
• Reviews new insurance products in accordance with authority vested in the Department, upon being satisfied that customers will not be exploited or result in unfair practices.
• Supervises and ensures team members undertake routine, targeted or thematic inspections of regulated entities to determine their continued viability and ability to service clients adequately.
• Analyses inspection reports taking into account proposals from subordinates and develops recommendations to the Registrar for action where necessary, including supervisory action.
• Reviews complaints received from the general public and regulated entities, conducting necessary research or investigation with the aid of subordinates before providing solutions and seeking approval where required from the Registrar.
• Spearheads and participates in consumer education to appraise the public and insurance beneficiaries on their rights and on operation of insurance schemes through the media, shows, publications and other fora.
• Drafts national policies for the insurance industry in consultation with the industry to ensure that evolved national policies are based on expert opinion and experience of the Authority.
• Evaluates and considers technical reports and recommendations arising out of assessment of data/information of the regulated industry and local and international insurance market in order to develop appropriate solutions and regulations.

Requirements
• Full Grade 12 certificate or equivalent, with credit or better in Mathematics and English.
• Degree in either Accounting/Business Administration or Full professional accountancy qualification such as ACCA/CIMA/ZICAor related field.
• Master’s degree in business related field
• 10 years working experience, including industrial exposure, 5 years at management level to gain necessary exposure in the pension or insurance industry
• Strong leadership, organizational and interpersonal skills.
• Commitment to corporate governance principles.
• A member of a professional institution in a related field.


Work Hours: 8

Experience in Months: 120

Level of Education: Postgraduate Degree

Job application procedure

Applicants should apply for one (1) position, only. Multiple applications will result in complete disqualification.
The Board Chairperson
Pension and Insurance Authority
Stand No. 4618, Lubwa Road, Rhodespark
P/Bag 30x, Ridgeway
LUSAKA

Please note that the Authority is an equal opportunity employer and only shortlisted applicants will be contacted.

Please further note that candidates who had earlier applied for the above positions shall not be expected to re-apply.


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