Actuarial Officer

The Insurance Regulatory Authority is hiring an Actuarial Officer responsible for reviewing data collected for accuracy and completeness, analyzing data, and preparing reports.

Requirements:

• – Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or Financial Engineering.
• – Meets the provisions of Chapter Six of the Constitution.

Duties and Responsibilities:

• – Prepare reports on the analysis of products, premium rates, financial condition reports, and technical reserves for insurers.
• – Review the data analysis and insights on technical reserves reports, financial condition reports, and actuarial valuation reports for completeness and accuracy of information.
• – Prepare draft reports on capital adequacy ratios to ensure accuracy, completeness, and compliance with the provisions of the Insurance Act.
• – Develop data collection templates, data analysis, and preparation of reports on insurance industry performance as required by the Insurance Act.
• – Determine the solvency and financial condition of regulated entities, including reviewing actuarial reserves, risk-based capital calculations, and statements of actuarial opinion provided by each company’s appointed actuary.
• – Prepare reports on the analysis of financial stability of insurers and implementation of macro-prudential policy, including carrying out regular macro stress tests and preparing documents for public communication on the tests.
• – Conduct data validation of quarterly and annual insurance statistics to check on completeness and consistency of insurance data.
• – Update various performance indicators, ratios, and industry benchmarks and averages.
• – Analyze, evaluate, and interpret insurers’ financial statements and returns to ensure disclosures regarding various insurance parameters such as insurance premiums, income, expenditure, assets, and liabilities.

Key Competencies and Skills:

• – Strong communication and presentation skills.
• – Good analytical skills.
• – Problem-solving abilities.
• – Professionalism.

Application Process:

1. Applicants must submit their biodata online by filling the provided form.
2. Applicants must send their hard copy applications enclosing their Curriculum Vitae, copies of relevant academic and professional certificates, copy of National Identification Card, telephone number, email address, and names and addresses of three referees familiar with their professional background and experience.

Hard Copy Applications should be addressed to:

Commissioner of Insurance & Chief Executive Officer
Insurance Regulatory Authority
Zep-Re Place
P.O Box 43505-00100
Nairobi

The sealed envelope should be marked “Confidential” and indicate the job reference (REF: AO/11 for Actuarial Officer).