Head of Insurance

Isle of Man

Permanent

Our client seeks a Head of Insurance to join their team.

Role Profile This is a senior leadership role responsible for overseeing all aspects of supervision and maintenance/development of the regulatory framework applicable to the Island's insurance sector.

You will contribute to the mandate by leading the effective and efficient prudential and conduct supervision of the island's insurance sector, which includes life insurers and life insurance groups, general insurers, captive insurers, insurance intermediaries and regulated insurance managers.

This includes ensuring that robust supervisory controls, processes and engagement are in place, that supervisory activity is risk-based and proportionate, and that the insurance supervisory plan is delivered in a prioritised manner alongside demand-led matters and cross-Authority priorities.

The role provides strategic leadership to the Prudential Supervision Division (alongside the Head of Banking), leads the Insurance Supervision and Policy teams, contributes to the development and maintenance of the Island's insurance regulatory framework in line with relevant legislation, regulatory requirements and international standards, and supports the Executive Team in strategy setting, risk horizon scanning and positive cultural leadership.

You will be expected to demonstrate flexibility in the performance of their duties and responsibilities. From time to time, the Authority may require the postholder to undertake additional duties, projects, or responsibilities that are commensurate with the level of the role. This may include providing support or cover for other teams, functions or areas of the Authority to ensure business objectives and operational requirements are met.

Key Responsibilities:

The primary responsibilities of the role are to:

Lead the Prudential Supervision Division's remit pertaining to insurance supervision and associated regulatory frameworks.
Lead the work of the Insurance Supervision & Policy teams, ensuring completion of agreed deliverables and the smooth running of the team in an effective, efficient and prioritised manner.
Oversee the risk-based prudential and conduct supervision of insurers, insurance groups and other entities within the Insurance Supervision remit.
Manage and develop a professional team to optimise delivery of supervisory priorities, business-as-usual activity and the divisional plan.

Insurance supervision and risk-based delivery.

Effectively manage staff through leadership, coaching, stretching objectives and meaningful development plans to facilitate a high-performing, engaged and accountable team.
Lead the implementation and delivery of the Authority's Supervisory Methodology for insurance, ensuring appropriate use of systems, records, governance and quality assurance.
Formulate, oversee and deliver supervisory plans for insurers by firm, group, sector risk and theme, using a mix of engagement meetings, inspections, thematic work, requests for information, regulatory colleges and other stakeholder dialogue.
Oversee firm, group and sector risk assessments for the insurance portfolio, ensuring risk assessments are current, evidence-based and supported by appropriate data and supervisory judgement.
Identify and assess insurance-sector risk trends and supervisory themes.
Oversee the review of regulatory returns and supervisory information, including annual and quarterly returns, solvency and capital information, ORSAs, actuarial and audit reports, business plans, recovery or run-off plans and other data submitted by insurers.
Ensure that authorisation, registration, change of control, portfolio transfer, acquisition, merger, restructuring, run-off and other significant regulatory proposals are assessed in accordance with relevant legislation, the Authority's policies and procedures, and the Authority's risk appetite.
Ensure that breaches, complaints, notifications and complex supervisory matters are managed in accordance with Authority procedures, including timely escalation and referral for enhanced regulatory action or enforcement where appropriate.
Ensure the accuracy, validity, completeness, timeliness and consistency of data in Authority systems, and support improvements to data quality, analytics, automation and reporting.

Insurance policy, framework and external engagement

Contribute to the development, maintenance and enhancement of the insurance regulatory and supervisory framework, including legislation, rules, guidance, policies and procedures, to ensure ongoing alignment with relevant international standards and domestic risk priorities.
Lead or oversee insurance-related policy workstreams where relevant including supervisory data, reporting, regulatory perimeter and international standards-related initiatives.
Develop and maintain effective relationships with insurers, insurance groups, industry bodies, the Ombudsman, the Isle of Man Government, other regulators and international bodies.
Represent the Authority in relevant insurance-sector meetings, regulatory colleges, industry outreach and domestic or international working groups, ensuring clear, constructive and appropriately challenging engagement.
Produce papers and reports on insurance supervisory matters and present periodic updates to the Executive, the Board and other governance fora as required.

General and Executive responsibilities

Apply appropriate oversight and governance, including monitoring, reporting and communication, to support delivery of the Insurance Supervision plan and the wider Authority's objectives.
Suggest and implement the wider use of metrics, divisional plans and quantitative KPIs to support reporting to internal and external stakeholders.
Ensure that cross-divisional collaboration takes place within the Prudential Supervision Division and across the organisation.
Support communications, outreach and media opportunities as required to provide clear, timely and relevant information to the Authority's key audiences.
Contribute actively to Authority strategy setting, risk horizon scanning and the development of a positive, inclusive and high-performance culture.
Embrace and support a risk-based approach across the Authority, including ongoing triage of work efforts and resources to complete the highest priorities.
Act as a change agent by actively supporting improvements, automation and smarter working across the Authority and within Insurance Supervision.
Collaborate with other senior executives to implement strategic priorities, divisional work plans and cross-Authority projects, including AML/CFT effectiveness, records
management and technology-enabled change.
Undertake the role of Information Asset Owner for the Insurance Supervision function and across the wider Authority where required.
Comply with the Staff Handbook and other operational policy and procedures issued by the Authority and carry out any other duties required by the Chief Executive or Board.

Key Skills and Experience

Holds a professional qualification relevant to the financial services industry. Essential. Evidence of continuing professional development (CPD). Essential.
Hold a relevant management qualification (ILM or CMI Level 7 or equivalent). Desirable. Extensive relevant industry experience in an operational, actuarial, compliance, insurance, risk, regulatory or audit/ accounting role. Essential.
Extensive experience in a strategic leadership/management role with the ability to work in a collaborative style. Essential.
Proven experience working for a financial services regulator, ideally in a supervisory role. Desirable.
Extensive working knowledge of the Insurance sector and associated legislation, regulation and guidance and understanding of the broader finance industry including trends and developments. Essential.
Proven leadership skills providing support, mentoring and coaching that inspires and motivates all team members to reach their full potential. Essential.
Demonstrates excellent interpersonal, verbal and written communication skills. Essential. Strong analytical skills, a flexible attitude and the ability to quickly and accurately assimilate information, to consider any associated risks and to summarise the information effectively. Essential.
Be alert to emerging issues or trends that might influence upon or benefit strategic plans and be able adjust in response to change. Essential
Ability to work under pressure, manage/oversee individual and team workloads of varied complexity, to manage competing priorities and to deliver against deadlines. Essential
Demonstrates strategic thinking, the ability to plan, work and make decisions accordingly. Essential.

Your specialist: Sally Fenton

Quote job ref: 16805

Hi, I'm Sally and this is one of the job roles I am looking after for this super business. If this job is of interest for you, please submit your CV and we will come back to you to arrange the next staging.