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Insurance Brokerage Companies Supervision Officer

1 month ago

Riyadh, Ar Riyāḑ, Saudi Arabia هيئة التأمين | Insurance Authority Full time
Insurance Brokerage Companies Supervision Officer

The Insurance Brokerage Companies Supervision Officer is responsible for supporting in conducting risk assessments, reviewing compliance activities, and providing guidance to brokerages. The role involves analysing operations, evaluating procedures, and ensuring compliance with relevant regulations.

Key Responsibilities:

  • Identify and assess risks, evaluate implemented procedures/actions, and ensure compliance with relevant regulations for insurance companies.
  • Assess the financial health indicators of insurance companies, such as liquidity, solvency ratios, and capital adequacy, to pre-emptively identify potential financial instabilities or risks.
  • Help in the review of approval/non-objection requests from insurance services companies (non-licensing requests).
  • Support the engagement with insurance companies to communicate regulatory expectations and provide guidance on achieving and maintaining compliance.
  • Foster a dialogue with policyholders, consumer advocacy groups, and industry associations to understand and address sector-wide issues.
  • Develop reports on supervision activities and findings, highlighting trends, risks, and areas for improvement in the insurance sector. Provide support to the Insurance Authority's leadership for strategic decision-making.
  • Support in suggesting recommendations based on best practices and international standards to promote operational excellence and compliance for the sector and the Department.
  • Act as a point of contact for insurance companies regarding supervisory activities and insurance-related matters (except for licensing matters).

Qualifications and Requirements:

1. Knowledge and Experience:

  • 0-3 years of relevant experience in insurance brokerages, inspection and compliance.
  • Previous experience in government sector or regulatory bodies is preferred.

2. Education and Certifications:

  • Bachelor's degree in Business Administration, Finance, Accounting, or any related specialization.
  • Relevant Insurance certification (e.g., CIC, CISR, AFSB) is preferred.
  • Legal Knowledge
  • Projects Management
  • Brokerages Management
  • Regulatory Oversight
  • Regulatory Knowledge & Compliance Management
  • Quality Assurance
  • Risk Management and Analysis
  • Risk based inspection

Seniority level: Entry level

Employment type: Full-time

Job function: Accounting/Auditing, Finance, and Administrative

Industries: Insurance

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