Compliance Officer for Insurance Brokerages

2 weeks ago


Riyadh, Ar Riyāḑ, Saudi Arabia هيئة التأمين | Insurance Authority Full time
About the Role:

We are seeking a talented Compliance Officer for Insurance Brokerages to join our team. As a key member of the supervision department, you will play a critical role in ensuring compliance with relevant regulations and guidelines.

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.
  • 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).

Requirements:

A Bachelor's degree in Business Administration, Finance, Accounting, or a related specialization is required. Relevant experience in government sector or regulatory bodies is preferred.



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