The specific information being provided below is in addition to and complements the basic details included in the relevant public call for the vacancy in question.
The Insurance & Pensions Supervision Unit
The Insurance & Pensions Supervision Unit (IPSU) of the MFSA is entrusted with the on-site and off-site surveillance and oversight of licensed insurance and reinsurance undertakings, insurance intermediaries and pension service providers.
Purpose behind the Recruitment
Through this recruitment, the MFSA is looking for applicants able to act at senior manager level to increase the current pool of internal quantitative, financial risk and actuarial expertise in IPSU. The eventual appointee will help to manage a multidisciplinary team involved in the supervision of both life and non-life insurance and reinsurance undertakings, insurance intermediaries, retirement scheme administrators, retirement schemes and funds.
- Applicants will be fully qualified actuaries and Fellow members of the Institute of Actuaries (FIA) or body of similar standing. Applicants who are in their final stages of becoming fully qualified actuaries may also be considered.
- Applicants will have worked in an insurance, quantitative or actuarial environment, preferably in an oversight capacity, for a number of years with a required minimum of eight (8) years and preferably with twelve (12) years;
- Applicants should be able to demonstrate in-depth knowledge of regulation, principles and best practice in the area of Insurance and/or Pensions;
- Applicants are required to have leadership and people management skills, be able to improve and challenge processes and procedures, and be able to manage competing priorities and a challenging workload.
The selected candidate is expected to apply his/her academic qualifications and work experience to the various day to day duties as directed by the Director of the Insurance & Pensions Supervision Unit (IPSU), IPSU Actuary or other official delegated for such purpose.
S/he will manage and assist in the co-ordination of the duties being assigned to the analysts which include:
- Responsible for management and coordination of daily tasks for the actuarial team
- including direct supervision of actuarial analysts in IPSU;
- Leading teams managing the pre-application process for full and partial internal models
- for the Solvency Capital Requirement (SCR) calculation;
- Leading teams working on approval for undertaking specific parameters;
- Providing opinions and recommendations on the reporting obligations of insurance and
- reinsurance undertakings pursuant to the Solvency II Directive, including reporting and
- oversight of the Own Risk and Solvency Assessment (ORSA);
- Analysing of insurance and reinsurance undertakings’ technical reserves;
- Leading teams at on-site visits with respect to the Solvency II requirements;
- Reviewing all actuarial and statistical reports produced by the Actuarial team in the Unit.
- Contributing on papers issued by the IPSU on Insurance related subjects.
- Leading meetings with licence holders;
- Delivering exercises for EIOPA and/or MFSA e.g. stress test, consultations etc.
Soft Skills Required
- Ability to multi-task and to meet deadlines;
- Good judgement;
- Ability to manage, lead and inspire a team;
- Ability to listen actively and to work on one’s initiative as necessary;
- Excellent written and verbal communication skills;
- Well-developed organisational analytical and negotiation skills;
- Initiative in dealing with new regulatory and supervisory challenges;
- High degree of self-confidence.