Through this recruitment, the MFSA is looking for applicants at senior analyst level with an Actuarial academic background to increase the current pool of internal actuarial expertise in the Insurance and Pensions Supervision Unit. The eventual appointee will help to manage a multidisciplinary team involved in the supervision of insurance and reinsurance undertakings, insurance intermediaries, retirement scheme administrators, retirement schemes and funds.
o A University of Malta Honours Degree or equivalent qualification in Mathematics and Statistics and Operations Research or a comparable recognised Maths/Statistics qualification at NQF level 6 or better duly certified by the Malta Qualifications Recognition Information Centre (MQRIC)*.
o An Actuarial or Quantitative qualification by the Institute and Faculty of Actuaries or any other comparable qualification by any other institute of repute would be considered an asset.
o Applicants are be expected to have worked in an insurance, quantitative or actuarial environment for a number of years, with a required minimum of five (5) years and preferably with eight (8) years.
o Applicants should be able to demonstrate in-depth knowledge of regulation, principles and best practice in the area of Insurance and/or Pensions.
o Applicants are required to have leadership and people management skills and the ability 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), the Actuary or any other official who the Director delegates for such purpose. S/he will assist in the co-ordination of the duties being assigned to the junior analysts which include:
- Responsible for coordination of daily tasks for the actuarial team including direct supervision of junior actuarial analysts in IPSU;
- Assist in managing the team involved in the pre-application process for full and partial internal models for the Solvency Capital Requirement (SCR) calculation;
- Assist in managing the team working on approval for undertaking specific parameters;
- Analysing and expressing an opinion on the reporting obligations of insurance and reinsurance undertakings pursuant to the Solvency II Directive, including reporting in terms of the Own Risk and Solvency Assessment (ORSA);
- Analysing of insurance and reinsurance undertakings’ technical reserves;
- Providing input to the 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.
- Participation in meetings with licence holders;
- Participation in the delivery of any exercises carried out by EIOPA and/or MFSA e.g. stress test, 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;
- Organisational analytical and negotiation skills;
- Initiative in dealing with new regulatory and supervisory challenges;
- High degree of self-confidence.