Inspector – Insurance Supervision x3 Pensions and Insurance Authority (PIA)

The Pensions and Insurance Authority (PIA) is the regulatory and supervisory Authority for the Pensions and Insurance Industry in Zambia. The entities operating in the pensions and insurance market include among others; insurance companies, reinsurance companies, insurance intermediaries, pension schemes, fund managers and fund administrators. The Authority hereby invites applications from suitably qualified, experienced, passionate and inspirational candidates to fill the positions below.

PENSIONS AND INSURANCE AUTHORITY

Employment Opportunities – Various Positions

The Pensions and Insurance Authority (PIA) is the regulatory and supervisory authority for the pensions and Insurance Industry in Zambia as provided for in the Pensions Scheme Regulations Act No.28 of 1996 (as amended) and the Insurance Act No. 27 of 1997 (as amended). The Authority is empowered under section 5 of the Pensions Scheme Regulation Act No. 28 of 1996 (as amended) to formulate standards in the conduct of Insurance and Pensions business. The Authority supervises and regulates entities operating in the pensions and insurance market. These include, among others; insurance companies, reinsurance companies, insurance intermediaries, pension schemes, fund managers and fund administrators.

In line with its expansion strategy, the Authority hereby invites applications from suitably qualified and experienced candidates to fill the following positions.

1.0     INSPECTOR – INSURANCE SUPERVISION – Three (3) Positions

 Overall Responsibilities

Reporting to a line Manager, the inspector will be responsible for conducting risk assessments and inspections of regulated entities in order to enhance compliance to the Insurance Act, sound financial and business practices, fair treatment of Insurance clients and Anti-money Laundering Legislation.

The Inspector will promote the development of the insurance sector in Zambia through policy research and review, industry performance & risk review and analysis and conduct various insurance development initiative programmes.

Specific Duties

• Process licence applications, Prepare Risk analysis reports and recommend supervisory action;
• Undertake review of products submitted by regulated entities and recommend appropriate action;
• Undertake and document inspections on regulated entities and recommend supervisory actions to the line Manager where required;
• Review complaints from the general public and regulated entities, conduct necessary investigations and recommend supervisory actions to line Manager where required;
• Undertake Anti Money Laundering/Countering Financing of Terrorism and Proliferation (AML/CFTP) supervision of regulated entities;
• Undertakes research and review of laws, regulations, standards and procedures that are relevant to supervision and development of the insurance sector;
• Compile macro-prudential (industry wide risk) reports on the Insurance sector;
• Maintain and update the Authority’s Knowledge Centre (i.e a catalogue and database of research/policy documents/papers developed by the Authority or other relevant authorities); and
• Conduct or participate in stakeholder engagements and activities for the stimulation of the sector. These activities include capacity-building of policymakers, insurers and intermediaries and consumer education.

Requirements

• Full Grade 12 certificate with credit or better in Mathematics and
• Degree in Accountancy/Business Administration or Full professional accounting qualification such as ACCA/CIMA/ZICA or related field.
• Masters Degree will be an added advantage.
• 3 Years’ relevant experience in audit or financial sector, preferably 2 years in a similar institution.