Job Description

Brief description

The main purpose of this position is to provide leadership and strategic direction to the Insurance Supervision Division relating to the supervision of insurers and insurance groups, and to ensure the financial soundness and appropriate governance of the insurers and insurance groups.

Detailed description

The successful candidate will be responsible for the following key performance areas:


Promote the safety and soundness of the insurers and insurance groups under his/her supervision. Provide strategic direction in the development, implementation and monitoring of the division's strategy in accordance with the Prudential Authority's (PA) overall strategy and ensure alignment with the department's strategic direction. Contribute to the development and continuous refinement of the supervisory approach to insurance, taking into consideration the current, emerging, systemic and supervised entity-specific risks. Manage the supervisory oversight of the entities supervised by the division, including but not limited to: + leading and managing the day-to-day supervision of insurers and insurance groups;
+ directing the consistent application of appropriate supervisory practices, protocols, tools and procedures to all the supervised entities allocated to the division;
+ identifying, assessing and escalating key risks, and reacting to key indicators of risks within the department;
+ overseeing the maintenance of the permanent records and correspondence of insurers and insurance group(s) allocated to the division;
+ endeavouring to uphold an updated risk rating of the supervised entities under supervision;
+ monitoring compliance by the supervised entities with the applicable regulatory framework, which includes prudential standards and regulations.
Manage the operationalisation and implementation of decision-making frameworks, protocols and procedures. Ensure compliance with all the legislative and regulatory requirements of the South African Reserve Bank (SARB). Ensure that the risks of the division are identified and assessed, and that risk-effective mitigating measures are implemented. Manage the performance and development of direct reports. Create a performance culture in the division. * Coach and manage the career development of employees in the division.