Lead Actuary

About the Department

The Insurance and Pensions Supervision function is responsible for the prudential supervision of insurance companies, insurance intermediaries, retirement schemes, retirement funds and retirement service providers. The team employs professionals with a varied background and varied skills in the areas of insurance, pensions, accounting, legal, quantitative analysis, actuarial, compliance and other related areas.

About the Role

Reporting directly to the Head of the Insurance and Pension Supervision Unit, the role will entail identification and response to issues as they arise and the provision of support in achieving departmental objectives in relation to the supervision of Maltese License Holders. This is a key leadership position within the unit and is instrumental in the execution of the MFSA’s supervisory strategy.

The successful applicant will be expected to deliver results in the following areas:

Leadership

• Development and coordination of the workplan and other deliverables for the actuarial team, managing the workload and priorities
• Provide mentorship and guidance in technical areas to the Analyst/Senior Analyst Actuaries on the team in respect of their work as insurance supervisors
• Provide training to the other insurance supervisors within the Insurance and Pensions Supervision team in respect of technical matters
• Active engagement with the Insurance and Pensions Supervision function’s senior management team in monitoring progress and adherence to the function’s strategic objectives.
• Leading meetings with Actuarial Function Holders and other senior management of supervised insurance undertakings
• Leading the development of suitable dashboards for Management that enable effective risk-based and data-driven regulation
• Representing the MFSA in EIOPA Working Groups and Supervisory fora

Technical

• Take a technical lead in monitoring the compliance to regulatory frameworks and processes for effective oversight of the insurance sector. This will include the assessment of ORSAs and the appropriateness of reserving techniques and solvency capitalization requirements as implemented by insurers.
• Identify and report to management circumstances that could be indicators of potential insurance company distress and recommend appropriate courses of action
• Lead Thematic Reviews including but not limited to risk and reserving areas on the overall Maltese insurance market, coordinating the publication of results and subsequent engagement with the market as appropriate
• Lead desktop and on-site reviews on specific technical areas whilst ensuring adequate communication of findings through formal reports and maintaining effective supervision and co-operation with the senior management of the team, through follow-ups as required
• Take a lead role in the Authority’s continuous strive for improved quality of data provided by licence holders and data provided to management, coordinating cooperative efforts both within and outside the unit

Collaboration

• Maintain effective working relationships with actuarial departments of Maltese regulated insurers
• Collaborate with other Insurance and Pensions Supervision team members to ensure that prudential standards are met by all licensed insurers, responding to specific issues as they arise, and initiate strong supervisory action where requirements are not being met
• Work with the Authorisations Team on the assessment of new insurance licence applications
• Form part of a team of specialists (legal/compliance/finance/actuarial) and contribute actively in the development and amendment of insurance legislation and rules

The successful candidate will also perform other related work and special projects as assigned.

About You

The role calls for an academic qualification in a relevant field of study at National Qualification Framework Level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC) or a widely recognised professional qualification at a comparable level.

You will also possess a minimum of five (5) years working experience in the area related to the role. Candidates with longer working experience relevant to the role will be preferred.

It would be an advantage if you possess the following competencies:

• A deep understanding of all technical aspects of the European regulatory framework for insurance. Detailed understanding of Life and Non-Life reserving techniques and how risk is quantified under Solvency II is key to be able to effectively challenge License Holders and succeed in this role.
• Proven ability to provide intellectual leadership/support to colleagues with varying levels of experience as well as encouraging co-operation and teamwork across the department.
• Strong interpersonal skills with a track record showing effectiveness in building and maintaining professional relations, both externally and internally.
• Managerial experience, covering project lead and organizational skills in relation to achieving Team objectives and in relation to overseeing the development of team members.
• A positive and enthusiastic “can-do” attitude.
• Ability to demonstrate strong and effective communication skills.
• Ability to demonstrate effective mentorship and leadership skills.

If you do not have the necessary academic or professional qualifications but you have at least ten (10) years of relevant experience, we would still be interested in speaking with you.