Supervisor, Insurance Supervision

ROLE PURPOSE Undertake supervision of the insurance sector in Labuan IBFC to ensure (re)insurance entities operate in a safe and sound manner and in compliance with applicable laws and regulations. Identify risks, vulnerabilities and supervisory issues within the insurance sector, and undertake supervisory, remedial or enforcement-related actions in accordance with approved frameworks and guidance. Assess regulatory applications from (re)insurance entities and recommend appropriate regulatory actions in line with prevailing requirements. PRINCIPAL ACCOUNTABILITIES Undertake supervisory activities for the insurance sector through offsite surveillance, onsite examinations and supervisory engagements to assess the financial soundness and regulatory compliance of (re)insurance entities. Execute supervisory tasks in accordance with the annual supervisory plan and assigned work programme to ensure timely completion of deliverables and departmental KPIs. Conduct continuous surveillance of the insurance sector based on the risk-based supervisory framework, including: Reviewing and analysing regulatory returns, audit reports, compliance reports and surveys; Assessing financial condition and performance, inherent risks, risk management practices, control functions and market conduct; and Identifying early warning indicators, supervisory concerns and instances of non-compliance. Prepare supervisory assessments, issue papers, examination findings and recommendations for remedial or enforcement actions for review and endorsement by senior officers. Participate in supervisory engagements with the board and senior management of (re)insurance entities, including preparation of materials, attendance at meetings and documentation of outcomes. Participate in onsite examinations, including planning, data analysis, interviews and drafting of examination reports. Consolidate supervisory observations and monitor progress of remedial actions undertaken by (re)insurance entities. Assess emerging risks and developments in the insurance sector and propose mitigating actions within the approved supervisory framework. Undertake regulatory assessments of applications submitted by (re)insurance entities, including requests for extensions, exemptions, appointments and other regulatory approvals. Participate in engagement and coordination activities with industry players, associations, home and host supervisors and other regulatory authorities, including supervisory colleges and regulatory forums. Keep abreast of regulatory, industry and technological developments and contribute to enhancements of supervisory processes, tools and methodologies. Undertake any other duties or projects assigned by the Head of Unit and/or Director as and when required. QUALIFICATIONS Degree in Actuarial Science, Insurance/Risk Management, Accounting, Economics, Banking, Finance or other relevant fields. Minimum 2-3 years of relevant experience in insurance, finance, audit, risk management or regulatory-related roles. COMPETENCIES Labuan FSA Competency Level Targeted at Level 1 Analytical thinking and professional judgement Strong written and verbal communication Stakeholder engagement and teamwork Professional integrity and attention to detail