Description

DUTIES AND RESPONSIBILITIES:

• Oversee both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
• Oversee the preparation of and review monthly valuation data.
• Oversee the application of ORSA methodology and SAM processes and procedures.
• Maintain the integrity of actuarial and valuation data.
• Timeously respond to actuarial queries from the regulators (FSB/SARB/SARS).
• Plan and budget actuarial matters and maintain a timetable of submission (financial projections).
• Inform management of actuarial specific regulatory issues (solvency and capital requirements) for the Group.
• Ensure that a summary of returns and any actuarial issues are maintained to report to management (EXCO/BOARD/AUDIT etc).
• Prepare and present actuarial matters to the Board and act as an advisor to the Board and its sub-committees.
• Develop pricing models, ensure validity of assumptions and sufficiency of pricing (COID and Non-COID products).
• Set premium rates.
• Develop and maintain Actuarial systems.
• Monitor experience (reserving and pricing).
• Responsible for capital and solvency management and investment management through liability matching (ensure that assets are appropriate in terms of nature, amount and duration for liabilities that are held.
• Responsible for the end-to-end management of the reinsurance process, including but not limited to negotiating treaties, facilitating transfers, setting, and maintaining new strategies, mitigating risks, and managing reinsurance renewals annually.
• Prepare actuarial specific areas in all the Group regulatory returns.
• Monthly, Quarterly, Annual.
• ORSA and SAM reporting.

2. Staff management and monthly reporting:

• Manage, supervise and training of staff.
• This includes both the actuarial teams working on the COID business as well as the Life Business and providing support to the AIT (IT) business.
• Manage relationships within the company and stakeholders e.g. Statutory Actuary.
• Lead and motivate a team to achieve targets.
• Monthly reporting of the Key Performance indications for the actuarial reporting function.
• Monthly report to FM on status of accounts and returns for EXCO submission.
• Effective reporting and assessment of problem areas.

3. Regulatory compliance:

• Ensure that all work is performed in terms of required standard and regulation.
• Ensure that the position of the company is translated into standards by assessing gaps in methodology, assumptions and overall products and align standards to that of the organisation.
• Ensure that all company policies and procedures are adhered to.
• Ensure timely submission of various periodical reports, highlights of the previous months reports.

QUALIFICATIONS, SKILLS, AND EXPERIENCE:1. Qualification Requirements:

• NQF Level 7: Bachelors degree Actuarial Science.
• Progress towards actuarial exams Qualified or nearly qualified.
• Actuarial Society /Institute of Actuaries.

2. Minimum Experience:

• Minimum 8 years experience in an insurance regulatory environment.

3. Knowledge and Skills Required:

• Advanced Excel.
• Insurance knowledge is essential.
• Reporting experience.
• Valuation experience.
• Life and non-life experience.
• Knowledge of the Insurance Acts (long and short term) including SAM, IFRS17.
• Actuarial guidelines.
• Experience leading/managing a team.

PACKAGE & REMUNERATION:

• Will be agreed based on qualifications, applicable experience, and previous earnings.