Job Details

Job Description

The Pensions and Insurance Authority (PIA) is the regulatory and supervisory authority for the pensions and insurance industries in Zambia as provided for in the Pensions Scheme Regulations Act No.28 of 1996 (as amended) and the Insurance Act No. 38 of 2021 (as amended). 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.

The Authority hereby invites applications from suitably qualified and experienced candidates to fill the following positions.

INSPECTOR PRUDENTIAL SUPERVISION -INSURANCE – One (1) POSITION

Overall Responsibilities: –

Reporting to the Manager – Prudential Supervision (Insurance Supervision), the Inspector will be responsible for conducting risk assessments and inspections of regulated long-term, and general Insurance and related entities in order to enhance compliance to the Insurance Act and sound financial and business practices.

Specific Duties:-

• Monitor all routine and non-routine compliance deadlines affecting insurers or reinsurers and advises the Manager of violations accordingly.
• Prepare risk analysis reports for assigned regulated entities so that the risk profile and Inspection Plan can be agreed with Supervisor.
• Conduct prudential routine and non-routine inspections of assigned regulated companies and entities, collecting data and inspecting financial records and other data/information of the business to determine risks and their continued viability as well as ability to service clients adequately.
• Conduct AML/CFT reviews and inspections on re-insurers and insurers
• Draft inspection reports which highlights whether or not inspected entities are adhering to legal provisions, regulations and set standards and develops recommendations to the Manager-Prudential Supervision for action where necessary
• Ensure that risk analysis and inspections reports, documents, and working-papers are filed and securely retained in accordance inspections and filing procedures.
• Process received licence applications by ensuring that information and documentation are complete and that applicants meet the minimum license requirement set by the PIA in accordance with the provisions of the Insurance Act No. 27 before forwarding them to Supervisor with recommendations.
• Maintain and update the Authority’s supervisory management information centre (i.e catalogue and data base of insurer and re-insurer profiles; governance documents, applications, financial returns, etc)
• Compile and share information with Finance, Market Conduct or Legal Services Units, external authorities as requested by Supervisor.
• Participate in the Authority’s and/ stakeholder programmes for capacity-building of policymakers, insurers and intermediaries and consumer education
• Make contributions when standards or procedures are being developed or reviewed to enhance supervision.

Requirements: –

• Full Grade 12 certificate with credit or better in Mathematics and English
• Degree in either Accounting/Business Administration or a full professional accountancy qualification such as ACCA/CIMA/ZICA.
• Masters programme will be an added advantage.
• 3 years’ relevant experience in audit or financial sector preferably 2 years in a related industry.

Mode of Application

Applicants meeting the above qualifications and experience should submit an application letter, certified or ZAQA verified copies of qualifications and Curriculum Vitae in a sealed envelope to the address below, not later than 11th March, 2024.

The Human Resource and Administration Manager
Pension and Insurance Authority
Stand No. 4618, Lubwa Road, Rhodespark
P/Bag 30x, Ridgeway
LUSAKA

Please note that the Authority is an equal opportunity employer and only shortlisted applicants will be contacted.