Job Summary
Job Summary
The Principal Conduct Supervision Officer is responsible for leading market conduct supervision activities to ensure regulated insurance entities uphold consumer protection standards, fair business practices and compliance with regulatory requirements.
The role oversees market conduct assessments, consumer protection initiatives, insurance product reviews, complaint handling frameworks and insurance awareness programs aimed at safeguarding policyholders and beneficiaries.Key ResponsibilitiesMarket Conduct Regulation and Supervision
Key Responsibilities
Analyze market conduct data obtained from regulated entities.
Implement strategies for effective market conduct risk assessment.
Conduct off-site risk assessments and on-site inspections on market conduct issues.
Collect and analyze data from regulated entities to support supervisory decisions.
Evaluate compliance with consumer protection and market conduct requirements.Insurance Product Review and Consumer Protection
Review policy wordings for new and repackaged insurance products to ensure policyholder and beneficiary protection.
Analyze insurance products for conformity with standardized insurance contracts.
Assess insurance products, distribution channels and customer understanding mechanisms.
Review insurance products submitted for regulatory approval.Consumer Complaints Management
Review consumer complaints to identify recurring issues, risks and service gaps.
Recommend corrective actions based on complaint trends and analysis.
Implement complaint handling systems and mechanisms that provide fair, transparent and timely dispute resolution.
Support continuous improvement of consumer complaint management frameworks.Regulatory Research and Policy Development
Collect and analyze information relating to new or revised consumer protection laws, regulations, policies and procedures.
Conduct regulatory impact assessments and gap analyses on market conduct matters.
Identify and recommend legislative and regulatory reforms aimed at protecting consumers.
Prepare reports and recommendations to support regulatory and policy decisions.Consumer Education and Insurance Awareness
Conduct insurance awareness and consumer literacy needs assessments.
Develop Information, Education and Communication (IEC) materials.
Develop and monitor implementation (adsbygoogle=window.adsbygoogle||[]).push({});of consumer education strategies.
Prepare progress reports on consumer education, outreach and awareness programmes.
Monitor and evaluate consumer outreach and insurance awareness activities.
Identify and address emerging consumer education needs.Capacity Building and Industry Engagement
Undertake capacity-building programs for regulated entities to enhance service delivery standards.
Promote awareness of consumer protection requirements and market conduct expectations.
Support development of industry best practices in customer treatment and service delivery.QualificationsApplicants should possess:
Qualifications
A Bachelor's Degree in Insurance, Law, Risk Management or an equivalent qualification from a recognized institution.Professional Requirements
Professional Requirements
Professional qualification such as ACII, AIIK, LOMA or an equivalent qualification from a recognized institution.
Membership to a relevant professional body and in good standing.
Certificate in Management Course lasting not less than four (4) weeks from a recognized institution.
Proficiency in computer applications.Experience
Experience
At least six (6) years of cumulative relevant work experience.
At least three (3) years of experience at the level of Senior Conduct Supervision Officer or in a comparable and relevant position.