Job Purpose
To provide strategic and technical leadership in the actuarial and financial oversight of regulated insurance entities. The role is responsible for evaluating the financial health, capital adequacy, solvency, pricing, reserving, and risk management practices of insurers and reinsurers, in line with applicable laws, prudential standards, and international best practices.
Key Responsibilities
Provide leadership and strategic direction to the Actuarial and Financial Analysis Department.
Contribute to the development and implementation of actuarial, financial, and risk-based supervision frameworks.
Advise the Commissioner and senior management on actuarial and financial matters impacting the insurance industry.
Support policy formulation, regulatory reforms, and implementation of international standards (e.g., risk-based capital, IFRS 17).
Review and assess insurers’ pricing methodologies, technical provisions, and actuarial assumptions.
Evaluate solvency, capital adequacy, stress testing, and asset liability management practices of insurers and reinsurers.
Analyze financial statements, statutory returns, and actuarial reports submitted by regulated entities.
Ensure compliance with prudential requirements relating to reserves, capital, investments, and risk management.
KEY RESPONSIBILITIES
Lead actuarial input into risk-based supervision, early warning systems, and financial condition reports.
Identify emerging risks, systemic vulnerabilities, and trends within the insurance industry.
Support on-site and off-site supervisory reviews from an actuarial and financial perspective.
Engage with insurance companies, actuarial professionals, auditors, and other stakeholders on regulatory and technical matters.
Represent the Commission on technical committees, working groups, and international regulatory forums.
Mentor and develop staff within the department to build strong actuarial and financial analysis capability.
Prepare technical reports, policy briefs, and recommendations for management and the Board.
Contribute to enforcement actions, licensing decisions, and resolution planning where financial weakness is identified.
Ensure strong internal controls, documentation, and data integrity in actuarial and financial analyses.
Supervise and mentor team members to build capacity and improve performance.
Any other duties assigned.
KEY COMPETENCIES
Demonstrated experience with solvency assessment, capital modeling, reserving, and financial reporting.
Experience with risk-based supervision and regulatory environments is highly desirable.
Financial Management and Reporting.
Strong technical expertise in actuarial modeling, financial risk, and insurance risk management.
Sound understanding of insurance regulatory frameworks and international best practices.
Excellent analytical, problem-solving, and judgement skills.
Strong leadership, people management, and stakeholder engagement abilities.
High level of integrity, professionalism, and independence of thought.
Excellent written and verbal communication skills.
Proficiency in actuarial and financial analysis tools and software.
MINIMUM REQUIREMENTS: (Expertise / Experience)
Minimum Bachelor’s Degree in Actuarial Science, Mathematics, Statistics, or a related quantitative discipline and Associate Fellow of a recognized actuarial professional body (e.g., IFoA, SOA, CAS, AICA, ASSA or equivalent).
Minimum 10 years’ relevant professional experience, at least 5 years in a senior leadership or managerial role with substantial exposure to actuarial and financial analysis within
a) insurance or reinsurance companies,
b) insurance regulation or supervision,
c) consulting or audit firms with insurance specialization.
Membership in a relevant accounting or finance professional body will be an added advantage.
Salary
Competitive
Monthly based
Location
Accra, Greater Accra Region, Ghana
Accra, Greater Accra Region, Ghana