We have two opportunities in the Prudential Insurance Policy Department (PIPD) for an experienced insurance specialist. In particular we would be interested to hear from candidates with general insurance (non-life) experience suitable for involvement in Solvency 2 policy development, negotiation and subsequent implementation, with particular experience in the areas of reserving, pricing, reinsurance, catastrophe, capital modelling and/or calibration.
This vacancy offers a unique insight for a talented and motivated individual to be at the heart of developing future European insurance policy. The role also provides an opportunity to liaise and work closely within the FSA and with the UK industry in their implementation of the Solvency 2 requirements.
The Department is responsible, working with others, for designing future policy frameworks (through Solvency 2 and IAIS) that will deliver the best achievable outcomes for the regulation and supervision of UK firms, as well as providing policy advice on the application and development of existing rules and guidance in relation to innovative proposals by firms.
Overall, the vacancy will support and lead specific areas of the FSA's development, negotiation and implementation of the new requirements arising out of the Solvency 2 Directive. In particular this includes:
· Contributing to the development of Pillar 1 requirements arising out of Solvency 2, especially around the development of level 3 guidance for general insurance;
· Answering queries from firms, their advisers, supervisors, and other stakeholders concerning the implementation of the Solvency 2 rules in the UK;
· Working across PIPD to support the development and implementation of the requirements across all the Solvency 2 project workstreams;
· Leading the development of our new Handbook rules necessary to implement Solvency 2 requirements, including contributing to the drafting of Consultation Papers, CBA and new rules;
· Providing essential training, direction and advice to supervisors, other policy teams and other internal stakeholders in relation to the new Solvency 2 rules, to help ensure policy objectives are fully implemented;
· Presenting to senior policy governance boards internally and providing briefings for senior management;
· Providing specialist advice in respect of the general insurance sub-sector while considering implications for other parts of the insurance sector and interacting with other policy areas;
· Identifying risks to the insurance sector arising out of Solvency 2 implementation and contributing to their mitigation.
Essential
· In depth experience of the general insurance industry gained as an actuary or quant in an insurer, consultant practice or other relevant organisation
· Ability to interact effectively with senior management in insurers and their advisers;
· A keen interest in regulatory developments;
· Technical proficiency and problem solving ability;
· The ability to communicate complex technical issues both orally and in writing to a range of different audiences in terms they can understand;
· A lively interest in the insurance sector, and alertness to issues that could suggest a need to change, refine or clarify our policy;
· An understanding of the Solvency 2 regime.
Desirable
· An understanding of our existing rules and guidance;
· Experience in coaching and training less experienced or less knowledgeable staff in your area of expertise.
· Gaining unique in depth skill, knowledge and understanding of our insurance prudential policy and in particular about Solvency 2 by being at the forefront of its development;
· An opportunity to build a varied career around the implementation of Solvency 2 in the UK and internationally, including encouragement to work in/with to other parts of the FSA to advise on the new standards post implementation;
· Learning about other parts of the insurance sector and wider policy issues;
· The opportunity to apply your experience and skills to a wide range of high profile activities;
· Working with a team of experienced professionals;
· The opportunity to coach less experienced members of the team;
· Gaining familiarity with the policy-making process;
· Interaction with a wide range of internal and external stakeholders gaining exclusive access to the UK industry and other relevant organisations;
· Being a key member of a dynamic and gregarious team working at the leading edge of innovation and change in the insurance industry.
As part of the application process you will be required to submit an answer to the following question:
- Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and competencies. (Max 300 words)
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