PENSIONS AND INSURANCE AUTHORITY

JOB ADVERTISEMENT

The Pensions and Insurance Authority (“the Authority”) is the regulatory and supervisory authority for the pensions and insurance industries in Zambia as provided for in the Pension Scheme Regulations Act No.28 of 1996 (as amended) and the Insurance Act No. 38 of 2021. The Authority supervises and regulates entities operating in the pensions and insurance market. These include insurance companies, reinsurance companies, insurance intermediaries, pension schemes, pension fund managers and pension fund administrators.

Pursuant to section 7 as well as Paragraph 9 of the Schedule to the Pension Scheme Regulations Act, the Authority hereby invites applications from suitably qualified and experienced Zambian nationals to fill the vacant positions of Registrar/Chief Executive Officer (CEO) and Deputy Registrar- Insurance.

1.0 REGISTRAR & CEO

Job Purpose

Reporting to the Board of Directors, the Registrar/CEO, shall be responsible for the overall statutory functions of regulating and supervising the pension and insurance industries in accordance with provisions of the Pension Scheme Regulation Act, 1996, the Insurance Act, 2021 and other applicable laws. The job holder shall therefore be responsible for strategy and operations of the Authority in order to successfully realise its vision, mission and objectives.

Specific Duties

1. Directs the development and implementation of the Authority’s strategic plan, policies and operating guidelines designed to sustain and achieve growth of the pensions and insurance industries within realistic time frames.
2. In consultation with the Board, registers and deregisters pension schemes as well as grants and revokes licences for service providers and insurance entities in accordance with the relevant Acts to protect the interest of pensioners, policy holders and sponsors.
3. Monitors the viability of regulated entities and ensures that they are operating on sound financial and actuarial principles.
4. Reports and provides timely advice to the Board of Directors on the performance and well-being of the Authority so that appropriate policies and courses of action can be taken to ensure the Authority’s statutory mandate is accomplished.
5. Protects the rights, benefits and interests of pension scheme members and insurance policyholders in accordance with the Pension Scheme Regulation Act and the Insurance Act.
6. Evaluates and considers technical reports and recommendations arising from all departments to ensure that appropriate solutions and/or regulations are developed in keeping with best practice within the region and beyond.
7. Ensures a consolidated and comprehensive budget is developed aimed at providing financial and material resources required to achieve the Authority’s objectives whilst meeting its obligations in the most cost effective manner.
8. Monitors and evaluates the application and expenditure of the Authority’s financial resources to ensure that resources are allocated to where they are needed and most beneficial to the interest of the Authority, taking corrective action as necessary.
9. Sets and enforces standards that meet local and international standards and best practice for the conduct of the business of insurance and pensions schemes in Zambia.
10. Advises the Government on policies and adequate insurance protection of national assets and properties to safeguard against losses.
11. Reviews and evaluates the performance of the Authority, monitors the implementation of the Authority’s strategy against agreed benchmarks quarterly, bi-annual and annually, taking corrective action to ensure that departmental targets are achieved and plans realised efficiently and effectively.
12. Institutes controls, checks, systems and procedures as well as policies that contribute to the effective and efficient management of operations and financial affairs at minimum risk but at optimum benefit to the Authority.
13. Provides leadership to members of staff while cultivating a strong work culture, operating principles and good governance in the Authority to foster a good reputation and confidence as a Regulator.
14. Directs and maintains sound human resource policies systems and procedures, to attract and retain suitably qualified and motivated staff and fostering a healthy industrial relations climate within the Authority.
15. Projects a positive image of the Authority to local and international organisations through interactions, partnerships, cooperation, contributions and projecting of positive branding and promotion of the Authority.
16. Cultivates and nurtures good relations with the Government, international bodies and all stakeholders to foster cooperation and goodwill necessary for the success of PIA.

Requirements

• Full Grade 12 certificate with credit or better in Mathematics and
• Degree in Actuarial studies, business management, law, accounting or equivalent professional qualifications.
• Master’s Degree in relevant field. PhD in a relevant field will be an added advantage.
• At least ten (10) years’ experience at senior management level, with at least five 5 years’ exposure in Pension or Insurance industries and the broader financial sector.
• Proven ability in developing and executing strategy.
• Strong leadership, organizational and interpersonal skills.
• Demonstrated experience in corporate finance, governance, performance management as well as exposure to audit, risk management and business continuity plans.
• Commitment to corporate governance principles.
• A member of a professional institution in a related field.