Job Description

Principal

Supervision (Insurance) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Principal in our Supervision (Insurance) Department. Reporting to the Assistant Director, the Principal will be responsible for leading a team responsible for regulatory supervision activity, including monitoring the insurer's performance, regulatory reporting and undertaking appropriate supervisory actions in line with legislation and/or strategic business goals.

This is a key role for the Authority and the post-holder will be responsible for, but not limited to:

Undertaking on-site reviews and analysis of selected businesses and their respective capital models by utilising various risk assessment methodologies to evaluate compliance with existing laws, regulations, policies, plans and procedures and/or identifying risk issues and formulating reports on findings for submission and discussion with management Developing agendas and schedules, and attending prudential meetings with financial entities to discuss findings of the review, minute discussions/decisions and developing corrective action plans as appropriate Monitoring the financial market with a specific focus on developments in the insurance industry (local and international), regulatory bodies/regimes and accounting standards, as well as marketing information on insurance companies via monitoring of key indicators, newspapers, periodicals, media and relevant websites Close monitoring of companies with compliance issues, ensuring timely follow-up with company representatives and ensuring appropriate supervisory action(s) are taken Reviewing applications in accordance with existing legislation and departmental procedures Reviewing documents/reports/recommendations from staff on regulatory or operational matters and determining the appropriate course of action Participating in local and international meetings, conferences and seminars with other regulatory bodies, governmental agencies and the financial services industry Providing senior-level subject matter expertise and advice as required Providing managerial direction, leadership and supervision to the assigned Team Member(s), in addition to providing support for technical and administrative issues Monitoring the performance of individual Team Members, providing routine mentoring and feedback and preparing formal performance appraisal reports as prescribed by the performance management process Identifying training needs of direct reports in conjunction with core competencies and 'learning and development' established programmes for their development by way of formal training courses, special projects or on-the-job exposure Performing other related work and special projects as assigned by management in accordance with competencies normally associated with the post

This position requires the following skills, abilities and interests:

A master's degree or equivalent qualification in a financial or accounting discipline from a recognised institution or professional body A minimum of seven (7) years relevant post-graduate experience, of which at least three (3) years should be at a senior level working within a regulated financial services business, preferably in long-term insurance or as a financial services regulator Experience conducting or participating in forensic investigations or inspections would be beneficial Knowledge of the Bermudian solvency capital regime, Solvency II, Insurance Capital Standards (ICS) and/or RBC Understanding of ComFrame requirements for Internationally Active Insurance Groups (IAIG)

The Bermuda Monetary Authority is the integrated regulator of Bermuda's financial services sector. We offer the opportunity for broad exposure to international regulatory issues, special projects and a variety of work experiences.


If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via www.bma.bm/vacancies. Applications for this position must be received no later than

11 August 2025

.