Advisor, Prudential Supervision
About The Position
The Ministry of Treasury Board and Finance (TBF) is responsible for budget planning, financial management and economic analysis, and the administration of tax and revenue programs. In addition, TBF undertakes policy and regulatory oversight of Alberta’s financial securities, insurance and pension sectors. Operating under the authority of the Alberta Superintendent of Insurance, the Prudential Supervision section of the Insurance Regulation and Market Conduct Branch (Financial Sector Regulation and Policy) has the mandate to regulate and supervise provincially incorporated insurance companies, reciprocal insurance exchanges, captive insurance companies, exempt entities, and Special Brokers. These activities include receiving, reviewing and approving required filings, performing examinations of institutions, regulatory oversight of insurers operating in Alberta, interpreting legislation, and making recommendations with respect to insurance sector policy. This role offers an opportunity to impact the safety and soundness of Alberta’s insurance entities, while gaining insight into the insurance industry in Alberta. The position is in a professional role where analytical, financial, and regulatory expertise will make a difference.
Requirements
- University degree in a related field (such as business, accounting, finance, economics, or risk management).
- A minimum of four years of related work experience.
- Related work experience includes the insurance industry, financial analysis, accounting, analytics, or risk management.
- Ability to demonstrate Systems Thinking, Creative Problem Solving, Agility, Drive for Results, and Building Collaborative Environments competencies.
Nice To Haves
- A recognized designation in accounting, analytics, actuarial science, risk management, or insurance (e.g., CPA, CIP, FCIP, ACIA, FCIA).
- Knowledge of the Insurance Act and related legislation and regulations, as well as the applicable supervisory guidelines and framework.
- Knowledge of, and experience in, the insurance industry, including property and casualty and/or life insurance.
- Experience in financial analyses and processes carried out to assess performance and risk in an insurance or enterprise risk management environment.
- Awareness of International Financial Reporting Standards (IFRS) and audit systems.
- Knowledge of, or experience with, international, federal, and provincial supervisory guidelines and processes.
Responsibilities
- Managing relationships with assigned entities and conducting the regulatory and supervisory activities necessary to ensure the operational safety and soundness of regulated insurance entities (Insurance Companies Incorporated in Alberta, Reciprocal Insurance Exchanges, Captive Insurance Companies, and Other Regulated Entities).
- Providing guidance and information to Alberta’s regulated insurance entities.
- Conducting examinations of regulated entities.
- Reviewing new licence or change applications for licensing or incorporation in Alberta.
- Issuing assessments levied to insurance entities operating in Alberta.
- Reviewing and assessing industry trends, risks, and changes.
- Developing alternatives and recommendations to ensure Alberta’s supervisory objectives continue to be met.
- Supervising the solvency, governance, compliance, and risk management practices of insurance entities for which Alberta is the primary regulator.
- Conducting regular desk examinations and onsite reviews in accordance with a risk-based supervisory framework.
- Reviewing, analyzing, and providing recommendations on capital management, reinsurance, investment, outsourcing, and other risk mitigation policies and procedures.
- Reviewing compliance with legislation and regulations and identifying areas of non-compliance.
- Monitoring, assessing, and communicating relevant changes in insurance industry trends, risks, and financial reporting standards.
- Reviewing and analyzing new licence and change applications from prospective and existing insurers and reciprocals, and making recommendations.
- Administering the Recovery of Administration Costs regulation, including the issuance of industry-wide assessments.
- Supporting the research and development of supervisory strategies for the Superintendent of Insurance.
Benefits
- Public Service Pension Plan (PSPP)
- Alberta Public Service Benefit Information
- Professional learning and development
- Positive workplace culture and work-life balance.
- Leadership and mentorship programs.
- Flexible work arrangements such as working from home up to two days per week and modified work schedule agreements.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
