Short Term Insurance Compliance Administrator

Duties & Responsibilities

• Matric, Compliance, law or related field will be advantageous

• Knowledge of FAIS, BEE, FICA, SHORT TERM INSURANCE ACT and Compliance Institute if Southern Africa compliance training/courses and other relevant legislation, regulations and rules that may be needed from time to time.

• Minimum 3 years relevant work experience in short term insurance/ financial services, Compliance or Legal work

Desired Experience & Qualification

• Develop, initiate, maintain, and revise policies and procedures:

• periodically review and update SOP to ensure continuing currency and relevance

• Provide objective view of company policies and procedures in relation to current regulatory requirements

• Maintain compliance procedures and manual

• Work together with department heads to create internal controls and monitor adherence to them

• Ensure operations fully comply with regulations and procedures

• Ensure all policies are updated/amended where applicable

• Maintain and manage Transformation status requirements with HR and associated compliance

• Proactively audit processes, practices and documents:

• Verify the practical application as per the SOP

• Manage risk and identify areas of improvement

• Identify potential compliances breaches and investigate compliance irregularities

• Set plans to manage a compliance violation

• Evaluate, investigate, and document reports of non-compliant activity

• Manage insurer matrix

• Keep record of all insurer agreements (on sharepoint)

• Manage internal audit feedback with underwriting head and associated compliance

• Manage and conduct business monitoring review with associated compliance from findings of internal audit

• Review insurer agreements prior to sign-off from directors

• Manage and maintain legal and compliance folder on sharepoint

• Educate and train employees on regulations and industry practices

• Address employee concerns or questions on legal compliance

• Communicate key regulatory changes and updates

• Promote compliance awareness

• Arrange training – keep tracker of all training done internally and with external service providers

• Reporting – ensure timeous and accurate monthly report submissions

• Reporting on compliance audit, providing feedback on issues and activities

• Maintain Key Individual / representative register

• Reporting on any complaints received, reviewed, registered and resolved

• Report on any non-compliant activities identified to management

• Ensure compliance records are up to date

• Keep up to date with the regulator submission dates (submission of AFS – annual financial statements) and assist with the submission with finance manager

• Keep finance manager update to date with any financial/compliance related matters

• Review and resolve Fit and Proper queries

• Manage staff under supervision

• Assist HR with recruitment on the FAIS related matters