Role Responsibilities
Are you interested in an opportunity to impact the safety and soundness of Alberta’s insurance entities, while gaining a unique insight into the insurance industry in Alberta? Are you looking to join the Alberta Public Service in a professional role where your analytical, financial, and regulatory expertise will make a difference? If your answer is YES, then we have an opportunity for you – come grow your career with us!
Reporting to the Director, Prudential Supervision, Insurance Regulation and Market Conduct, you will be responsible for managing relationships with assigned entities and conducting the regulatory and supervisory activities necessary to ensure the operational safety and soundness of the following regulated insurance entities:
- Insurance Companies Incorporated in Alberta;
- Reciprocal Insurance Exchanges formed in or transferred to Alberta;
- Captive Insurance Companies; and
- Other Regulated Entities.
In this position, you will work closely with Alberta’s regulated insurance entities - providing guidance and information, conducting examinations, reviewing new licence or change applications for licensing or incorporation in Alberta, and issuing assessments levied to insurance entities operating in Alberta. You will review and assess industry trends, risks, and changes, and develop alternatives and recommendations to ensure Alberta’s supervisory objectives continue to be met.
This Advisor position is responsible for fulfilling Branch responsibilities including, but not limited to:
- Supervising the solvency, governance, compliance, and risk management practices of insurance entities for which Alberta is the primary regulator.
- Conducting examinations of regulated entities in accordance with a risk-based supervisory framework, including regular desk examinations and onsite reviews.
- Reviewing, analyzing, and providing recommendations on capital management, reinsurance, investment, outsourcing, and other risk mitigation policies and procedures in relation to the nature, size, complexity, and risk profile of each entity’s operation.
- 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 to maintain Alberta’s supervisory objectives.
- 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 levied to roughly 235 insurance entities operating in Alberta.
- Supporting the research and development of supervisory strategies for the Superintendent of Insurance to employ in the proactive supervision of these entities.