Applications are invited from suitably qualified Lesotho Nationals to fill the position of Insurance Inspector in the Insurance Supervision Division of the Supervision Department.

Reporting directly to Section Head – On-site Inspection (Insurance), the incumbent will carry out the following duties and responsibilities:

1.       Conduct on-site inspections of insurance companies, brokers and pension funds in order to evaluate their overall financial condition.

2.       Assess the safety and soundness of the policies of insurance companies with respect to writing insurance policies, premium collection, lending, investments, and other major financial operations using the criteria determined in the core principles, the industry’s code of conduct, the guidelines detailed in the Examination Manual as well as taking into account  any pertinent concerns raised by the Head of Section and the Off-Site Surveillance reports;

3.       Assess the compliance of insurance companies and brokers with the relevant laws, regulations, guidelines and any other prudential requirements by checking the documents, records as well as systems of the institutions against the relevant requirements.

4.       Determine whether insurance companies and brokers deal with their clients openly and fully disclose relevant information to them.

5.       Verify the accuracy of prudential reports submitted to the Central Bank of Lesotho by comparing them with the general ledger and other documents of the institution and also to determine whether these reports are in compliance with pertinent laws, regulations, guidelines and any other prudential requirements.

6.       Evaluate the adequacy of the institution’s internal control in line with the internal control regulations and best practices;

7.       Based on the above, prepare a comprehensive report of examination recommending to the Commissioner possible courses of action to be taken to address areas of concern.

Qualifications

B.Com Insurance or Accounting.

Experience in Auditing will be an added advantage.

Letters of application including certified copies of certificates, academic transcripts, detailed Curriculum Vitae together with letters from two referees should be addressed to:

Senior Manager – Recruitment and Training

Central Bank of Lesotho

P.O Box 1184

MASERU  100

The closing date for applications is Friday, 30 April 2010.