Supervisor Insurance Supervision

Labuan Financial Services Authority (Labuan FSA); Labuan; On-site; MYR 100,000 - 150,000; Full time

Job summary

A regulatory body overseeing the insurance industry in Malaysia is seeking a candidate to supervise insurance entities, ensuring they operate in compliance with regulations. Responsibilities include risk assessment, conducting surveillance, and preparing reports for senior officers. Candidates should have a degree in a relevant field and 2-3 years of experience in insurance or regulatory roles. Strong communication and analytical skills are required for effective stakeholder engagement and teamwork.

Qualifications

• Minimum 2-3 years of relevant experience in insurance, finance, audit, risk management, or regulatory roles.

Responsibilities

• Undertake supervision of the insurance sector to ensure compliance.
• Identify risks and undertake supervisory actions.
• Assess regulatory applications and recommend actions.
• Conduct surveillance and assessments of entities.
• Prepare reports and participate in supervisory engagements.

Skills

Analytical thinking

Communication

Stakeholder engagement

Attention to detail

Education

Degree in Actuarial Science, Insurance/Risk Management, Accounting, Economics, Banking, Finance

Job description

Principal Accountabilities

Undertake supervision of the insurance sector in Labuan IBFC to ensure (re)insurance entities operate in a safe and sound manner and in compliance with applicable laws and regulations.

Identify risks, vulnerabilities and supervisory issues within the insurance sector, and undertake supervisory, remedial or enforcement-related actions in accordance with approved frameworks and guidance.

Assess regulatory applications from (re)insurance entities and recommend appropriate regulatory actions in line with prevailing requirements.

Undertake supervisory activities for the insurance sector through offsite surveillance, onsite examinations and supervisory engagements to assess the financial soundness and regulatory compliance of (re)insurance entities.

Execute supervisory tasks in accordance with the annual supervisory plan and assigned work programme to ensure timely completion of deliverables and departmental KPIs.

Conduct continuous surveillance of the insurance sector based on the risk‑based supervisory framework, including reviewing and analysing regulatory returns, audit reports, compliance reports and surveys; assessing financial condition and performance, inherent risks, risk‑management practices, control functions and market conduct; and identifying early warning indicators, supervisory concerns and instances of non‑compliance.

Prepare supervisory assessments, issue papers, examination findings and recommendations for remedial or enforcement actions for review and endorsement by senior officers.

Participate in supervisory engagements with the board and senior management of (re)insurance entities, including preparation of materials, attendance at meetings and documentation of outcomes.

Participate in onsite examinations, including planning, data analysis, interviews and drafting of examination reports.

Consolidate supervisory observations and monitor progress of remedial actions undertaken by (re)insurance entities.

Assess emerging risks and developments in the insurance sector and propose mitigating actions within the approved supervisory framework.

Undertake regulatory assessments of applications submitted by (re)insurance entities, including requests for extensions, exemptions, appointments and other regulatory approvals.

Participate in engagement and coordination activities with industry players, associations, home and host supervisors and other regulatory authorities, including supervisory colleges and regulatory forums.

Keep abreast of regulatory, industry and technological developments and contribute to enhancements of supervisory processes, tools and methodologies.

Undertake any other duties or projects assigned by the Head of Unit and/or Director as and when required.

Qualifications

Degree in Actuarial Science, Insurance/Risk Management, Accounting, Economics, Banking, Finance or other relevant fields.

Minimum 2‑3 years of relevant experience in insurance, finance, audit, risk management or regulatory‑related roles.

Competencies

Labuan FSA Competency Level Targeted at Level 1.

Analytical thinking and professional judgement.

Strong written and verbal communication.

Stakeholder engagement and teamwork.

Professional integrity and attention to detail.

Unlock job insights

Your application will include the following questions:

• Which of the following statements best describes your right to work in Malaysia?
• What's your expected monthly basic salary?
• Which of the following types of qualifications do you have?
• How many years of auditing experience do you have?
• How many years' experience do you have in the insurance industry?
• Are you willing to relocate for this role?