Job Title: Head of Delegated Authority & Intermediaries
Reporting to: Head of UK Compliance
Position Type: Permanent
Why Tokio Marine HCC?
Standing still is not an option in the current world of Insurance. TMHCC are one of the world’s leading Specialty Insurers. With deep expertise in our chosen lines of business, our unparalleled track record and a solid balance sheet, TMHCC evaluates and manages risk like no one else in the industry. Looking beyond profit, empowering our people and delivering on our commitments are at the core of our customer values, and so is a desire to grow and provide creative and innovative solutions to our clients.
Job Summary
To oversee and manage the delegated authority and intermediary function for Tokio Marine HCC International, ensuring:
All types of delegated authority comply with the Companies’ Delegated Authority Framework and all relevant regulatory requirements;
The Delegated Authority and Intermediary Framework remains fit for purpose, mitigates the outsourcing risks to the Companies and is adapted in response, as appropriate, to regulatory and internal changes;
The Delegated Authority and Intermediary function supports the business with excellent technical expertise and knowledge and performs to a high standard; and
The Delegated Authority and Intermediary function meets the objectives defined within the Compliance Plan.
Key Responsibilities
Oversight Framework
Ensure the continued enhancement and implementation of a governance and oversight framework for delegated authority and intermediary matters across the Companies, adopting a best practice, consistent and collaborative approach.
Work closely with the underwriting divisions and the Heads of Distribution (International & Europe), ensuring that the Intermediary Policy is updated on an annual basis and aligns with the underwriting risk profile and delegated authority appetite of the Companies.
Oversee and produce the Delegated Authority and Intermediary sections of the annual Compliance Plan and ensure proposed projects / tasks are completed as scheduled.
Monitor emerging and developing regulatory changes within the market and identify amendments to the relevant policies and procedures in order to effectively implement and embed those changes. This includes communication of such changes internally and externally to our affected third parties.
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Assist in the completion of regulatory and Lloyd’s returns as required and ensure that actions arising from market thematic reviews are embedded within the Companies.
Effectively oversee the delegated authority business written by the Companies’ EU entity, Tokio Marine Europe S.A., ensuring quality assurance reviews are performed on a regular basis.
Management of Delegated Authority and Intermediaries Arrangements
In line with the Delegated Authority Procedures and the Intermediary Policy, to oversee all delegated authority matters, including managing the entity-level and contract-level approval and ongoing monitoring for coverholders / MGAs, service companies, and DCAs.
Oversee the review process for in scope lineslips, master policies, and consortia written by the Companies.
Oversee the annual production of an audit schedule, monitor the audit framework, maintain a suitable audit panel and ensure the timely implementation of audits for all delegated authority arrangements.
Oversee the completion of third-party audits performed by the Delegated Authority Auditors and peer review all audit reports before issuance.
Ensure the quality assurance framework and peer review processes are embedded and monitored on a regular basis.
Systems and Reporting
Ensure that the Customer Relationship Management (‘CRM’) system, which houses all third parties, remains accurate and complete and is developed in line with the advancements within the market and internal needs.
Report on delegated authority arrangements, intermediaries, and the use of third parties (such as external DA audit firms) to the relevant…