Licensing and authorisation - Approval Function

Capital Market

2.1.4 Licensing and authorisation – Approval Function

Description of role

Responsible for approving the licensing application at an initial application stage as well as by change of scope, check fit and proper requirements for new licensees and on an ongoing basis during the lifetime of a licensee.

Core technical skills

• Knowledge of the overall structure of the insurance and financial services industry
• Knowledge of relevant laws and principles and standards of regulation and supervision
• Ability to understand strategic drivers and impact of new entrants in the insurance sector in light of anticipated growth
• Able to validate and endorse compliance of applicants with respect to requirements of licensing
• Critical evaluation of applications, business plans and other submissions documents with a view to obtaining comfort about integrity, accuracy, reliability and relevance of information presented in such documents
• Identify any gaps in risk assessments conducted through financial modelling, or incorrect risk-impact reviews
• Understanding of corporate governance principles, conduct of business principles and rules relevant to solvency

Qualification and/ or certification

QFSQF Level 4
Relevant experience

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