Lead Actuary

within Insurance & Pensions Supervision


Lead Actuary

within Insurance & Pensions Supervision

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About Insurance & Pensions Supervision

The Insurance and Pensions Supervision is responsible for the prudential supervision of insurance companies, insurance intermediaries, retirement schemes, retirement funds and retirement service providers. The team employs professionals with a varied background and varied skills in the areas of insurance, pensions, accounting, legal, quantitative analysis, actuarial, compliance and others.

The Role

Reporting directly to the Head of the Insurance and Pension Supervision Unit, the role will entail identification and response to issues as they arise and the provision of support in achieving departmental objectives in relation to the supervision of Maltese License Holders. This is a key leadership position within the unit and is instrumental in the execution of the MFSA’s supervisory strategy.

The successful applicant will be expected to deliver results in the following areas:


  • Development and coordination of the workplan and other deliverables for the actuarial team, managing the workload and priorities
  • Provide mentorship and guidance in technical areas to the Analyst/Senior Analyst Actuaries on the team in respect of their work as insurance supervisors
  • Provide training to the other insurance supervisors within the Insurance and Pensions Supervision team in respect of technical matters
  • Active engagement with the Insurance and Pensions Supervision function’s senior management team in monitoring progress and adherence to the function’s strategic objectives. 
  • Leading meetings with Actuarial Function Holders and other senior management of supervised insurance undertakings
  • Leading the development of suitable dashboards for Management that enable effective risk-based and data-driven regulation
  • Representing the MFSA in EIOPA Working Groups and Supervisory fora



  • Take a technical lead in monitoring the compliance to regulatory frameworks and processes for effective oversight of the insurance sector. This will include the assessment of ORSAs and the appropriateness of reserving techniques and solvency capitalization requirements as implemented by insurers.
  • Identify and report to management circumstances that could be indicators of potential insurance company distress and recommend appropriate courses of action
  • Lead Thematic Reviews including but not limited to risk and reserving areas on the overall Maltese insurance market, coordinating the publication of results and subsequent engagement with the market as appropriate
  • Lead  desktop and on-site reviews on specific technical areas whilst  ensuring adequate communication of findings through formal reports and maintaining effective supervision and co-operation with the senior management of the team, through follow-ups as  required
  • Take a lead role in the Authority’s continuous strive for improved quality of data provided by licence holders and data provided to management, coordinating cooperative efforts both within and outside the unit


  • Maintain effective working relationships with actuarial departments of Maltese regulated insurers
  • Collaborate with other Insurance and Pensions Supervision team members to ensure that prudential standards are met by all licensed insurers, responding to specific issues as they arise, and initiate strong supervisory action where requirements are not being met
  • Work with the Authorisations Team on the assessment of new insurance licence applications
  • Form part of a team of specialists (legal/compliance/finance/actuarial) and contribute actively in  the development and amendment of insurance legislation and rules

The successful candidate will also perform other related work and special projects as assigned.


About You

The role calls for an academic qualification in a relevant field of study at National Qualification Framework Level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC) or a widely recognised professional qualification at a comparable level.

You will also possess a minimum of five (5) years working experience in the area related to the role. Candidates with longer working experience relevant to the role will be preferred.

If you do not have the necessary academic or professional qualifications but you have at least ten (10) years of relevant experience, we would still be interested in speaking with you.

It would be an advantage if you have

  • A deep understanding of all technical aspects of the European regulatory framework for insurance. Detailed understanding of Life and Non-Life reserving techniques and how risk is quantified under Solvency II is key to be able to effectively challenge License Holders and succeed in this role. 
  • Proven ability to provide intellectual leadership/support to colleagues with varying levels of experience as well as encouraging co-operation and teamwork across the department.
  • Strong interpersonal skills with a track record showing effectiveness in building and maintaining professional relations, both externally and internally.
  • Managerial experience, covering project lead and organizational skills in relation to achieving Team objectives and in relation to overseeing the development of team members.
  • A positive and enthusiastic “can-do” attitude.
  • Ability to demonstrate strong and effective communication skills.
  • Ability to demonstrate effective mentorship and leadership skills.

How to apply

or query further information

Candidates are to forward a copy of their Curriculum Vitae (C.V.) and an accompanying covering letter providing the motivation for the application to [email protected].

Other Important Information

The MFSA is an Equal Opportunities Employer as certified by the NCPE (National Commission for the Protection of Equality) and is committed to a policy of equal opportunity in all aspects of employment and will take care to avoid any form of discrimination in its recruitment procedures. The MFSA reserves the right to withdraw this call at any time and not to select any of the Candidates.

It is the responsibility of applicants in possession of qualifications awarded by Universities and other similar institutions outside Malta to produce a recognition statement on comparability of qualifications issued by the Malta Qualifications Recognition Information Centre (MQRIC). Applicants should do so preferably at application stage or otherwise at the preliminary interview should an applicant be selected for such interview. Details can be obtained by accessing the National Commission for Further and Higher Education website on www.ncfhe.gov.mt under MQRIC heading.

The MFSA shall ensure that any processing of personal data is in accordance with Regulation (EU) 2016/679 (General Data Protection Regulation), the Data Protection Act (Chapter 586 of the Laws of Malta) and any other relevant European Union and national law. For further details, you may refer to the Data Protection Policy on the MFSA webpage www.mfsa.mt.

Candidates are to note that the submission of any false statement/s or omission, even if unintended, may lead to the cancellation of their application and may render the candidate's appointment liable to termination.

Furthermore, please note that candidates may be asked to submit any documentation in support of the information provided, including but not limited to, proof of qualifications and Police Conduct Certificates.

Jobsplus Permit Number: 390/2022