Competency Details ( Regulatory Knowledge (Insurance Sector) )

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Competencies

Jadarat Dictionary

Regulatory Knowledge (Insurance Sector)

Efficiency Core Competency

The knowledge of the regulatory organizational framework for the Insurance sector and international regulatory developments in the Insurance sector. Understand the impact of the regulatory framework on the various areas of Insurance, the organizational structures, compliance concepts and procedures that impact the core activities of the Insurance institution in its variation of its products, processes and procedures.

Jadarat Code: C09

Level 1

Develops basic understanding of the laws and regulations related to the Insurance sector. Shows awareness about the industry trends and learns how to research information to stay updated on requirements that are relevant to the business. Is able to use this information to initiate a report of findings in support of the team.

Level 2

Possesses specialised knowledge and keeps current on the various laws and regulations that are related to the Insurance sector. Researches information on the requirements and procedures that are relevant to the business and initiates the core Insurance activities within the context of own job and team, in line with the relevant regulations.

Level 3

Deeply understands the current laws and regulations related to the Insurance sector and assists others across the teams to stay updated on these laws and regulations. Shows deep understanding of the current regulatory procedures and requirements and evaluates the programs and processes and how they impact the Insurance daily activities.

Level 4

Uses full knowledge base to ensure the compliance of programs and processes with the regulatory requirements relevant to the business. Provides expertise in the laws and regulations related to the Insurance sector to reduce any non-compliance between the current programs and procedures and the relevant regulations.

Level 5

Applies subject matter expertise and knowledge of the trends and regulatory requirements to guide the evaluation of the current programs and processes. Provides expertise to coach and guide the senior management on the current laws and regulations that are related to the Insurance sector and how they impact the business results.