Specialist – Liability and Capital Modelling Review, Supervision (IFCA)

Job Description

Specialist – Liability and Capital Modelling Review Supervision (Insurance, Funds and Corporate Authorisations) Department

The Bermuda Monetary Authority (Authority or BMA) is seeking the services of a skilled and capable individual to work as a Specialist – Liability and Capital Modelling Review in our Supervision (Insurance, Funds and Corporate Authorisations) Department. Reporting to the Senior Specialist – Liability and Capital Modelling, the Specialist – Liability and Capital Modelling Review will be responsible for the supervision of liabilities (insurance and non-insurance) and regulatory capital, including review of Scenario-Based Approach (SBA) and Standard Approach (StdA) frameworks as implemented by regulated insurers. The successful candidate will also be responsible for evaluating insurer-developed liability and capital models, filings, actuarial opinions, and governance practices, providing structured recommendations to ensure compliance, robustness, and consistency across supervised entities.

This is a key role for the Authority and the postholder will be responsible for but not limited to:

• Evaluating SBA model applications, material model changes, and related filings from regulated entities
• Reviewing actuarial opinions and actuarial report findings for both SBA and StdA entities, providing structured feedback on methodology, assumptions, and compliance
• Assessing assumptions, methodologies, calibration, governance, and regulatory compliance
• Reviewing all material liabilities (insurance and non-insurance), including off-balance sheet and contingent obligations, to ensure completeness and reasonableness
• Assessing the quality, eligibility, and loss-absorbing capacity of regulatory capital, including evaluation of instruments against solvency criteria (permanence, subordination, encumbrance, flexibility of distributions)
• Monitoring ongoing compliance with capital requirements, including capital injections, refinancing transactions, dividends, and other balance sheet actions to ensure continued eligibility and adequacy
• Conducting forward-looking capital adequacy analysis, incorporating stress testing, scenario analysis, internal model outputs, capital management plans, and emerging risks
• Ensuring capital aligns with the insurer’s risk profile, business strategy, and internal risk appetite
• Identifying and monitoring intra-group and related-party transactions that may materially affect the quality or eligibility of capital
• Applying analytical frameworks and supervisory challenger tools to test, validate, and benchmarking insurer models and outputs
• Identifying inconsistencies, weaknesses, and areas requiring remediation, providing evidence-based insights
• Supporting enhancements to supervisory methodology, including internal models and review processes
• Evaluating the robustness of insurer governance frameworks, model risk management practices, and documentation standards
• Assessing the impact of emerging risks (e.g., climate, longevity, cyber, macroeconomic shifts) on liabilities and capital adequacy
• Ensuring that assumptions, controls, and processes meet regulatory expectations and supporting prudent risk management
• Contributing to the development and refinement of technical guidance, manuals, and internal frameworks to support consistent supervisory approaches
• Conducting benchmarking and comparative studies across supervised entities to identify leading practices, areas of divergence, and opportunities for improvement
• Engaging with supervised entities to clarify expectations, provide feedback, and promoting enhancements in implementation and governance
• Providing actionable insights to inform supervisory decisions, capital planning, and enterprise risk management strategies
• Collaborating with actuarial, risk, investment, and policy teams to ensure a coordinated and holistic supervisory perspective across the balance sheet
• Supervising and mentoring direct reports, providing guidance on technical reviews, model assessment, and supervisory reporting
• Representing the Authority at local, regional, and international meetings, conferences, seminars, and technical working groups involving regulatory peers, government agencies, and industry participants
• Performing related work and special projects as assigned by management in accordance with competencies normally associated with the post

This position requires a proven technical and business background, therefore, the post-holder must have:

• A Master’s degree in actuarial science, statistics, mathematics, finance, economics, or a related quantitative discipline; or a Bachelor’s degree in one of the above fields with a relevant professional qualification from a recognised institution or professional body
• A minimum ten (10) years of relevant experience with at least five (5) years at a senior level in actuarial modelling, risk modelling, insurance supervision, financial risk management, or a related quantitative field
• Demonstrated experience in:
  • Reviewing or validating actuarial or risk models
  • Assessing regulatory filings and technical submissions
  • Evaluating reserve methodologies, actuarial opinions, and scenario analysis
  • Conducting technical reviews or on-site examinations
  • Preparing structured supervisory reports
  • Collaborating with cross-functional supervisory teams
• Prior experience with scenario-based regulatory frameworks, internal model validation, or capital assessment processes is a strong asset

If you are looking for a challenging opportunity in a team environment, we invite you to submit your application online via our ‘Careers at BMA’ page on.. Applications for this position must be received no later than 04 September 2026.

Bermuda Monetary Authority is an Equal Opportunity Employer

BMA House 43 Victoria Street, Hamilton HM 12

Professionalism, Integrity, Accountability, Adaptability, Collaboration