Capital Specialist, Insurance, Capital Division

Important messages

We are committed to providing an inclusive and barrier-free work environment, starting with the hiring process. If you need to be accommodated during any phase of the evaluation process, please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.

Assessment accommodation

Duties

The position incumbent will lead the research, development, interpretation and promotion of insurance regulatory capital policies and guidance for application in Canada. They may also represent OSFI and participate in similar work at an international level.

The Capital Specialist, Insurance is a leading expert on i) the risks faced by insurers and their corresponding measurement ii) the determination of capital requirements standards iii) international developments on capital standards and iv) life insurance products and markets, complex transactions and their capital treatment, both under the standard and under insurer-specific models-based approaches.

The Capital Specialist, Insurance is a center of expertise within OSFI and contributes to knowledge transfer within the Capital Division through participation in structured learning events and informal cross-training. As a key insurance contact person in the Capital Division, the Capital Specialist, Insurance promotes a better understanding of capital standards with internal and external stakeholders. Also, the Capital Specialist is recognized as a leading expert by internal and external stakeholders.

Intent of the process

The immediate need is to staff one position with a language requirement of English Essential on an indeterminate basis.

A pool of qualified or partially qualified candidates may be created to staff similar positions with various tenures (indeterminate, term, acting, etc.), linguistic requirements (bilingual imperative, bilingual non-imperative, English or French essential, etc.), linguistic profiles (CBC/CBC, BBB/BBB, etc.) and/or security requirements (reliability, secret, etc.) within the Office of the Superintendent of Financial Institutions

Positions to be filled: 1

Information you must provide

Your résumé.

In order to be considered, your application must clearly explain how you meet the following (essential qualifications)

EDUCATION
- Graduation with a degree* from a recognized post-secondary institution in actuarial science, mathematics, finance, or an acceptable combination of education, experience, and training.

* The term “degree” refers to a baccalaureate or a higher level degree, as established by educational authorities.

Degree equivalency

EXPERIENCE
- Experience working with OSFI’s Life Insurance Capital Adequacy Test, obtained through insurance, consulting, or regulatory work.
- Significant** and recent*** experience in all of the following:
• Numerical analysis
• Quantifying risks relevant to the life insurance industry
• Conducting analysis of complex financial information related to risks of the life insurance industry
• Providing expert input and advice on complex and technical issues related to risks of the life insurance industry
- Experience in developing recommendations and writing reports or briefing notes to senior management**** regarding issues associated with the life insurance industry

** Significant is defined as the breadth and depth of experience that would normally be acquired within seven (7) years, where the experience was part of the regular work duties of the candidate.
*** Recent is defined as “within the last ten (10) years.
**** Senior Management: Depending on the organizational structure, senior management could mean such levels of management as the executive group, director level and above, etc.

If you possess any of the following, your application must also clearly explain how you meet it (other qualifications)

EDUCATION
- An MBA, CERA, CA, CGA, CMA, CFA, or other relevant designation focused on risk management
- Fellow of the Society of Actuaries or Canadian Institute of Actuaries (i.e. FSA, FCIA)

Degree equivalency

EXPERIENCE
- Experience with the financial operations of life insurance companies
- Experience working in a life insurance company
- Experience working with segregated fund guarantees obtained through insurance, consulting or regulatory work
- Experience using advanced features of Excel software to analyse and manipulate large sets of data and complex formulas
- Experience in working with a wide range of stakeholders and in representing the positions of an organization

The following will be applied / assessed at a later date (essential for the job)

Various language requirements

Information on language requirements

KNOWLEDGE
- Extensive knowledge of the life insurance industry, including life insurance products and applicable regulatory requirements.
- Extensive knowledge of OSFI’s capital framework (e.g. guidelines, instructions and forms) currently applicable to federally regulated life insurers.
- Knowledge of international financial standards as they pertain to Canadian life insurers.

COMPETENCIES
- Working as a Team
- Critical thinking
- Professional Judgement

ABILITIES
- Ability to communicate effectively in writing
- Ability to communicate effectively verbally

The following may be applied / assessed at a later date (may be needed for the job)

KNOWLEDGE
- Knowledge of international developments related to insurance capital standards

OPERATIONAL REQUIREMENTS
- Willingness and ability to work overtime occasionally

Conditions of employment

Reliability Status security clearance

- Ability and willingness to travel within Canada and abroad

Other information

The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.

Information on employment equity

An interview may be administered.

A test may be administered.

Reference check may be sought.

The ability to communicate effectively in writing will be assessed using the candidate's application, as well as through the evaluation process.

Candidates invited to an interview will be required to bring proof of their education credentials, in the form of a diploma or official transcript (original documents only). Candidates with foreign credentials must provide proof of Canadian equivalency. Consult the Canadian Information Centre for International Credentials for further information at http://www.cicic.ca/.

Candidates must meet all of the essential qualifications to be appointed to a position. A candidate may be appointed to a position even though he/she does not meet any or all of the asset qualifications. However, meeting these criteria is desirable and may be a deciding factor in choosing the person to be appointed.

Depending on the requirements of the position(s) being staffed from this process, for current or future vacancies, any or all of the asset qualifications may be applied at any time during the staffing process, including screening. Candidates may be contacted and assessed against these criteria at any time during this process.

Achieving a representative workforce has been identified as an organizational need and may be applied in this appointment process. If this criterion is used, only those who have indicated that they are members of the specified designated group(s) will be considered.

A top down selection of candidates may be used in the determination of those to be given further consideration in the assessment process.

Persons are entitled to participate in the appointment process in the official language of their choice. Applicants are asked to indicate their preferred official language in their application.

For this selection process, our intention is to communicate with applicants by e-mail (including sending invitations for written tests and interviews). Applicants who apply to this selection process must include in their application a valid e-mail address and make sure this address is functional at all times and accepts messages from unknown users.

All job applications must be submitted through the Government of Canada public service jobs website. Do not email, fax, or mail hard copy documents as these will not be accepted. To submit an application online, please click on the "apply now" button.

If you do not have Internet access in your home or through friends, relatives or neighbours, here are some suggested locations: campus career centers, libraries, community centers, Internet cafés and Services Canada. You may also call 1-800-O-Canada (1-800-622-6232), or TTY 1-800-926-9105, for information on the nearest public Internet access locations.

Persons with a disability preventing them from applying on-line are asked to contact 1-800-645-5605.

Applicants with disabilities: If you require special accommodation at any stage in the selection process, including technical aid to ensure an equitable assessment of your qualifications, please inform us by sending an e-mail to the following address: .

As a Separate Agency, the Office of the Superintendent of Financial Institutions (OSFI) appoints employees in accordance with the Public Service Employment Act (PSEA). OSFI is named in Schedule V of the Financial Administration Act (FAA) and it offers the same pension and benefits plans as the core Federal Public Service. In addition to this, OSFI employees obtain a minimum of 4 weeks of vacation leave per year, earn a competitive salary, and are eligible for an annual performance bonus.

Preference

Preference will be given to veterans and to Canadian citizens, in that order, with the exception of a job located in Nunavut, where Nunavut Inuit will be appointed first.

Information on the preference to veterans

We thank all those who apply. Only those selected for further consideration will be contacted.