Diector, Insurance Supervision
Qatar Financial Centre Regulatory Authority
Total years of experience :25 years, 4 Months
I have successfully performed a variety of roles since joining the QFCRA including policy development/evaluation and authorisation/supervision of insurance firms. In my role as Director, Insurance Supervision I am responsible for the effective supervision of (re)insurance firms/captives (general and life including conventional and Takaful operations and intermediaries including financial advisors) operating in or from the Qatar Financial Centre (“QFC”). I am therefore responsible for the day-to-day management and leadership of a multicultural team that provides technical assistance for the authorisation and subsequent supervision of authorised firms to ensure the insurance firms adhere to regulatory requirements as well as their own internal policies and procedures. In addition, I have also regularly participated in the CEO/Executive committee and provided advice to senior management and the Board of the QFCRA in respect of strategy, policy formulation for insurance as well as revisions to regulatory processes and methodologies to better align the QFCRA’s regulatory regime to the Insurance Core Principles of the International Association of Insurance Supervisors (“IAIS”). My major achievements in these roles have included:
• Successfully led the strategic planning and development of a comprehensive risk-based management framework to ensure that QFC (re)insurance firms, intermediaries and financial advisors comply with QFCRA requirements and international best practices;
• Overseen the planning and execution of annual inspection programmes to ensure tailored onsite inspections are performed effectively and risks to the QFCRA’s statutory objectives are properly identified and mitigated promptly;
• Participated in panels and provided advice in respect of the supervision of banks/investment firms, (re) insurers and intermediaries;
• Overseen and helped design a number of thematic reviews including for example, Own Risk and Solvency Assessments (“ORSA”), cross-divisional cybersecurity and operational resilience, stress testing, corporate governance, reinsurance security, client money, complaints handling, suitability of advice and oversight of outsourcing of operations;
• Provided advice to the Qatar Central Bank (“QCB”) on the drafting of insurance legislation for the State of Qatar and designed a road map for the development of supporting supervisory rules and procedures for the QCB to help ensure effective supervision of insurance firms;
• Overseen and project managed the re-drafting of regulatory reporting and electronic submission of returns via the creation of an Electronic Submission System using eXtensible Business Reporting Language (“XBRL”) along with the creation of risk KPI dashboards and financial analysis reports;
• Built successful relationships with applicants and existing authorised insurance firms as well as other stakeholders including cross-functional teams to ensure the efficient and effective use of resources;
• Successfully trained and mentored QFCRA and QCB staff in respect of authorisation and supervisory processes including onsite inspection and supervisory best practices; and
• Actively participated in the work of the IAIS including representing the QFCRA on the Macroprudential Surveillance Working Group (“MPSWG”) IAIS sub-committee and previously the reinsurance sub-committee as well as international supervisory colleges.
As a senior associate I was responsible for the supervision, development and implementation of onsite inspections of leading (re) insurance firms (general and life operations) and intermediaries operating in the Lloyd’s and London company markets. I was responsible for the identification, assessment and mitigation of material business and operational risks of regulated firms that may impact FSA statutory objectives. This involved for example, conducting reviews of strategy and business plans; capital adequacy and contingency plans; corporate governance arrangements including underwriting and claims controls, run-off operations as well as creation and implementation of formal risk mitigation programmes. I provided technical insurance support to colleagues across the FSA in terms of authorisation, assessment and subsequent supervision of regulated firms operating in complex global group structures. I also performed enforcement liaison role internally on behalf of the wholesale insurance division and externally with other regulators, trade associations and Lloyd’s of London. My major achievements in these roles included the following:
• Successfully led the roll-out of risk assessments across the Lloyd’s market and conducted onsite inspections of major London operations of complex global (re) insurance groups and devised appropriate strategies to mitigate material risks;
• Successfully led and/or performed a number of market thematic reviews (including binding authorities, contract certainty and conflicts of interests) which were effectively completed within tight timescales and budget constraints.
• Successfully led and motivated insurance staff to meet organisational objectives and execute plans whilst providing training to help develop their core technical and regulatory skills;
• Successfully provided technical insurance input into the development of the FSA’s ARROW II risk assessment framework; and
• Successfully used enforcement actions as a supervisory tool to effect required changes in insurance firms that materially breached FSA rules.
Commercial insurance underwriter with responsibility for day-to-day supervision of a specialist classes team which serviced a portfolio of accounts worth in excess of £2 million. Performed risk analysis and management of presented property and liability risks and provided technical support to team members. Successfully achieved between 35% and 105% organic premium growth across specialist classes accounts.
Provided professional insurance advice, performed delegated underwriting and negotiated favourable terms
with insurers so as to satisfy individual client needs by providing tailored insurance solutions.
Complete day-to-day responsibility for brokerage accounts including accounts reconciliation, credit and
budgetary control. I reported directly to the Managing Director.
Successfully completed Full-Time MBA programme and was awarded First Class.