Manager – Actuarial Services

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The Pensions and Insurance Authority (“the Authority”) is the regulatory and supervisory authority for the pensions and insurance industries in Zambia as provided for in the Pension Scheme Regulations Act No.28 of 1996 (as amended) and the Insurance Act No. 38 of 2021. The Authority supervises and regulates entities operating in the pensions and insurance market. These include insurance companies, reinsurance companies, insurance intermediaries, pension schemes, pension fund managers and pension fund administrators.

The Authority hereby invites applications from suitably qualified and experienced candidates to fill the vacant position of Manager-Actuarial Services.


Job Purpose

To advise management on the implementation of actuarial policies and procedures as well as monitoring and evaluating their effectiveness in achieving the Authority’s goals and objectives following the analysis of financial consequences of risk on investments and financial undertaking by the pensions and insurance industries.

Specific duties

  • Assists in the monitoring of the solvency and financial condition of insurance companies and pension schemes by reviewing actuarial reports.
  • Assists with the ongoing development of the Authority’s regulatory requirement, particularly in relation to valuation framework, capital requirements, risk management and actuarial requirements.
  • Carry out actuarial investigations and analysis of insurers and pension schemes and advice management and the board.
  • Develop and update Risk Based Supervision (RBS) supervisory tools and other actuarial models.
  • Support the insurance and pension supervisory teams with onsite inspections; participate in regional supervisory colleges and desk-based analysis on actuarial risks and other related matters.
  • Provides technical guidance and support in the implementation of IFRS 17.
  • Leads in the development of Actuarial Policies and Procedures.
  • Design and review parameters for approval of own risk solvency assessment frameworks and internal capital models for insurers and pension schemes.
  • Supports the development of risk and supervisory analytical models.
  • Participates in evaluating insurance license applications and authorization requests (Review product pricing and sensitivity analysis).
  • Supports the publication of several industry-wide reports and studies.
  • Assists the insurance and pensions departments in reviewing and assessing designs of annuity and pension plans by determining their financial soundness and reviewing submitted calculated premium rates to ensure payment of future claims and benefits.
  • Assists the insurance and pensions departments in reviewing statistical and actuarial information and assumptions submitted by regulated entities.
  • Review and determine the appropriateness of equitable distribution of surplus earnings under participating insurance and annuity contracts submitted by regulated entities.

Required skills or abilities

  • Strong mathematical and actuarial skills with a deep understanding of risk management.
  • Hands-on experience in undertaking:
  • Actuarial valuations of life insurance companies and defined benefit pension schemes;
  • Actuarial reviews of general insurance companies and defined contribution pension schemes;
  • Review of design of pension schemes, employee benefit calculations and insurance product pricing;
  • Reserving and capital modeling for insurance companies and pensions schemes; and
  • Actuarial and financial modelling.
  • Experience in providing advice to management of insurance companies and pension scheme Trustees on actuarial valuation reports, implementation of recommendations and other related matters.
  • Excellent problem-solving skills and team player.
  • Ability to work with commonly used actuarial programming software.


  • Full Grade 12 certificate with credit or better in Mathematics and English;
  • Degree in actuarial science or equivalent.
  • 4 years industrial working experience in an Insurance and Pension industry plus 3 years at supervisory level making it a total of 7 years.
  • Numerical competence to analyse financial statements/data and statistics.

Method of Application

Applicants meeting the above qualifications and experience should submit an application letter, certified or ZAQA verified copies of qualifications and Curriculum Vitae to the address below.

Applications submitted via email will not be considered.

Human Resources and Administration Manager

Pension and Insurance Authority

Stand No. 4618

Lubwa road, Rhodespark

P/Bag 30x



Please note that the Authority is an equal opportunity employer and only shortlisted applicants will be contacted.

Application deadline
20 Nov 15:00