Major Responsibilities Include (but are not limited to):
• Preparing monthly financial statements and management reports
• Preparation of statutory returns
• Preparation of Board / AGM reporting
• Maintenance of all general ledger functions
• Preparation of Annual Budget, Forecasts (Cash Flow and P&L)
• Ensuring that documented control procedures / Standard Operating Procedures for financial operations are adequate and be adhered to
• Maintenance of up to date bookkeeping records of the insurance companies and its separate/policy accounts;
• Maintenance of cash flow records which include accounts receivable, payable, bank reconciliation, bookkeeping.
• Preparation of monthly and quarterly management accounts, ensuring proper reconciliations are made to relevant financials support;
• Preparation and delivery of ad hoc or other reports as requested by Managing Director (“MD”) from time to time;
• Reconciliation of financial discrepancies by collecting and analyzing account information;
• Preparation of yearly Financial Statements in accordance with IFRS, coordinating with auditors as necessary to ensure completion of annual audited financial statements;
• Ensure annual audited financial statements are filed timely with the FSC as required;
• Maintenance of accounting controls by preparing and recommending policies and procedures;
• Assistance with and/or delivery of any accounting request for the separate/policy accounts;
• Preparation of yearly Budget Forecast, coordinating with MD, salespersons and other key management to ensure input and assumptions used for revenue and expense projections are reasonable;
• Preparation of Projections over a 3yr or 5yr period as deemed necessary from time to time;
• Preparation and update of cash flow forecasts on a regular basis as requested;
• Liaising with Insurance Dedicated Fund (IDF)/ Investments managers to ensure quarterly valuations for each policy are received on a timely basis;
• Calculation of M&E, admin and COI for each policy, preparing invoices and sending to relevant parties on a timely basis;
• Preparation of quarterly policy statements for onwards submission to policy holders; • Calculate reinsurance bordereaux and ensure all reinsurance/domestic policies are settled in accordance with terms of the reinsurance agreement(s);
• Maintenance of reinsurance registers and preparation of reinsurance bordereaux;
Full/ Part Qualified accounting ACCA/FCA/CGA designation essential
Previous working experience in Life Insurance sector essential (any PPLI experience a distinct advantage) Exposure to Re-Insurance sector a distinct advantage.
Strong Information Technology / Systems Experience an advantage.
Proven experience working with Auditors / preparing accounts in preparation for Audit. Experience managing multiple subsidiary accounts.
Knowledge of QuickBooks and Microsoft Office (working with spreadsheets and graphs)
• Maintenance and processing of commission records for each introducer, ensuring commissions for internal and external introducers are calculated correctly and are complete; • Ensure commissions are paid to introducers timely following associated fee and other commission collections from policy holders;
• Oversee cash collection for all Debtors, following up on a regular basis to ensure all receivables are collected on a timely basis;
• Oversight of ongoing expenses and settlement in a timely manner;
• Assistance with payments by verifying documentation and requesting disbursements; • To the extent applicable, processing of payroll that includes salaries, incentives, employee benefits, etc;
• Handling and processing of all insurance claims;
• Ensure quarterly FET reporting is done and paid within associated deadlines set from time to time;
• Provide/Obtain support to/from tax advisors as necessary to ensure all IRS and Barbados tax filings are prepared accurately and filed on a timely basis within stated deadlines set by the IRS and FSC from time to time;
• Provide support as necessary for the actuary to calculate policy reserves and perform MEC testing as required on a regular basis;
• Provide support as necessary to enable the Barbados Managers to meet quarterly reporting requirements with the FSC on a timely basis in order that the Companies are in good standing at all times;
• Provision of financial information to management by researching and analyzing accounting data, including preparing reports as requested by management;
• Recommendation of financial actions by analyzing accounting options and impacts on liquidity and solvency measures;
• Securing financial information by completing database backups;
• Provide answers to accounting procedure questions that may arise from time to time by researching and interpreting accounting policy and regulations;
• Oversee compliance with Barbados, federal, state, and local financial legal requirements by studying existing and new legislation, enforcing adherence to requirements, and advising management on required actions;
• Maintenance of customer confidentiality and protection of operations by keeping financial information confidential.
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