Job Title: Commissioner
Department/Agency: Office of the Insurance Commission (OIC)
Closing Date: December 13, 2024
Type of Position: Political Appointee
Posting Type: Employment Opportunity/Open to the Public
Pay Grade and Salary Range: GS-18/$65,000 - $80,000 p.a.
Email Your Resume, Cover Letter and References to: OfficeGovElectASG@gmail.com
Your Resume - Attach your updated resume in either a txt, Word document, or PDF format. Confirm the subject line includes the position you are applying for: Office of the Insurance Commission (OIC)
Submit a Cover Letter and Headshot - Include a personalized cover letter explaining your interest and qualifications for the role. Be sure to include a recent headshot photo.
Provide Professional References - Send a list of at least three professional references. Include their names, phone numbers, and email addresses. You are welcome to include letters of reference if available.
General Description
The Insurance Commissioner of American Samoa is responsible for overseeing the regulation of the insurance industry within the territory. Appointed by the Governor, the Insurance Commissioner ensures that all insurance providers and entities operating in American Samoa comply with territorial laws, ensuring a fair and competitive market. The Commissioner also ensures consumer protection, investigates complaints, and supports the stability of the insurance market by overseeing licensing, policy approvals, and enforcement of applicable regulations. This leadership role requires a deep understanding of insurance policies, consumer protection, and regulatory practices, with an emphasis on public service and legal compliance.
Key Duties and Responsibilities
Regulatory Oversight and Enforcement:
Enforce all applicable laws, regulations, and policies governing the insurance industry in American Samoa.
Monitor compliance with insurance laws, including conducting audits, investigations, and reviews of insurance companies, agents, and brokers.
Take corrective action, including imposing fines, penalties, or suspension of licenses for non-compliance or illegal activities.
Oversee the application of the Administrative Procedure Act in regulatory processes.
Licensing and Certification:
Manage the issuance, renewal, and revocation of licenses for insurance companies, brokers, agents, and other relevant entities.
Ensure that licensed entities meet the standards required by law and demonstrate financial solvency, ethical conduct, and adequate consumer protection.
Develop and implement processes to verify the eligibility of new and renewing licensees.
Policy and Rate Approvals:
Review and approve all insurance policies, forms, and rates to ensure they are fair, transparent, and comply with legal and regulatory standards.
Review insurance rate filings for actuarial soundness and appropriateness to ensure that rates are reasonable and non-discriminatory.
Consumer Protection:
Investigate and resolve consumer complaints against insurance companies or agents, ensuring consumers' rights are protected.
Provide public education on insurance rights and responsibilities, including helping consumers understand insurance products and options.
Develop and promote consumer education programs to ensure policyholders are well-informed about their rights and the terms of their policies.
Market Surveillance and Risk Management:
Monitor market trends and practices, identifying potential risks and market abuses.
Ensure that the insurance market remains stable and competitive, intervening in cases of market failure or instability.
Evaluate and address the adequacy of insurance coverage, particularly for vulnerable sectors like healthcare and natural disaster risks.
Leadership and Management:
Lead and manage the Insurance Commissioner’s office, ensuring that staff are effectively trained, organized, and performing in accordance with regulatory standards.
Coordinate with other governmental agencies and departments to align regulatory practices and address emerging insurance-related issues.
Provide regular reports and briefings to the Governor and legislative bodies on the state of the insurance market, regulatory activities, and consumer protection efforts.
Legislative and Policy Development:
Actively participate in the drafting and recommending of new legislation or amendments to existing insurance laws to improve the regulatory framework.
Ensure the effective implementation of new policies and initiatives designed to enhance market efficiency, consumer protection, and industry growth.
Annual Reporting:
Prepare and submit detailed annual reports to the Governor and legislative bodies on the performance, challenges, and future needs of the insurance market.
Present statistical data, trends, and recommendations for improvements in policy or regulation based on market developments and public feedback.
Knowledge, Skills, and Abilities
Thorough understanding of insurance laws, regulations, and industry standards, with specific knowledge of practices relevant to American Samoa.
Knowledge of actuarial principles, insurance product development, and financial solvency requirements for insurance providers.
Familiarity with consumer protection laws, financial services regulations, and fair business practices in the insurance sector.
Strong analytical skills to evaluate complex insurance policies, pricing models, and market trends.
Advanced communication skills, with the ability to clearly present complex legal and regulatory information to stakeholders, including government officials, insurance entities, and the public.
Proficiency in using data analysis tools, regulatory management systems, and reporting software.
Conflict resolution and negotiation skills to resolve disputes between insurance companies, brokers, and consumers effectively.
Ability to interpret and enforce insurance laws impartially, making decisions based on evidence, fairness, and the best interests of the public.
Capacity to lead and manage a diverse team, ensuring that office operations are efficient and effective.
Ability to collaborate with other governmental agencies, business entities, and community groups to address regulatory issues and foster industry development.
Academic and Experience Requirements
Education:
A Master’s degree in Business Administration, Finance, Insurance, Law, or a related field is required.
Experience:
At least five years of experience in the insurance industry, regulatory affairs, or a related field.
Significant experience in a managerial or leadership role, with a demonstrated ability to manage a regulatory body or large department.
Experience working with government agencies and understanding the complexities of public policy, legal frameworks, and consumer protection.
Certifications:
Relevant professional certifications in insurance, risk management, or regulatory affairs are desirable.
Salary
The salary is competitive and based on experience and qualifications. Specific compensation details will be provided upon request.
Additional Information
For questions regarding the position or application process, please contact the Office of the Governor-Elect directly via email at officegovelectASG@gmail.com
*The American Samoa Government is an equal opportunity employer. All qualified candidates will be considered for political appointments without regard to race, color, religion, sex, national origin, age, disability, sexual orientation, gender identity, or any other characteristic protected by applicable federal and territorial laws. Appointments will be made based on qualifications, experience, and the ability to serve effectively in alignment with the policies and goals of the administration.
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