The history of GUINEA INSURANCE PLC dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to Business Growth and to maximize available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.
Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas. The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.
After the 2007 Recapitalization exercise in the industry, Guinea Insurance Plc is licensed by the National Insurance Commission (NAICOM) to operate as an Insurer for all classes of General Insurance business. A copy of our new license is enclosed herewith; now, the Company has been fully restructured and repositioned to meet the ever-changing needs of our numerous customers as well as the challenges of the new millennium.
GUINEA INSURANCE PLC is now managed by a crop of highly skilled and committed professionals, driven by modern technology and supported by vibrant and resourceful Board of Directors led by Sir Emeka Offor [KSC]. The company is positioned to provide excellent insurance services of global standard that yield high value-added to our numerous customers.
The Head Office centrally located at Guinea Insurance House, 33 Ikorodu Road, Jibowu, Lagos together with the wide range network of branches spreading all over the country, we are poised to serve you better.Job Overview:
To Implement measure that would ensure the adherence to appropriate compliance and internal control framework and procedures so as to minimize loss from non-compliance with the regulatory requirement and company’s policies & procedures
Job Responsibilities;
Implement methodologies for identifying, assessing, monitoring, controlling and reporting compliance risks. Agree on the type and frequency of monitoring in relation to the company’s scale of the activity.
Ensures company-wide compliance with established policies and controls and ensures that violations are thoroughly investigated.
Ensure prompt response NFIU/EFCC/NAICOM enquiries.
Regulatory reporting to NFIU
Ensure Compliance with NAICOM’s code of Corporate Governance from Legal and other regulatory requirements
Monitoring of compliance with AML/CFT guidelines for all the policies booked by the company
Creation of awareness/training on KYC/AML/CFT/PEP
Branch visitation to ascertain adherence to KYC
Monitoring of regulatory renditions to ensure compliance with deadlines for submission
Review of transactions & identify regulatory and control exceptions
Preparing KYC and AML Risk matrix for the company along product, customer, business and location lines and assigning these to Team Leads for monitoring
Prepare AML/CFT training plan for the company and ensure adherence to the plan
Ensure prompt response to auditors’ requests
Continuous update of company’s bank authorized signatory list.
Ensure Daily call-over of Transaction Checks/Reviews- Underwriting (Both Life and general)
Ensure transactions processed by CPU, Claims, Underwriting and Re-Insurance are reviewed daily to identify any area of non-compliance with the company policies
Ensure prompt closure of control and audit exceptions
Device Measure that will mitigate against reoccurrence of exceptions
Ensure reports are rendered periodically based on unit reviews carried out.
Prepare quarterly Spot-Check plan and ensure that Spot-Checks reviews of non-processing are carried out in line with the plan
Ensure Security sweep on the Head Office and branches and collate reports
Ensure only authorized users are given access to the system
Requirements;
A good first degree in any discipline. Masters’ degree will be an advantage
Minimum of 5 years post qualification experience in Compliance & Internal Control within the financial services industry, of which at least 3 years must have been in the Insurance sector.
Professional certifications such as CFA, CIS, ACCA, ACA, CFP,CFE,ACAMS, IT Certifications, etc
Required Knowledge, Skills & Abilities
Insurance Operations
Accounting
Credit Analysis / Appraisal
Environmental / Industry Analysis
Risk Management
Operational risk
Investment / Portfolio Management
Assets & Liabilities Management
Financial analysis / interpretation
TQM
Documentation
Generic Skills
Strategic Focus/ Orientation
Integrity and Discretion
Initiative/ Proactive
Entrepreneurship
Analytical skills / Problem solving
Resilience, Tenacity and Integrity
Interpersonal skills
Communication (oral & written)
Supervisory Skills
Leadership
Coaching /Leadership / Influencing
Initiative/Entrepreneurship/ taking ownership
Team building / conflict management
Organization & coordination
General managerial /administration
