A well – renown Insurance company in Kenya is currently seeking a Finance Manager to be responsible for Financial Management of all the company operations, as well as, setting up and enforcing all the internal controls of the company’s operations whilst complying with all statutory requirements.
- Keeping proper books of Accounts and production of Management Reports.
- Ensure daily updates of all books of accounts including Premium sales updates, claims reports, Cash books, purchase ledgers, Fixed Assets registers and cash books.
- Ensure all relevant JV’s including premium and treaty JV’s, Salary, Investments, Forex, Depreciation, Provisions etc are passed into the General Ledger for both life and General business for each accounting month.
- Ensure that monthly accounts are generated for each month by the 10th after month end.
- Ensure all the accounts are analysed and reconciled and any variances are investigated and explained.
- Engage the Department heads and get explanations for variances in terms of Revenues per cost centre as well as variances in expenses incurred.
- Analyse weekly production per area, circulate to Management and continuously follow up to ensure optimal production levels.
- Ensure payment vouchers are raised as appropriate and approve all before all before payment is affected.
- Regulate, Coordinate and facilitate conduct of Annual Audits.
- Ensure preparation of appropriate Audit schedules at the end of the Financial year.
- Prepare Accounts in published format and as per the IFRS and IAS requirements.
- Engage with and set appropriate dates and timings with the Auditors for the audit to be performed.
- Avail all requisite support information for the audit and deal with any issues as appropriate.
- Finalize the Audit, have the financial reports and statutory returns signed by Directors, Auditors and actuarial as appropriate.
- Lodge such reports as required by the law to all bodies including IRA by 30th April.
- Publish the same, circulate as necessary and report same in the daily newspaper by 31st May.
- Develop enforce and regulate internal control systems for all company operations.
- Continuously interrogate and where appropriate remedy and improve all internal control systems.
- Ensure all accounting systems in the company are geared towards improvement and safeguarding the resources of the company.
- Ensure all Revenues of the company are well accounted for at the transaction instant and are not mis applied.
- Ensure all Company expenditures are appropriately approved at the relevant levels, are incurred for the company good and are as per company standards.
- Ensure all company assets are well taken care of including but not limited to all fixed Assets, Cash etc.
- Monitor fuelling and enforce physical inspection of company cars.
- Ensure sufficient operation of the Cash office both on receipting incoming cash as well as all pay-outs with the right approvals while making sure that all collections are banked intact daily while payments are dispatched efficiently.
- Keep custody of all insurance certificates no in sue and ensure all issued are accounted for daily and cash duly collected.
- Review all claims files due for payments and ensure the transaction is both valid and payable
- Direct, regulate and actualize the salvage committee operations
- Develop Direct, supervise and enforce company Budget.
- Ensure that sufficient funds are available to meet ongoing operational and capital investment requirements.
- Maintain banking relationships.
- Assist in determining the company's proper capital structure.
- Invest funds.
- Ensure reconciliation of Central Bank statement on Bills and Bonds
- Daily confirmation to the bank on cheques payment
- Maintain and control company Petty cash both in Head office and all sales offices
- Manage the preparation of the company's budget.
- Report to management on variances from the established budget, and the reasons for those variances.
- Assist management in the formulation of its overall strategic direction.
- Statutory compliance and Taxes.
- Ensure all Commissioner of Insurance returns are processed and submitted as follow:
- Commissioner’s returns, Quarterly 45 days after end of Quarter
- Preparation for commissioners returns, for purposes of the renewal of the license, 30th November
- Preparation of annual audited premium tax, policy holders and training levy returns for submission to the IRA, 31st March of the following year
- Preparation of annual audited financial statement for submission to the IRA Annual Accounts/Commissioners forms 30th April of the following year
- Cause publication of the audited accounts in at least 2 newspapers of national circulation Published Accounts in the newspapers 31st May of the following year
- Preparation and submission to IRA of monthly claims and investment reports by 30th of each month
- Ensure preparation of schedules and payment of Withholding VAT by 5th and 20th of each month.
- Preparation of schedules and payment of Withholding tax by 20th of the following month.
- Ensure payment of premium tax, policyholders, training levy for each month by the 15th of the following month.
- Ensure Reinsurance Tax is computed and paid on 30th of month following end of quarter.
- Ensure that Withholding tax on 6% interest on premium reserve releases- 230th of the month following end of quarter.
- Ensure Quarterly Corporate taxes are computed, returns done and paid as necessary and that the final tax is computed and paid on conclusion of Audit as per due date.
- Ensure preparation of the annual withholding tax returns, forms W41, W42, W43, W44.
- Agency and credit Control.
- Monitor daily and Ensure all certificates and policies issued are paid for and money due collected both in the Head office and in all Branches.
- Ensure all underwriting documents are raised same day both correctly and to the correct agency account.
- Follow up all monies owed by the Brokers, Agents and direct clients continuously following up for those paying, updating their statements.
- Monitoring any bounced cheques and take appropriate action.
- Ensure computed all commissions due per agent, broker etc and ensure paid by the 5th of the following month.
- Preparation and circulation of weekly and monthly debtors schedule to members of credit committee.
- Convene weekly credit control meeting and follow up corrective actions with the respective managers.
- Ensure Quarterly reinsures statements are reconciled and sent to reinsurers within 60 days after end of quarter.
- Ensure payments of MDPS.
- Ensure preparation of XOL premium adjustment after year end and paying reinsurer the due amounts.
- Reinsurance programme proposal.
- Avail statistics to Reinsure-Benfield, Kenya Re, Africa Re and PTA Re.
Requirements: Qualification and Skill
- Any other duties as may be assigned from time to time by the Chief Finance Officer.
- Bachelor’s degree in Commerce or Finance - related field.
- Certified Public Accountant or ACCA qualification.
- Minimum Seven years’ Finance preferably Insurance Industry.
- Excellent communication skills, particularly regarding presenting the results of analyses to management.
- Proficiency in Microsoft Word, Outlook and PowerPoint.
- Strong organizational, analytical and interpersonal skills.
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