(1266) Lead Legal Counsel (Insurance)-LSD

Brief Description

The main purpose of this position is to provide comprehensive and effective insurance legal expertise and advice in the development of principles, frameworks, policies, legislation, regulatory action, enforcement structures and related litigious issues to support the South African Reserve Bank (SARB) Group, including the Prudential Authority (PA), with a special focus on Insurance and Financial Sector Law (Insurance Act, 2017 (Act No. 18 of 2017) read with the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA)).

The incumbent may also be required to lead a team of legal consultants in the provision of legal advice and contribute proactively to the mitigation of legal risk within the SARB and the PA.

Detailed Description

The successful candidate will be responsible for, but not limited to, the following key performance areas:

• Conduct and integrate research into emerging or changing domestic legislation, international financial regulatory trends and changes, case law and other legal matters affecting the SARB, PA and Insurance sector.
• Proactively identify, address and manage potential legal risks within the SARB and the PA.
• Take responsibility for monitoring, reviewing and commenting on local and international legislation, regulation and policies that have an impact on the mandate of the SARB and the PA, and advise senior management and other stakeholders on any developments.
• Steer legal processes for internal clients on complex legal challenges and disputes affecting their operations. 
• Provide legal advice, opinions and guidance to the SARB and the PA on the current legislative framework, on supervisory action, supervisory challenges and optimal regulatory action.
• Participate in negotiations to draft, vet and amend multi-party agreements on relevant positions, policies, principles, litigation matters and regulatory action matters, in respect of the SARB Group, PA and insurance sector.
• Initiate legislative amendments or review drafts of new legislation in accordance with standard policies and procedures to address specific concerns of the SARB and the PA.
• Lead special projects to ensure that mandated and informed positions are developed and presented to stakeholders.
• Support and maintain strong professional relationships with panel attorneys’ firms and manage complex litigation in accordance with standard policies and procedures in conjunction with panel firms.
• Take responsibility for addressing issues pertaining to relevant legislation applicable to the SARB and the PA.
• Represent the department, the SARB and the PA on national, regional and international committees and report on, and provide guidance, advice and legal opinions to, the above-mentioned committees.
• Participate in various relevant legal practice groups of the LSD as a member or as lead.
• Contribute to and support the strategic objectives of LSD and the SARB Group.
• Provide regular updates and progress reports on all instructions for the purpose of management information, consistency of application of legislation/opinion to manage reputational and legal risk.
• Institutionalise processes to enhance efficiencies within the SARB and the PA.
• Coach, transfer knowledge, mentor and develop legal counsel.

Job Requirements

To be considered for this position, candidates must:

• have an LLB degree or an equivalent appropriate legal qualification and preferably LLM. 
• be an admitted attorney, advocate or a corporate lawyer within a corporate or insurance legal environment or and insurance legal practice; and
• have 8‒10 years’ experience as a practicing attorney, advocate or in-house legal counsel with a specific focus on insurance.

The following will be an added advantage:

• Admission as an Attorney or an Advocate of the High Court
• experience in pension regulation
• a solid record in leading and closing complex projects
• experience in company law

Additional Requirements Include:

• assertiveness
• problem-solving and analysis
• verbal and written communication
• judgment and decision-making
• verbal and written communication
• listening skills 
• presentation skills
• relationship management
• self-starter with attention to detail
• driving execution and decision-making
• organisational awareness
• project management

In line with the SARB’s commitment to diversifying its workforce, preference will be given to suitable candidates from designated groups. People with disabilities are welcome to apply.

The SARB offers remuneration and benefits commensurate with the level of the position and in line with the market. The level at which the successful applicant will be appointed will depend on his/her competence and experience.

About Sarb

Primary mandate of the SARB

Section 224 of the Constitution of South Africa states the mandate of the SARB as follows:

The primary object of the South African Reserve Bank is to protect the value of the currency in the interest of balanced and sustainable economic growth in the Republic.

The South African Reserve Bank, in support of its primary objective, must perform its functions independently and without fear, favour or prejudice.

What We Do

Monetary Policy

The Constitution gives the SARB the mandate to protect the value of the rand. We use interest rates to keep inflation low and steady.

Financial Stability

The SARB has a mandate to protect and enhance financial stability. We identify and mitigate systemic risks that might disrupt the financial system.

Prudential Regulation

The Prudential Authority regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

Financial Markets

Open market operations are the main tool we use to implement monetary policy. We manage South Africa’s gold and foreign exchange reserves.

Financial Surveillance

The SARB is responsible for regulating cross-border transactions, preventing the abuse of the financial system and supporting the regulation of financial institutions.

Payments And Settlements

The SARB is responsible for ensuring the safety and soundness of the national payment system, which is the backbone of South Africa’s modern financial system.

Statistics

The SARB provides important economic and financial statistics that present an overview of the economic situation in South Africa.

Research

Research conducted by the SARB focuses on economics, financial stability, banking and emerging trends in finance. Our research supports policy decision-making.

Banknotes And Coin

The SARB has the sole right to make, issue and destroy banknotes and coin in South Africa.