Senior Legal Counsel – Insurance Operations – Islamic Development Bank – Jeddah

Insurance Operations Department: The role holder is responsible for providing the necessary legal guidance, support and opinion in all cases pertaining to insurance operations. The role holder will participate in the legal due diligence process and provide inputs on the legal aspects for resolving any complex issues related to Underwriting process to safeguard the interests of ICIEC. The role holder will also be involved in drafting and reviewing various legal documents involved in insurance operations to ensure use of correct legal terminologies and clarity in interpretation of documents.

Core Responsibilities:
Legal Due Diligence

Participates in underwriting operations by providing legal assistance to stakeholders from the Underwriting Division as and when required, on all matters, issues and problems related to legal assessment and evaluation of buyer/importer/borrower/Member Country and the implementation of insurance policies and contracts.
Participates in legal evaluation of various documentation involved in Trade Credit /Structured Finance/Foreign Investment transaction to analyse the legal risk involved and provides inputs to Underwriters on the same.
Drafts, reviews, or revises various legal documents, contracts and agreements from legal standpoint safekeeping the interests of ICIEC.
Analyses and evaluates the legal impact of major decisions where the applicable law, regulations or facts of the case are ambiguous.

Insurance Operations

Ensures adherence to compliance requirements by Insurance operations and the support functions to identify gaps and recommend corrective steps, thus ensuring mitigation of operational risks.
Provides legal opinion and counsel on all investments and insurance operations in terms of regulatory requirements and legal approvals in order to minimise financial, legal and reputational risks.
Provides necessary legal assistance in drafting agency, brokerage and other forms of representation agreements and provides legal guidance on resolution of issues/disputes arising from their implementation.
Assists the Underwriters in drafting new policy terms and conditions to ensure the usage of appropriate legal terminology, ensure clarity in interpretation of terms and conditions, compliance with Shariah principles, etc. to minimize the risk of any legal dispute or incident of claim.
Assists the Short Term Underwriting team to verify the legal documents for validity and to ensure all necessary legal documents are in place.
Provides requisite assistance to Reinsurance Division in drafting co-insurance and inward reinsurance arrangements and in other forms of interactions with Export Credit Agencies (ECAs), ICIEC partners or other external stakeholders involved in export and investment promotion in Member Countries.
Participates in draft and review of treaty and facultative outward reinsurance treaties and contracts adherence to legal and risk framework and guidelines.
Assists the Reinsurance team in resolving any legal issues arising in transactions involving international re-insurers and initiate legal action in all cases of dispute pertaining to reinsurance operations.to safeguard ICIEC’s interests.
Guides in preparation of contracts to be issued to debt collection agencies and ensures alignment to legal and regulatory framework established.

Documentation and Reporting

Documents and maintains legal notes for all legal cases related to reinsurance and insurance to facilitate easy reference for assistance in resolving any similar future cases.
Generates and submits requisite reports as per agreed timelines to the General Legal Counsel to track the progress of legal operations.

Experience: Prior experience in handling legal operations pertaining to insurance (underwriting, claims, recovery and reinsurance), with minimum 5 years of relevant experience preferably in Banking/Export Credit Insurance/International Trade/General Insurance

Qualifications:
Field of Study: Commercial Law

Bachelor’s Degree with 10-12 years of experience/ Master’s Degree with 7 years of experience

People Management Responsibilities:
Ensures effective application of the ICIEC Performance and Development Review process.
Ensures high level of employee engagement and capability development by providing on-going feedback and coaching team members.

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