Do you want to help develop creative approaches to evaluating Prudential Financial's financial condition, relative to peer companies? Or take on an "exciting role that offers the opportunity to contribute to the development and execution of a new set of responsibilities for the Federal Reserve System?"
The Boston Federal Reserve bank is now attempting to supervise the behemoth global insurer, Prudential, and is recruiting at least a half dozen top-level insurance supervisory positions plus support staff to prepare itself for regulating Prudential Financial as a Systemically Important Financial Institution under the Dodd-Frank Act.
Positions listed promise to offer the opportunity to forge new territory in insurance regulation, mentioning national supervision program management, "and the formation of supervisory policy related to specific areas of asset/liability management for insurers."
The insurance-specific positions include a capital markets specialist, credit specialists, a fiduciary/asset management specialist "to lead and participate in reviews aimed at evaluating the effectiveness of asset management practices and compliance with fiduciary responsibilities at a large and complex insurance-focused financial institution," an information technology (IT) examiner, an analyst and other positions.
"This exciting role offers the opportunity to contribute to the development and execution of a new set of responsibilities for the Federal Reserve System," one job description states.
The IT job, which evaluates the effectiveness of management, also calls for good "conflict resolution" skills and the ability to have positive relationships.
The incumbent may also provide leadership or assistance in support of national supervision program management. As needed, they may also assist in the formation of supervisory policy related to specific areas of asset/liability management for insurers.
Prudential, which lost its appeal to the deciding body, the Financial Stability Oversight Council (FSOC), in September, is subject to enhanced prudential supervision from the Federal Reserve under Dodd-Frank now that it is a nonbank SIFI. A little less than a month after it was clear Prudential would lose its appeal in a 7 to 2 vote, the Boston Fed listed the positions.
The Boston Fed, which features an insurance unit that long-time insurance regulator Cynthia Martin helps manage, got the call to be the host supervisor. AIG, the other insurance SIFI, is regulated out of the Federal Reserve Bank of New York.
Regulation will be at the holding company level. States will still oversee the insurance subsidiaries, although there is fear the Fed could require too much capital at the holding company level, ossifying the business of life and annuity insurance asset and liability management.
