Audits Mgr. II-Supervising Financial Analyst-Captives

Full Job Description

IF YOU APPLIED ON A PREVIOUS POSTING FOR A CAPTIVES SUPERVISING FINANCIAL ANALYST,WITH THE SC DEPARTMENT OF INSURANCE, PLEASE DO NOT RE-APPLY. WE HAVE YOUR APPLICATION ON FILE.

Mission Statement:

The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner.

For more information about working at the SC Department of Insurance, please visit Department of Insurance, SC - Official Website | Official Website

This position is located the Office of Financial Regulation and Solvency's Captives Division. in Charleston, SC and/or Columbia, SC.

Job Purpose:
Under the general supervision of the Chief Financial Analyst, the Captives Supervising Financial Analyst is responsible for supervising the captive financial analysts conducting risk-focused financial analyses on assigned insurers. This position provides input on technical matters, acts as a reviewer of the work performed by the captive financial analysts, ensures that captive analyst work is an appropriate execution of the risk-focused analysis approach, and provides guidance, support, and training to captive financial analysts. This position may also be assigned primary responsibility for reviewing and monitoring the current financial condition and prospective financial solvency of more complex and higher priority insurance companies.
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Supervise the quality of the analysis process for risk retention groups (RRGs), including appropriate depth of review, supporting documentation, and resolution of concerns. Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools and reports. Ensure that analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. Supervise the workflow of the analysis process, including but not limited to, compliance with timeliness guidelines set forth in the NAIC Accreditation Program Manual.

Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted. Review conclusions and supporting rationale related to an insurer's priority level and determine if modifications are necessary. Review, challenge, and where applicable, revise the updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators. Review analyst conclusions regarding insurer compliance with state laws, regulations, and NAIC standards and guidelines.

Act as primary reviewer of more complex and higher priority RRGs. Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management's discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.).

Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc. Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.).

Review captive analyst's detailed financial analysis checklists for annual non-RRG captive insurance reviews in accordance with Department procedures. Act as primary reviewer of more complex and higher priority non-RRGs. Assist Chief Financial Analyst and Business Plan Change Analyst with higher-level and complex business plan change requests.

Assist with licensing, marketing, and promotional activities for the domicile and the captive program, as assigned. Attend meetings with prospective companies seeking licensure and help raise awareness of South Carolina as a captive domicile. Attend and represent the Department at captive industry conferences. Participate on the Captive Application Review Committee to review new captive applications. Participate on the Troubled Company Committee to review captive companies in hazardous financial condition. Assist in development of recommendations for regulatory actions for troubled companies and their implementation and follow-up.

Assist in determining assignments of insurer and insurance groups and the level of oversight provided to analysts based on risks, complexity, and staff abilities. Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests. Review research or perform research on complex issues including State law, State regulations, accounting standards, etc. Instruct assigned analysts in the application of risk-focused surveillance concepts and advanced analytical skills.
Encourage and direct staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances. Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.

Assist with special projects and perform other duties as assigned by supervisors. Must attend examination meetings and ensure the captive analyst is properly prepared to present overview of assigned companies, provide summary of risks identified, etc. Must organize and maintain supervisory files in a logical and efficient manner. Stay apprised of industry trends through review of business journals, industry publications, etc. to determine impact on insurers in state and continue to improve focus and execution of the financial analysis process. Maintain relevant designations that enhance the analyst's ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, PIR, CPCU, FLMI, etc.).

Requirements

A Bachelor's degree in accounting, auditing, business administration, finance or insurance and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.

Insurance designation(s) or progress towards their attainment.
Overnight travel may be required but it is not normally anticipated.
Proficient in MS Word, Excel, and other related tools.

Qualifications

Captives experience greatly preferred.
Appropriate coursework in accounting/ auditing.
3 years of financial analysis, public accounting or similar experience in the insurance, reinsurance or alternative markets.

Strong communication skills (both written and oral) and advanced understanding of insurance operations, risks, risk management techniques, and transaction flows.
Advanced understanding of risks that could emerge from non-insurance operations of a group.
Ability to aggregate and summarize information from a wide-range of available sources.

Takes responsibility and is accountable for solvency monitoring of assigned companies.
Objective, fair, reasonable, and courteous with the ability to apply good judgment and draw sound conclusions while setting a good example.
Ability to research and apply applicable state laws, regulations, procedures and practices and NAIC statutory and/or GAAP accounting practices.
Ability to understand and evaluate the enterprise risk management functions of insurers.
Ability to supervise staff captive analysts and invest in staff development.
Ability to review work of others, challenge conclusions reached, and provide constructive feedback.
Ability to make decisions based on reasonable and timely analysis.
Ability to evaluate and challenge information provided by company.

Additional Information

IF YOU APPLIED ON A PREVIOUS POSTING FOR A CAPTIVES SUPERVISING FINANCIAL ANALYST,WITH THE SC DEPARTMENT OF INSURANCE, PLEASE DO NOT RE-APPLY. WE HAVE YOUR APPLICATION ON FILE.