Chief Captives Analyst
Job Location:
Richland County, OH - USA
Yearly Salary:
Posted:
Application Deadline:
Vacancies:
Job Summary
- Job Responsibilities
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
Job Purpose:
Under the general supervision of the Director of Captives theChief Financial Analystis responsible for overall staff performance and development and serves as the Departments main point of contact for analysis and ongoing monitoring of regulated captive insurance companies. This position oversees company assignments and priority ratings while ensuring a consistent risk-focused financial analysis process across the unit. This position acts as a reviewer of the work performed by the supervising financial analyst(s) ensures that analyst work is an appropriate execution of the risk-focused analysis approach and provides guidance. Responsible for recommending new captive insurance companies for Ii censure. Responsible for promotion of the captive program in coordination with the Director of Captives. Represents the Department at various captive conferences.
Knowledge Skills and Abilities:
Knowledge of the principles practices and theories of accounting auditing budgeting financial management banking and insurance. Knowledge of organizational and managerial principles practices and
theories. Knowledge of federal and state laws and regulations related to the areas of audit. Knowledge of agency systems and processes. Ability to effectively use mathematical and statistical sampling techniques. Ability to analyze and interpret complex accounting auditing budgetary and financial data. Ability to evaluate and propose remedial changes in complex institution systems or operations. Ability to plan organize schedule and direct comprehensive audit projects conferences and appeals. Ability to manage a department of professional paraprofessional and clerical employees and to establish and maintain working
relationships with administrators managers and top agency executives ensuring that all employees do the same. Ability to communicate effectively both orally and in writing.
Job Description:- Minimum and Additional Requirements
Abachelors degreein accounting auditing business administration finance or insurance and professional experience in accounting auditing finance insurance or tax preparation and/or analysis.
C.P.A. (Certified Public Accountant) C.I.A. (Certified Internal Auditor) or CF.E. (Certified Financial Examiner) designation may be required. Must be able to provide and receive coaching and feedback multitask and manage time effectively and adapt to changing expectations and environments. Proficient with MS Word Excel and other related tools. - Preferred Qualifications
Appropriate coursework in accounting/auditing preferred. 5 years of financial analysis public accounting or similar experience with specialization in the insurance industry preferred.
1. Perform primary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst. Perform secondary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Financial Analyst and primary supervisory reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst. Supervise the quality of the analysis process 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 the analysis performed is customized to promote effectiveness and efficiency in accordance with the insurers size risk and complexity. 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 insurers priority level and determine if modifications are necessary. Review challenge and where applicable revise the updated Insurer Profile Summary !PS) and/or Group Profile Summary (GPS) in a timely manner to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators. Review the analysts conclusions regarding the insurers compliance with state laws regulations and NAIC standards and conjunction with the Supervising Financial Analyst(s) complete a high-level review of the financial analysts detailed financial analysis checklists for annual non-RRG captive Insurance reviews in accordance with Department procedures.
2. Work extensively with the Captive Licensing Team to ensure applications for new companies are processed efficiently and In accordance with applicable South Carolina statute and conjunction with staff members thoroughly review applications for completeness and compliance prepare and update the Captive Application Review Form for each captive application identify outstanding items and problematic Issues and correspond with captive managers and other external parties to resolve. Review the plan of operation feasibility study financial proformas and contracts for Insurance or reinsurance. Identify and contract with appropriate outside professlonals required to opine on proposals. Recommend new captive companies for llcensure and draft approval letters with appropriate stipulations requirements and conditions to receive Certificate of Authority. Assist the Director of Captives in developing and revising licensing procedures.
3. Under limited supervision of the Director of Captives conduct marketing and promotional activities for the domicile. Assist with marketing plans programs materials and activities. Follow-up on direct prospect leads and consult with national and global captive industry professionals associations regulators and service providers to communicate Department pollcles practices procedures and requirements to attract captive companies to the State. and represent the Department at captive industry conferences Update and maintain the Captives website to ensure its material remains relevant and user- friendly. Assist the Director of Captives In leading and conducting meetings with prospective companies seeking llcensure and raise awareness of SC as a captive domicile.
4. In conjunction with Supervising Financial Analyst(s) determine assigned captive insurers and insurance groups and the level of oversight provided to analysts based on risks complexity and staff abilities. Coordinate assigned regulatory functions to avoid duplication of efforts and/or requests. Review research or perform research on complex issues Including statutory accounting contracts accounting standards etc Instruct assigned analysts in the application of risk-focused survelllance concepts and advanced analytical skills. Encourage assigned staff to alter analysis approach and procedures based on results of work performed information obtained and facts/c:lrcumstances. Encourage and direct development of professional skepticism and utilize critical thinking in Investigations and reviewing information provided by the insurer. Lead and participate on the Captive Company Committee to review captive companies in hazardous financial condition. Assist in development of recommendations for regulators and troubled companies and their implementation and follow-up.
5. Responsible for oversight of the Business Plan Change Analyst to ensure that business plan changes are reviewed In compliance with state laws regulations and NAIC standards and guidelines. Assist analyst as needed in the decision making and research process to ensure decisions are reached In an appropriate and timely manner to maintain South Carolinas competitive position as a high-quality domicile for captive insurers.
6. 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 final analysis process. Participate in training courses and identify implications for analysis including indentifying need for supplemental training to be provided to own state. Identify and encourageparticipation in external training opportunities (e.g. NAIC SOFE etc.) to- Additional Comments
. Overnight travel may be required but is not normally anticipated. Insurance designation(s) or progress towards their attainment preferred.
Educational Credentials:
Applicants indicating college credit or degree(s) on the application will be required to submit a sealed certified copy of the transcript(s) prior to beginning employment. Failure to produce an official certified transcript will result in any conditional offer of employment being rescinded.
Equal Opportunity Employer:
It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees without regard to their race color religion national origin sex (including but not limited to pregnancy childbirth or related medical conditions and lactation) disability or age.
Veteran Preference Statement:
South Carolina is making our Veterans a priority for employment in state agencies and institutions.
The Department of Insurance offers an exceptional benefits package for FTE positions that includes:
- Health Dental Vision Long Term Disability and Life Insurance for Employee Spouse and Children
- 15 days annual (vacation) leave per year
- 15 days sick leave per year
- 13 paid holidays
- State Retirement Plan (pension plan option) and Deferred Compensation Programs
- Employee Assistance Program
- Free counseling sessions for employees and household members
- Free legal counseling
- Free financial counseling
- Flexible Work Schedules
- Compressed work weeks
- Part-time telecommuting
- Flex-time
- Contingent upon completing required probationary period
- Free Gym Access
- Growth Opportunities
- Certifications/designation program allowing for salary increases and bonuses
- Infants at Work Program
- Employees eligible to bring their newborn/infant to the workplace
- Free Parking
Required Experience:
Chief
