Financial Analyst 1 Captive

This position obtains reviews analyzes and audits as applicable annual and quarterly captive and captive risk retention group (RRG) insurer records reports financial statements and related supplemental regulatory filings including but not limited to audited financial records actuarial opinions managements discussions and analysis holding company filings and enterprise Risk Reports.

Prepares and updates the Insurer Profile Summary and/or Group Profile Summary on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively executed and communicated to others.

Also monitor captive and captive risk retention groups to ensure required filing are timely made as well as review for business plan changes (e.g. loan requests dividends etc.)

Collect and analyze data such as annual and quarterly traditional insurer financial statements and all related supplemental regulatory filings in accordance with the National Association of Insurance Commissioners (NAIC) Financial Analysis Handbook to detect deficient controls or non-compliance with laws regulations and management policies. Ensure compliance with applicable statutes rules and the NAIC Accounting Practices and Procedures Manual

Prepare detailed reports on audit findings. Report to management about audit results and recommended changes in operations and financial activities. Summarize and document results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators. Utilize analysis performed to conclude on insurers priority level and provides supporting rationale. Prepare and update the Insurer Profile Summary and/or Group Profile Summary

Obtain review and analyze information and results presented in NAIC FAST tools including IRIS ratios Scoring 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.) When NAIC tools are not available apply similar financial analysis ratios and other metrics as necessary including those internally-developed

Organize and maintain analysis files in a logical and efficient manner

Other duties as assigned as related to the position

Knowledge:

Knowledge in applicable solvency regulation standards and requirements including statutory accounting practices and procedures

Understanding of insurance operations risks risk management techniques and transaction flows

Understanding of risks that could emerge from non-insurance operations of an insurance group

Knowledge in Microsoft Word Excel and/or similar related software

Knowledge in auditing accounting and auditing methods/systems

Knowledge in general auditing standards and procedures

Skills:

Being accountable for solvency monitoring of Arizona domestic insurers

Skills in being objective fair reasonable and courteous

Skills in accurately analyzing and interpreting data

Strong written and verbal communication skills

Strong analytical skills

Ability:

Ability to research and learn applicable new regulations guidance and procedures and practices

Ability to apply good judgments and draw sound conclusions while setting a good example

Ability to multi-task manage multiple projects and effectively manage own time

Ability to adapt to changing expectations and environments

Ability to compose clear and concise audit reports

Relevant designations that may enhance profile such as AFE CFE CPA PIR ACI and certificate programs such as Certificate in Risk Management and Insurance

Bachelors degree in accounting finance or economics. May consider Bachelors degree in Risk Management and Insurance

Demonstrable equivalent experience in the insurance sector will also be considered

Employees who drive on state business are subject to drivers license record checks must maintain acceptable driving records and must complete any required driver training (see Arizona Administrative Code R.12.)

Requires possession of and ability to retain a current valid state-issued drivers license appropriate to the assignment

If this position requires driving or the use of a vehicle as an essential function of the job to conduct State business then the following requirements apply: Drivers License Requirements.

The State of Arizona offers a comprehensive benefits package to include:

Optional employee benefits include short-term disability insurance deferred compensation plans and supplemental life insurance

Life insurance and long-term disability insurance

Vacation plus 10 paid holidays per year

Health and dental insurance

Retirement plan

Sick leave

Learn more about the Paid Parental Leave pilot program here. For a complete list of benefits provided by The State of Arizona please visit our benefits page

Positions in this classification participate in the Arizona State Retirement System (ASRS)

Please note that enrollment eligibility will become effective after 27 weeks of employment

If you have any questions please feel free to contact Victoria Fimea at