Assistant Chief Financial Examiner

Arizona Department of Administration • Phoenix, AZ

1d • Onsite

About The Position

The Department of Insurance and Financial Institutions licenses, monitors, investigates, examines, and ensures the safety and soundness of regulated entities. The Department also helps resolve consumer complaints against financial-services and insurance entities; takes action in response to violations of law; encourages competition, innovation, and economic development; collects taxes and assessments that support state government operations; combats auto theft and insurance fraud through public awareness campaigns, and funding for law enforcement and dedicated prosecutors. Our mission is to help Arizonans receive the benefits and protections to which they are legally entitled by enforcing insurance and financial institution laws and by providing information and assistance and to combat vehicle theft.

This position directs the planning and execution of statutory financial examinations of Arizona domiciled insurance companies and other risk bearing entities in order to assess financial condition, enforce solvency standards, and determine compliance with applicable laws and regulations, in accordance with Department policies and procedures, the NAIC Financial Condition Examiners Handbook and NAIC Accreditation standards.

This position also coordinates with other states before, during and after group examinations where Arizona is either the lead or a participating state. Assistant Chief Financial Examiner assists the Chief Financial Examiner-Analyst and Assistant Director in overseeing the examination supervisors, financial examiners, contract examiners and specialists in a supervisory position.

Requirements

• Extensive knowledge of the NAIC Risk Focused Examination process as outlined in the NAIC Financial Condition Examiners Handbook
• Knowledge of AZ and national insurance market, industry concepts and practices and insurance company operations
• Knowledge of AZ laws and rules that provide standards for the financial practices of insurance companies
• Understanding of state and federal insurance law, rules, regulations, policies, procedures and case law
• Knowledge of computerized word processing, spreadsheets, databases and applications
• Knowledge of the NAIC Accreditation Standards and the state accreditation process
• Familiarity with quality management and quality assurance concepts
• Knowledge of the financial practices of insurance companies
• Knowledge of supervisory concepts and techniques
• Understanding of Statutory Accounting concepts
• Skill in using Excel, Word, Power Point, Outlook, Access, Adobe Acrobat (PDF), and equivalent Google programs
• Superior writing and verbal communication skills, including technical writing, and training/presentation delivery
• Skill in diffusing difficult, contentious situations with customers and stakeholders
• Skill in time-management, project organization and problem-solving
• Skill at managing multiple responsibilities concurrently
• Skill in coaching, mentoring and training employees
• Ability to establish and maintain effective working relationships within the Agency and with other state and national regulators, insurers and industry organizations
• Ability to communicate diplomatically, clearly and effectively in writing and verbally at a variety of levels with agency management and staff, contractors, the NAIC, insurers, industry organizations, actuaries, information technology specialists, attorneys, consumers and other persons
• Ability to analyze situations and information accurately and to adopt appropriate courses of action
• Ability to use computerized word processing, spreadsheet, and database applications
• Familiarity with auditing and workpaper storage software and their uses
• Ability to supervise professional contractors
• Employees who drive on state business are subject to driver’s license record checks, must maintain acceptable driving records and must complete any required driver training (see Arizona Administrative Code R2-10-207.12.)
• Requires possession of and ability to retain a current, valid state-issued driver’s license appropriate to the assignment
• All newly hired State employees are subject to and must successfully complete the Electronic Employment Eligibility Verification Program (E-Verify).

Nice To Haves

• Professional experience may be considered as an alternative to professional designations
• Preferred CFE and/or CPA designations

Responsibilities

• Monitor the progress and quality of the examinations, supervise and provide direction to the contracted examiners, specialists and financial examiners.
• Review and make recommendation for the scope of the financial examinations and approve examination budgets.
• Reviews and approves/denies/modifies (as applicable) contractor billings, reviewing for compliance with contract provisions and approved budget, submit to Administrative Services Division for payment.
• Support the contract renewal, RFP and new contract issuance process.
• Maintain effective communication with examinees, states and with stakeholders throughout the examination process.
• Evaluate draft examination reports/management letter observations and findings.
• Work directly with the insurance companies on finalizing Reports of Financial Examination and then present to the Assistant Director for filing.
• Direct the preparation for and planning of the examinations.
• Determine the staffing needs (financial examiners, 20+ contracted examiners and specialists - IT, actuarial, reinsurance and/or investment specialists) for each examination and engage them.
• On insurance company group financial examinations, determine the level of Arizona's participation and coordinate with the Lead/facilitating state(s).
• Supervises and trains the Examination Supervisor of Specialty Insurers.
• Provides direction to the Supervisor on how to determine the scope of the specialty financial examinations and communicate the scope and procedures to be performed to the financial examiners and conduct the appropriate oversight of the financial examinations they are supervising.
• Supervises and cross trains other Financial Examiners regarding the aspects of the Assistant Chief Financial Examiner duties and functions that do not require considerable amount of judgment and introduce others to the thought processes behind the judgments that need to be made during the preparation for and execution of risk focused examinations.
• Continuously evaluate and implement new methods to improve quality, efficiency and effectiveness of examinations.
• Train new financial examiners on Arizona specific financial examination procedures.
• Support the objective of achieving and maintaining NAIC Accreditation Standards.
• Prepare the financial examination section of the NAIC annual interim accreditation report ("IAR") and present to the Assistant Director to be included in the full IAR submitted to the NAIC.
• Other duties as assigned as related to the position.

Benefits

• Optional employee benefits include short-term disability insurance, deferred compensation plans, and supplemental life insurance
• Life insurance and long-term disability insurance
• Health and dental insurance
• Retirement plan
• Sick leave
• Paid Parental Leave program
• Positions in this classification participate in the Arizona State Retirement System (ASRS)
• Enrollment eligibility will become effective after 27 weeks of employment

What This Job Offers

• Job Type: Full-time
• Career Level: Manager
• Education Level: No Education Listed