Associate Commissioner Of Financial Regulation

State of Maryland • Baltimore City, MD

1d • Hybrid

About The Position

The Maryland Insurance Administration (MIA) is an independent State agency that regulates Maryland’s $49 billion insurance industry and protects consumers by monitoring and enforcing insurers’ and insurance professionals’ compliance with State law. Staff members are subject matter experts who serve as a resource for lawmakers, consumers, and other public and private entities. The MIA is charged with a broad range of responsibilities including the licensure of insurance carriers and insurance producers (brokers/agents) operating in Maryland, the conduct of financial examinations of companies to monitor financial solvency, and the review and approval of rates and contract forms. The MIA investigates reports of consumer fraud and consumer complaints about life, health, automobile, homeowners, and/or property insurance. Insurance carriers are subject to market conduct examinations and other actions to monitor compliance with Maryland law. The MIA also has a unit dedicated to consumer education and outreach, which participates in hundreds of events and reaches thousands of individual consumers annually. This is a Management Service position that serves at the pleasure of the Appointing Authority. The Maryland Insurance Administration is recruiting to fill the position of Associate Commissioner of Financial Regulation. This position reports directly to the Maryland Insurance Commissioner, and is the MIA’s senior staff authority on all issues pertinent to the licensing and financial oversight of insurance companies in the state, including monitoring and regulating the financial condition of all proposed and authorized insurers and other regulated entities. Areas of responsibility include oversight of financial examinations of domestic insurers; analysis of financial statements, proposed transactions, independent auditor reports, actuarial reports, business plans and risks, and operations and systems to monitor solvency; determine compliance with State law and recommend appropriate action; and audits of premium tax returns for companies licensed to conduct insurance business in Maryland. Responsibilities may also involve supervising troubled, potentially troubled or dissolving insurance entities, including companies operating under a court ordered receivership. The position requires extensive knowledge and application of the theories and practices of Generally Accepted Accounting Principles (GAAP), Statements of Statutory Accounting Principles (SSAP), Statements on Auditing Standards (SAS), and related information technology. This position requires business knowledge and expertise of insurance regulation both nationally and internationally. In addition to advising the Insurance Commissioner on financial and economic issues that include corporate governance, risk management, market stability and health competition, this position works closely with appointed committees of the National Association of Insurance Commissioners (NAIC) to improve and strengthen insurance regulatory examinations and oversight reviewing key solvency areas, capital requirements, international accounting, insurance valuation reinsurance and group regulatory issues.

Requirements

• Possession of a Bachelor's Degree from an accredited four-year college or university with a major in accounting, business, finance, economics or related field, with evidence of a Certified Financial Examiner (CFE) or Certified Public Accountant (CPA).
• At least 10 years of experience with a state insurance department, public accounting firm, or similar entity, or an insurance company in a financial or audit-related area of which five years was in a manager/supervisory capacity.
• Knowledge of Maryland insurance laws and regulations.
• Excellent written and verbal communication and organizational skills.

Nice To Haves

• Prior experience as senior-level manager of a financial institution or insurance regulatory agency.
• Expertise in corporate financial analysis and substantial experience managing company examiners.
• Public policy experience, drafting economic regulatory legislation.
• Experience as an insurance company financial examiner or knowledge of insurance law or insurance industry financial regulation is a plus.

Responsibilities

• Manage staff and direct the financial analyses and examinations of regulated entities to ensure that financial solvency risk areas, potential troubled companies, and other significant issues are identified and handled as early as possible.
• Manage, direct and control the admissions of new insurance companies into the State to ensure that financially capable companies are authorized to do business in the State.
• Serve as a member of the Insurance Commissioner’s senior staff and provide advice in matters relating to financial solvency and compliance with regulation and laws as appropriate. Work to coordinate regulatory efforts between the various areas of the Maryland Insurance Administration.
• Provide oversight of the audits of annual premium tax returns submitted by companies licensed to conduct business in Maryland.
• Represent the Administration and the Insurance Commissioner or serve as a member on NAIC committees and/or working groups.
• Represent the Administration and Insurance Commissioner and provide testimony at legislative hearings.
• Assist in the rehabilitation, conservation or liquidation of financially troubled and insolvent companies and make recommendations to the Commissioner for regulatory actions.

Benefits

• Our comprehensive benefits package includes a generous leave package; medical, prescription, dental and vision coverage; healthcare and dependent daycare flexible spending accounts; a defined benefit pension plan with optional 457 and 401k supplemental retirement plans; flexible work schedules; and service that may qualify the successful candidate for the Federal Public Service Loan Forgiveness Program.
• STATE OF MARYLAND BENEFITS

What This Job Offers

• Job Type: Full-time
• Career Level: Manager