Chief Captives Analyst

State of South Carolina•Richland County, SC

6h•Hybrid

About The Position

The State of South Carolina Department of Insurance's mission is to protect 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. The Chief Financial Analyst is responsible for overall staff performance and development and serves as the Department's 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 licensure. Responsible for promotion of the captive program in coordination with the Director of Captives. Represents the Department at various captive conferences.

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.
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.

Nice To Haves

C.P.A. (Certified Public Accountant), C.I.A. (Certified Internal Auditor), or C,F.E. (Certified Financial Examiner) designation may be required.
Appropriate coursework in accounting/auditing preferred.
5 years of financial analysis, public accounting, or similar experience with specialization in the insurance industry preferred.
Insurance designation(s) or progress towards their attainment preferred.

Responsibilities

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 insurer's 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 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) in a timely manner to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators.
Review the analyst's conclusions regarding the insurer's compliance with state laws, regulations, and NAIC standards and guidelines.
In 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.
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 regulation.
In 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 professionals required to opine on proposals.
Recommend new captive companies for licensure 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.
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 policies, practices, procedures, and requirements to attract captive companies to the State.
Attend and represent the Department at captive industry conferences.
Update and maintain the Captive's website to ensure its material remains relevant and user-friendly.
Assist the Director of Captives in leading and conducting meetings with prospective companies seeking licensure and raise awareness of SC as a captive domicile.
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 surveillance concepts and advanced analytical skills.
Encourage assigned staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances.
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.
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 Carolina's competitive position as a high-quality domicile for captive insurers.
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 identifying need for supplemental training to be provided to own state.
Identify and encourage participation in external training opportunities (e.g. NAIC, SOFE, etc.)

Benefits

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