Director, Statutory Accounting

BCS Financial Corporation • Oakbrook Terrace, IL

3d

About The Position

The Director of Statutory Reporting, Taxes & Assessments is responsible for preparing the statutory financial statements including balance sheet and income statement schedules, other supporting and supplemental exhibits, and adherence to all state assessments and other regulatory filings. This includes the preparation of Schedule P and Schedule S for the Insurance Company. This position should be able to review balance sheet and income statements on a quarterly basis to ensure company adheres to SAP accounting regulations.

Additionally, this position is responsible for managing the premium tax, state filings, and assessment team. Responsibilities include the review of all estimated and premium tax returns, state assessments and required filings, reviewing and approving the guaranteed fund reporting as well as review, approval and recording of all accruals the premium tax & state filings team generates.

The position will lead the overview of statutory changes including evaluation of the impact on the broad group. The Director, Statutory Reporting, Taxes & Assessments, will develop detailed requirements that enable us to seamlessly prepare new reporting and disclosures as well as update changes to existing schedules. Serve as the point person to evaluate new transactions and their financial classification.

The Director is required to maintain account reconciliations, accruals, ensure that supporting schedules are well managed, when necessary updated for changes, and reviewed to prepare regulatory and state tax compliance reporting. Work with auditors, regulators, and actuaries to provide information that supports their review, analysis, and supplemental disclosure.

This position will manage a staff of 4 or 5. Consisting of two teams, 1. Statutory reporting, and 2. Premium Taxes and State Assessments & Filings.

This position will report to the Vice President, Corporate Controller.

Requirements

• Bachelor’s Degree in Accounting/Finance required
• 4-6 years’ experience working in statutory insurance accounting required
• Exceptional prioritization and time management ability with a sense of urgency to deal with the pressures of meeting regulatory deadlines required

Nice To Haves

• CPA preferred
• Expertise with insurance accounting (A&H, Life and Property & Casualty)preferred
• Developed understanding of insurance company concepts preferred
• Extensive knowledge and understanding of SSAP’s and the ability to evaluate their applicability preferred
• Experience with annual statement software (SOVOS, formerly eFreedom), and G/L system (Oracle) preferred
• Premium tax return experience preferred
• Management of staff members preferred

Responsibilities

• Statutory Filings- Prepares quarterly and annual statutory financial statements (Yellow and blue books) for the insurance companies. Responsible for filing data and statements with regulatory agencies including NAIC. Drafts Footnote disclosures and provides well organized work papers to facilitate review of quarterly schedules. Attends annual training and develops user requirements related to update Statutory Accounting disclosures and reports.
• Compliance- Manage regulatory reviews including maintaining records that support financial activity. Monitors changes to statutory reporting requirements and ensures compliance with accounting policy. Responsible for the preparation of General Interrogatories and Notes to the Financial Statements.
• Internal/External Audit- Reconcile Premium, Claim, Cash Clearing and Prepaid Balance Sheet accounts. Skilled in working with Sovos, formerly eFreedom, software and maintaining access as well as running cross checks and validations of quarterly and annual statements. Work with Oracle Fusion and SmartView tools to ensure data accuracy and completeness. Assist external auditors in reviewing financial activity and preparing audit exhibits and statements.
• Supplemental Filings- Support the preparation of annual statement supplement filings including SHCE, MLR, RBC, A&H Policy Exhibit and NY Supplement. Complete Supplemental filings and prepare draft of MDA’s for review by management. Review Investment schedule D’s to ensure roll forwards and continuity of balances to face financials are reasonable.
• Reporting and Analysis- Complete RBC calculations for the regulated entities and provide explanations of the year-over-year changes. Identify future trends and model potential transactions and their impact on RBC levels. Coordinate and accumulate financial analytics including explanations for review. Prepare and track operational timeline and actions items while managing a team close schedule.
• State Tax and Filing Compliance– Review and support the preparation of quarterly estimated premium tax filings and the annual premium tax returns. Review and support the various state assessment and data collection filings. As well as review and approve the recording of accruals within the general ledger associated with these filings.

What This Job Offers

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