FINANCIAL ANALYST 1 - CAPTIVE

Arizona Department of Administration • Phoenix, AZ

3d • $25 - $28 • Onsite

About The Position

The Financial Analyst 1 - Captive obtains, reviews, analyzes, and audits annual and quarterly records, reports, financial statements, and related regulatory filings for captive insurers and captive risk retention group (RRG) insurers. Materials reviewed may include audited financial records, actuarial opinions, management discussions and analyses, holding company filings, and enterprise risk reports.

The position prepares and updates Insurer Profile Summaries and/or Group Profile Summaries, monitors filing timeliness and business plan changes, and assesses insurer risks and solvency. The role also reviews financial analysis tools and information from regulatory and public sources, documents findings and risk assessments, and communicates conclusions and recommendations.

Requirements

• Knowledge of 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 may arise from an insurance group’s non-insurance operations.
• Knowledge of Microsoft Word, Excel, or similar software.
• Knowledge of accounting and auditing methods and systems.
• Knowledge of general auditing standards and procedures.
• Ability to accurately analyze and interpret data.
• Strong written and verbal communication skills.
• Strong analytical skills.
• Ability to research and learn applicable new regulations, guidance, procedures, and practices.
• Ability to exercise good judgment, draw sound conclusions, and set a good example.
• Ability to multitask, manage multiple projects, and manage time effectively.
• Ability to adapt to changing expectations and environments.
• Ability to compose clear and concise audit reports.
• Possession of and ability to retain a current, valid state-issued driver’s license appropriate to the assignment.
• Employees who drive on state business must maintain an acceptable driving record and complete any required driver training.
• A bachelor’s degree in accounting, finance, or economics is preferred in the posting’s selective preferences; a bachelor’s degree in Risk Management and Insurance may also be considered.
• Demonstrable equivalent experience in the insurance sector may be considered.

Nice To Haves

• Relevant designations such as AFE, CFE, CPA, PIR, or ACI.
• Certificate programs such as a Certificate in Risk Management and Insurance.
• Bachelor’s degree in accounting, finance, or economics.
• Bachelor’s degree in Risk Management and Insurance.

Responsibilities

• Collect and analyze annual and quarterly insurer financial statements and supplemental regulatory filings in accordance with the NAIC Financial Analysis Handbook.
• Detect deficient controls or non-compliance with laws, regulations, management policies, applicable statutes, rules, and the NAIC Accounting Practices and Procedures Manual.
• Prepare detailed reports on audit findings and report results and recommended operational or financial changes to management.
• Summarize and document analysis results and risk assessments based on reviewed information and communications with insurers and other regulators.
• Determine insurer priority levels and document supporting rationale.
• Prepare and update Insurer Profile Summaries and/or Group Profile Summaries in a timely manner.
• Obtain, review, and analyze information from NAIC FAST tools, including IRIS ratios, the Scoring System, and Financial Profile.
• Review information from other relevant sources, including public news reports, rating agency reports, SEC filings, earnings calls, and releases, to assess insurers’ and groups’ current and prospective financial solvency.
• Apply comparable financial ratios and metrics, including internally developed metrics, when NAIC tools are unavailable.
• Monitor captive insurers and captive RRGs for timely required filings and review business plan changes such as loan requests and dividends.
• Organize and maintain analysis files in a logical and efficient manner.
• Perform other duties as assigned related to the position.

Benefits

• Optional short-term disability insurance, deferred compensation plans, and supplemental life insurance.
• Life insurance and long-term disability insurance.
• Vacation and 10 paid holidays per year.
• Health and dental insurance.
• Retirement plan through the Arizona State Retirement System (ASRS); enrollment eligibility becomes effective after 27 weeks of employment.
• Sick leave.
• The posting references a Paid Parental Leave pilot program.

What This Job Offers

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