Financial Analyst 1 - Captive

Arizona Department of Administration•Phoenix, AZ

About The Position

The Financial Analyst 1 - Captive obtains, reviews, analyzes, and audits annual and quarterly records, reports, financial statements, and supplemental regulatory filings for captive insurers and captive risk retention groups (RRGs). Materials include audited financial records, actuarial opinions, management discussions and analyses, holding company filings, and enterprise risk reports. The position monitors filing timeliness and business plan changes, such as loan requests and dividends. The analyst prepares and updates Insurer Profile Summaries and/or Group Profile Summaries, identifies significant risks, and helps ensure monitoring plans are carried out and communicated. The role applies applicable statutes, rules, NAIC guidance, accounting practices, and financial analysis methods to evaluate insurer solvency and compliance. It also reviews information from NAIC tools and other relevant sources, documents analysis and risk assessments, and prepares reports on findings and recommended changes.

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 non-insurance operations of an insurance group.
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 be accountable for solvency monitoring of Arizona domestic insurers.
Ability to be objective, fair, reasonable, and courteous.
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.
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 required driver training.

Nice To Haves

Relevant designations that may enhance the candidate's profile, such as AFE, CFE, CPA, PIR, or ACI, or certificate programs such as a Certificate in Risk Management and Insurance.
Bachelor's degree in accounting, finance, or economics; a bachelor's degree in Risk Management and Insurance may also be considered.
Demonstrable equivalent experience in the insurance sector will also be considered.

Responsibilities

Collect and analyze annual and quarterly insurer financial statements and related regulatory filings in accordance with the NAIC Financial Analysis Handbook.
Assess financial and regulatory information to detect deficient controls or non-compliance with laws, regulations, and management policies.
Ensure compliance with applicable statutes, rules, and the NAIC Accounting Practices and Procedures Manual.
Prepare detailed reports on audit findings and communicate 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 using completed analysis and provide supporting rationale.
Prepare and update Insurer Profile Summaries and/or Group Profile Summaries.
Obtain, review, and analyze information from NAIC FAST tools, including IRIS ratios, the Scoring System, and Financial Profile.
Review other information relevant to insurers' and groups' current and prospective financial solvency, including public news, rating agency reports, SEC filings, earnings calls, and releases.
Apply comparable financial ratios and other metrics, including internally developed measures, when NAIC tools are unavailable.
Organize and maintain analysis files in a logical and efficient manner.
Perform other duties related to the position as assigned.