FINANCIAL EXAMINER/ANALYST II - 43001267

State of Florida•TALLAHASSEE, FL

2d•Onsite

About The Position

The Florida Office of Insurance Regulation (OIR) strives to promote a stable and competitive insurance market for consumers. With a workforce of approximately 250 staff members, OIR regulates one of the largest, most complex insurance markets in the world. OIR offers a range of challenging and rewarding opportunities for individuals looking to grow in their careers, as well as a wide variety of top insurance–related courses and professional certifications to ensure that its staff have the industry knowledge needed to succeed. OIR employees also have access to the State of Florida’s tuition waiver program, which offers educational assistance to full-time, salaried employees. This position is a part of OIR’s Analysis Unit which analyzes the financial solvency of each authorized insurer, pursuant to the requirement set forth in the Florida Insurance Code. The primary duties, responsibilities, and educational requirements are taken from the National Association of Insurance Commissioner’s Financial Analysis Handbook, which the Office has adopted by Rule. This position requires extensive training and education and requires the employee to exercise discretion and judgment in determining the appropriate action based on the financial condition and prospective solvency of the insurance company being analyzed. This position will primarily handle the small to mid-sized holding company groups and less-complex single state companies. The primary duties of the position are: Perform an in-depth financial and operational analysis of insurance companies with special emphasis on Florida Domestic companies assigned. Analyze all schedules and exhibits of annual and quarterly statements and evaluate reinsurance aspects in accordance with Financial Service Commission and NAIC accreditation standards. Perform analysis and appropriately incorporate information from company filings, internal sources, external sources, and NAIC tools. Perform analysis customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. Evaluate and recommend solutions or courses of action to management for assigned companies that are determined to be non-compliant with financial requirements defined in Florida Statutes. Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted Organize, prepare, and write reports based on financial analysis and interpretation of data. Analyze management and control of companies. Analyze contracts to determine compliance with applicable laws and rules and provide management with summarized findings. Analyze and report on insurers plans of operations. Monitor company compliance with Risk Based Capital and Material Transactions Reporting requirements and initiate action in non-compliance situations. Create and update Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks are identified and ongoing monitoring are effectively shared with other regulators. Develop conclusions regarding insurer compliance with state laws, rules, regulations, NAIC, and Office standards and guidelines. Monitor and evaluate NAIC Models which impact Solvency Regulation. Compiles evidence to be used in judicial or administrative proceedings and testifies when required. Prioritize and manage workload in accordance with OIR Performance Expectation standards. Determine the level of oversight of assigned companies based on risks and complexity. Lead administrative or Business Unit projects deemed necessary by the Commissioner, Chief, or Financial Administrator. Process assigned public record requests related to assigned Companies. Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests. Analyze, research, or perform research on complex issues including State law, State regulations, accounting standards, etc. Participate in training courses to develop new, and improve upon existing, skills to improve execution and effectiveness of the financial analysis process. 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 financial analysis process regulatory. Maintain relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, APIR, PIR, CPCU, FLMI, etc.) Coordinate and conduct staff training by means of oral, hand-out, and/or PowerPoint presentations. Represent the Department at public functions if directed to do so. Perform other related duties as required. Develop Industry Knowledge and Skills.

Requirements

Strong communications skills (both written and oral)
Understanding of insurance operations, risks, risk management techniques, and transaction flows
Understanding of risks that could emerge from non-insurance operations of a group
Analytical skills with the ability to pull together current financial information and update with submitted projections and other available narrative reports (i.e., business plan, Form F, MD&A, ORSA, etc.)
Ability to research and apply the applicable state laws, insurance departments’ regulations, procedures and practices, GAAP and the NAIC statutory accounting practices
Ability to understand and evaluate the enterprise risk management functions of insurers
Ability to make decisions based on reasonable and timely analysis
Ability to evaluate and challenge information provided by company
Ability to multi-task, manage multiple projects, and effectively manage time
Ability to adapt to changing expectations and environments
Proficient with MS Word, Excel, and other related tools
Proficient in use of electronic work paper documentation tools
Bachelor's degree or higher from an accredited college or university with a major in accounting, finance, business management, risk management and insurance or actuarial science.

Nice To Haves

Experience in insurance regulation, financial analysis, public accounting, or similar experience with specialization in the insurance industry.
Relevant designations may enhance a candidate’s profile (AFE, CFE, CPA, CPCU, FLMI, APIR, PIR, etc.)

Responsibilities

Perform an in-depth financial and operational analysis of insurance companies with special emphasis on Florida Domestic companies assigned.
Analyze all schedules and exhibits of annual and quarterly statements and evaluate reinsurance aspects in accordance with Financial Service Commission and NAIC accreditation standards.
Perform analysis and appropriately incorporate information from company filings, internal sources, external sources, and NAIC tools.
Perform analysis customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer.
Evaluate and recommend solutions or courses of action to management for assigned companies that are determined to be non-compliant with financial requirements defined in Florida Statutes.
Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted
Organize, prepare, and write reports based on financial analysis and interpretation of data.
Analyze management and control of companies.
Analyze contracts to determine compliance with applicable laws and rules and provide management with summarized findings.
Analyze and report on insurers plans of operations.
Monitor company compliance with Risk Based Capital and Material Transactions Reporting requirements and initiate action in non-compliance situations.
Create and update Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks are identified and ongoing monitoring are effectively shared with other regulators.
Develop conclusions regarding insurer compliance with state laws, rules, regulations, NAIC, and Office standards and guidelines.
Monitor and evaluate NAIC Models which impact Solvency Regulation. Compiles evidence to be used in judicial or administrative proceedings and testifies when required.
Prioritize and manage workload in accordance with OIR Performance Expectation standards.
Determine the level of oversight of assigned companies based on risks and complexity.
Lead administrative or Business Unit projects deemed necessary by the Commissioner, Chief, or Financial Administrator.
Process assigned public record requests related to assigned Companies.
Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests.
Analyze, research, or perform research on complex issues including State law, State regulations, accounting standards, etc.
Participate in training courses to develop new, and improve upon existing, skills to improve execution and effectiveness of the financial analysis process.
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 financial analysis process regulatory.
Maintain relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, APIR, PIR, CPCU, FLMI, etc.)
Coordinate and conduct staff training by means of oral, hand-out, and/or PowerPoint presentations.
Represent the Department at public functions if directed to do so.
Perform other related duties as required.
Develop Industry Knowledge and Skills.