FINANCIAL EXAMINER/ANALYST II - 43000340

State of Florida•TALLAHASSEE, FL

9d•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. As a State Agency, OIR offers excellent benefits, including health, dental, and vision insurance; retirement plans; flexible spending accounts; health savings accounts; and more. OIR also offers annual and sick leave, a generous holiday schedule, and flexible work schedules. Click the links below to see the many benefits and retirement options you have as a State of Florida employee: https://www.mybenefits.myflorida.com/ https://www.myfrs.com/ContactUs.htm 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 judgement 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:

Requirements

Strong communication 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.
A Bachelor’s degree or higher from an accredited college or university with a major in accounting, finance business, risk management and insurance or actuarial science.
Experience in insurance regulation, financial analysis, public accounting, or similar experience with specialization in the insurance industry.
Applicants will be required to complete an exam or work sample to evaluate their insurance knowledge and skills in reading, comprehension, and application of the Florida Statutes.

Nice To Haves

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.)

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 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.