Senior Financial Analyst - Insurance Company Examiner II

Insurance • Wake County, NC

2d • Hybrid

About The Position

The North Carolina Department of Insurance (NCDOI) is seeking an Insurance Company Examiner II for the Financial Analysis Division. This division is responsible for the continuous monitoring of insurers authorized to do business in North Carolina through financial analysis, taking appropriate action to protect consumers when issues are identified. This position will conduct financial reviews of insurance companies to ensure compliance with state laws, regulations, procedures, and statutory accounting practices. The role involves interacting with individuals at all levels within insurance companies and the Department. Work is guided by state laws, departmental policies, and guidance from the National Association of Insurance Commissioners. This position has technical supervision of two employees, coordinating their work, directing and training staff, conducting second-level reviews, evaluating staff recommendations, and reporting monthly activities. The position will render opinions on the financial health of assigned companies, recommend corrective actions, and evaluate company proposals such as changes of control, mergers, re-domestications, business plans, reinsurance transactions, and other material operational changes requiring Commissioner approval. Duties include supervising and conducting financial analysis to monitor the operations and financial condition of proposed and authorized regulated entities for compliance with solvency laws. Work involves independently analyzing and conducting supervisory reviews of financial statements, mergers, acquisitions, independent auditor reports, actuarial reports, business plans, operations, and other proposed transactions. The employee interacts with Department management and all levels of staff of regulated entities, documenting findings and making recommendations based on guidelines and state law.

Requirements

• Bachelor's degree from an appropriately accredited college or university, with the appropriate courses in accounting as defined in 21 NCAC 8A.0309 and other courses required to qualify as a candidate for the uniform certified public accountant examination, based on the examination requirements in effect at the time of graduation and two years of experience in auditing insurance company operations or closely related accounting or auditing work; or an equivalent combination of training and experience.
• Demonstrated experience conducting and/or supervising financial analysis and financial risk assessment, financial statement audits, financial statement preparation, or closely related accounting work, including the ability to identify areas of concern and document facts, findings, conclusions and recommendations.
• Considerable knowledge of the insurance industry; generally accepted accounting principles; statutory accounting principles; financial analysis procedures and guidelines; and State laws and regulations.
• Ability to apply knowledge independently, as well as to provide guidance and direction to others, serving as a technical resource.
• Ability to manage time effectively, ensuring projects are completed in a timely manner, and effectively oversee work performed by others.
• Excellent decision-making skills, including the ability to be decisive in formulating and executing those skills.
• Excellent communication skills, both verbal and written.

Responsibilities

• Conduct financial reviews of insurance companies domiciled and/or licensed in the State of North Carolina.
• Determine if insurers are maintaining compliance with applicable laws, regulations, procedures, and statutory accounting practices.
• Coordinate the work of other analysts, including directing and training staff.
• Conduct second level reviews of analyses.
• Evaluate courses of action recommended by staff.
• Report on current activities each month.
• Render an opinion on the financial health of each assigned company.
• Recommend any appropriate corrective actions.
• Evaluate company proposals such as changes of control, mergers, re-domestications, business plans, reinsurance transactions, and other material changes in operations.
• Supervise and conduct financial analysis work to monitor the operations and financial condition of proposed and authorized regulated entities for compliance with the solvency laws of North Carolina.
• Independently analyze and conduct supervisory reviews of financial statements, mergers, acquisitions, independent auditor reports, actuarial reports, business plans, operations, and other proposed transactions.
• Document findings and make recommendations on necessary and appropriate actions based on pre-established guidelines and State law.

Benefits

• 12 Annual paid Holidays
• North Carolina State Health Plan administered by AETNA
• Supplemental Benefits including: Flexible Spending Accounts, Accident Insurance, Cancer & Specified Disease, Critical Illness, Dental and Vision
• NC State Retirement (TSERS)
• WeSave Employee Discounts

What This Job Offers

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