INSURANCE EXAMINER II
About The Position
The Insurance Examiner II evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner II plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions. The Insurance Examiner II investigates and examines activities of institutions to enforce laws and regulations and ensure legality of transactions and operations or financial solvency. Reviews and analyze new, proposed, or revised laws, regulations, policies, and procedures in order to secure correct interpretation and intent of language and subsequent impact on examination processes. Examine the minutes of meetings of various business entities in order to investigate specific authority extended at various levels of management. Prepares reports, exhibits, and other supporting schedules detailing an institution's safety and soundness, compliance with laws and regulations, and recommends solutions to questionable financial conditions. Reviews balance sheets, operating income, expense accounts, and loan documentation to confirm institutional assets and liabilities. Reviews audit reports of internal and external auditors to monitor the adequacy of scope of reports or to discover specific weaknesses in internal routine.
Requirements
- A bachelor’s degree in accounting, finance, business administration, economics, or a related field.
- Minimum of 6 years of experience in accounting, auditing, or financial analysis, such as reviewing financial records or analyzing budgets.
- Specialized experience in insurance operations, regulatory compliance, or financial examinations.
- Strong analytical and problem-solving skills.
- Knowledge of insurance laws, regulations, and financial principles.
- Excellent communication and report-writing skills for presenting findings and recommendations.
- Attention to detail and the ability to interpret complex financial data.
- Proficiency in software tools for financial analysis and reporting.
- Willingness to travel for on-site examinations.
Nice To Haves
- Experience of financial analysis work in insurance department, insurance companies or CPA firms.
- Professional certifications such as Certified Public Accountant (CPA), Accredited Insurance Examiner (AIE), or Certified Financial Examiner (CFE) may substitute for some experience requirements.
Responsibilities
- Perform on-site and off-site examinations of insurance companies to assess their financial condition and regulatory compliance.
- Analyze financial statements, reserves, claims practices, and underwriting procedures to identify abnormalities, irregularities, or risks.
- Review company operations to ensure adherence to legal and regulatory requirements.
- Evaluate the adequacy of reserves and reinsurance programs to protect policyholder interests.
- Prepare comprehensive examination reports, summarizing findings and recommendations for corrective actions.
- Collaborate with insurance company managerial personnel to address identified issues and monitor progress on corrective measures.
- Stay informed about changes in insurance laws, regulations, and industry trends.
- Participate in training programs to stay updated on examination best practices and methodologies.
- Examining assets, liabilities, income, and expense items contained in insurance entities financial statements.
- Insurance Examiner II performs highly complex financial reviews and surveillance techniques on the approximately 77 Arkansas domiciled (domestic) and 1635 non-domiciled (foreign) insurance entities that conduct business in the state of Arkansas.
- Reviews audit reports of internal and external auditors to monitor the adequacy of scope of reports or to discover specific weaknesses in internal routines.
- Reviewing company business practices for compliance with laws, regulations and bulletins.
- Examine the minutes of meetings of various business entities in order to investigate specific authority extended at various levels of management.
- Communicates with officers of insurance entities concerning company operations and questions/issues raised during the examination process.
- Make recommendations to Examiners-in-Charge regarding follow-up needed to address outstanding issues.
- Interacts with other divisions within the Arkansas Insurance Department ("Department")in obtaining information to assist in the evaluation of insurance entities.
- Completes examination procedures and objectives in accordance with the NAIC Financial Condition Examiners Handbook.
- Prepares reports, exhibits, and other supporting schedules detailing an institution's safety and soundness, compliance with laws and regulations, and recommends solutions to questionable financial conditions.
- Assists in the drafting and revision of procedures for the finance division so that accreditation goals can be met.
- Travels to companies to conduct on-site examinations.
- Performs other duties and special projects as required or assigned which are reasonably within the scope as the duties enumerated above.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
