Senior Financial Analyst I

State of Maryland • Baltimore City, MD

10d • Hybrid

About The Position

The Maryland Insurance Administration (MIA) is an independent State agency that regulates Maryland’s $49 billion insurance industry and protects consumers by monitoring and enforcing insurers’ and insurance professionals’ compliance with State law. Staff members are subject matter experts who serve as a resource for lawmakers, consumers, and other public and private entities. The MIA is charged with a broad range of responsibilities including the licensure of insurance carriers and insurance producers (brokers/agents) operating in Maryland, the conduct of financial examinations of companies to monitor financial solvency, and the review and approval of rates and contract forms. The MIA investigates reports of consumer fraud and consumer complaints about life, health, automobile, homeowners, and/or property insurance. Insurance carriers are subject to market conduct examinations and other actions to monitor compliance with Maryland law. The MIA also has a unit dedicated to consumer education and outreach, which participates in hundreds of events and reaches thousands of individual consumers annually. This is a Management Service position that serves at the pleasure of the Appointing Authority.

Requirements

• Bachelors’ degree from an accredited college or university.
• Three years of experience with a state insurance department, a public accounting firm or similar audit entity, or another entity in a financial or audit-related area is required.
• Active Certified Public Accountant (CPA), Accredited Financial Examiner (AFE), or Certified Financial Examiner (CFE) designation required.

Responsibilities

• Represents the lead level of work monitoring domestic and foreign insurance companies that transact business in Maryland for solvency and for compliance with applicable laws, regulations, and other regulatory requirements to protect Maryland citizens.
• Performs in-depth analyses of insurers’ annual and quarterly statements, and other filings, to identify and assess the insurer’s exposure to the branded risk classifications.
• Investigates and assesses significant unusual items, fluctuations or other issues found and significant prospective risks with the potential to affect the solvency of the insurer.
• Researches related topics/issues, documents significant findings, writes an overall summary, prepares draft correspondence, and concludes on the financial condition and statutory compliance of the insurers.
• Performs in-depth reviews of the work products of assigned Financial Analysts.
• Prepares review notes related to those reviews.
• Ensures that areas of concern are properly addressed.

Benefits

• A generous leave package
• Medical, prescription, dental and vision coverage
• Healthcare and dependent daycare flexible spending accounts
• A defined benefit pension plan with optional 457 and 401k supplemental retirement plans
• Flexible work schedules
• Service that may qualify the successful candidate for the Federal Public Service Loan Forgiveness Program

What This Job Offers

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