Insurance Examiner II - Financial Analyst

About the Organization:

The Division of Insurance ("DOI"), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division’s work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.

The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming. 

The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens. 

About the Role:

The basic purpose of this position is to serve as an insurance licensing analyst within the Division of Insurance. The work associated with this position shall include, but not be limited to, the licensing activities relating to entities wishing to serve as Pharmacy Benefit Managers (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024) within the Commonwealth.

In addition to the licensing of PBMs, the financial analyst assists the Financial Surveillance and Company Licensing Section in collecting data, performing research, analyzing information, and preparing evaluations relative to the financial solvency structure of the insurance industry, insurance companies, and organizations bearing insurance risk doing business in the Commonwealth of Massachusetts and applying to do business in the Commonwealth of Massachusetts - including compliance with Massachusetts laws, regulations and regulatory bulletins, financial licensing standards and compliance with analysis timelines. The financial analyst provides administrative support to the Financial Surveillance and Company Licensing Section.

Duties and Responsibilities:

• In accordance with (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024), the Insurance Examiner II will accept, and review license applications submitted to the Division by PBMs wishing to offer their services within the Commonwealth. The review will include, but not be limited to, evaluating the applications for completeness, accuracy, and reasonableness.   

• Assist in the examination and analysis of financial reports and documentation submitted by insurance companies and organizations bearing insurance risk, as well as any other organizations required to make financial filings with the Division of Insurance.  Items to be analyzed include, but may not be limited to: (1) company annual financial statements, quarterly financial statements, supporting schedules and exhibits; (2) independent audit reports; (3) actuarial opinions and certifications; (4) holding company filings; (5) management discussion & analysis; (6) NAIC I-Site reports and analysis; (7) financial analysis computations; (8) risk based capital calculation; (9) reinsurance analysis; (10) SEC filings; and (11) external rating agency reports.

• Review and analyze applications submitted to the Division and prepare reports based on findings outlining recomm