Senior Financial Analyst - Insurance Company Examiner II

Agency

Dept of Insurance

Division

Company Services Group

Job Classification Title

Insurance Company Examiner II (NS)

Position Number

60013359

Grade

NC17

About Us

The mission of the North Carolina Department of Insurance is to promote a stable insurance market through unbiased regulation and to protect the lives and property of every citizen in all 100 counties while fostering superior, user-friendly service, courtesy, and respect. Our agency licenses insurance agents, adjusters, bail bondsmen and more, along with investigating fraud matters involving insurance consumers and any entity or individual regulated by the Department. In an ever-changing environment, it is the vision of the Department of Insurance to maintain the stabilization of the insurance industry in order to provide more products, competitive prices and consumer protection.

Description of Work

Insurance Company Examiner - 60013359
Salary Recruitment Range: $60,881 – $83,000
Salary Grade: NC 17

The posting will close at 11:59 p.m. the night before the closing date.

This position currently qualifies for a hybrid telework option with routine office and up to one remote workday per week. The NC Department of Insurance trusts our employees to be self-motivated and successful in hybrid/remote roles. Telework options are subject to change at the discretion of management.

This is a key position working in the Financial Analysis Division. The Financial Analysis Division is primarily responsible for the continuous monitoring, through financial analysis, of all insurers authorized to transact business in North Carolina. Upon the identification of issues, the Division is responsible for taking timely and appropriate action to protect the interests of North Carolina insurance consumers.

The primary purpose of this position is to conduct financial reviews of insurance companies domiciled and/or licensed in the State of North Carolina. The position will determine if insurers are maintaining compliance with applicable laws, regulations, procedures, and statutory accounting practices required by this State. The position will have the opportunity to interact with people at all levels within the insurance companies as well as within this Department. The work is guided by State laws and regulations, Departmental policies and procedures, and guidance provided by the National Association of Insurance Commissioners.

The position has technical supervision of two employees. The position will be responsible for coordinating the work of other analysts, including directing and training staff, conducting second level reviews of analyses, evaluating courses of action recommended by staff, and reporting on current activities each month. This position also renders an opinion on the financial health of each assigned company; recommends any appropriate corrective actions; and evaluates company proposals such as changes of control, mergers, re-domestications, business plans, reinsurance transactions, and other material changes in operations, which require the approval of the Commissioner.

Duties include the supervising and conducting financial analysis work in order to monitor the operations and financial condition of proposed and authorized regulated entities for compliance with the solvency laws of North Carolina. 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. Employee interacts with Department management and all levels of staff of regulated entities. The position documents findings and makes recommendations on necessary and appropriate actions based on pre-established guidelines and State law.

Knowledge Skills and Abilities/Management Preferences

• 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, and excel