Supervising 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 dual mission of the DOI is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products and to protect the individual consumer from fraud or unfair business practices. Monitoring the financial solvency of insurers is the task of the Financial Examination and Financial Surveillance units.

The Supervising Financial Analyst (SFA) is responsible for supervising the work performed by the financial analysts and administrative staff in the Financial Surveillance and Company Licensing Unit (FSU). The SFA ensures that all domestic life, property and casualty, and health insurers (including health maintenance organizations [HMOs}) are analyzed in a timely manner, participates in the review of transactions involving insurers and holding company systems, and oversees the review and approval/disapproval of applications from companies seeking to transact insurance business in Massachusetts.

Duties and Responsibilities:

• Supervise the financial analysis process, including but not limited to, appropriate depth of review, adequate supporting documentation, resolution of concerns, and compliance within applicable timeliness guidelines. Monitor and manage the progress of work by financial analysts, including ensuring that the analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer and appropriately incorporates information from company filings, internal sources, external sources, and solvency monitoring tools available through the National Associated of Insurance Commissioners (NAIC).
• Supervise the analysis and examination 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 DOI. Items include, but may not be limited to: (1) company annual financial statement filings, company quarterly financial statement filings, supporting schedules and exhibits, (2) independent audit reports, (3) actuarial opinions and certifications, (4) holding company filings, (5) management discussion & analysis filings, (6) Enterprise Risk Reports, (7) Own Risk and Solvency Assessment (ORSA) Summary Reports, (8) Corporate Governance Annual Disclosures (CGAD), (9) NAIC I-Site Reports, (10) financial analysis calculations (11) risk-based capital (RBC) calculations, (12) reinsurance analysis, (13) SEC filings, and (14) external rating agency reports.
• Participate in the