DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS

The Department of Insurance and Financial Institutions licenses, monitors, investigates, examines, and ensures the safety and soundness of, regulated entities. The Department also helps resolve consumer complaints against financial-services and insurance entities; takes action in response to violations of law; encourages competition, innovation, and economic development; collects taxes and assessments that support State government operations; combats auto theft and insurance fraud through public awareness campaigns, and funding for law enforcement and dedicated prosecutors.

Our mission is to help Arizonans receive the benefits and protections to which they are legally entitled by enforcing insurance and financial institution laws and by providing information and assistance and to combat vehicle theft.

GUARANTY FUNDS ASSISTANT DIRECTOR

Job Location:

100 North 15th Avenue

Phoenix, Arizona 85007

Posting Details:

Annual Salary Range: $118,000 - $126,500

Grade: E2

This position will remain open until filled  

Job Summary:

The Guaranty Funds Assistant Director is a seasoned professional with expertise in insurance, finance and law and will be responsible for directing, managing, administering and supervising all operations of the Arizona Life and Disability Insurance Guaranty Fund (ALDIGF) and the Arizona Property and Casualty Insurance Guaranty Fund (APCIGF) (together, the Arizona Guaranty Funds).

The Arizona Guaranty Funds act as a safety net for Arizona citizens and businesses that are affected by the insolvency of an insurer. They do so by providing certain protections and benefits, within statutory limitations. Subject to the powers of the Director of Insurance, each of the Arizona Guaranty Funds is administered by a board of directors.

The Executive Director executes the powers and duties of each fund in accordance with the board’s plan of operation.

Job Duties:

• Oversee and Manage all aspects of the Arizona Guaranty Funds. Develop and manage staff and contractors. Ensure the appropriate procurement and management of any necessary contracts via the State of Arizona procurement process

• Develop and monitor the application of policies and procedures to establish sound internal controls over financial management and safeguard the resources held in trust by the Funds. Oversee the documentation of Guaranty Fund payments, receipts, deposits, investments, earnings disposition, and other financial transactions to ensure accuracy and proper execution. Ensure the accurate creation of monthly and annual financial reports and filings

• Represent the Arizona Guaranty Funds with key stakeholders and at industry meetings. Participate on committees within the national organizations for ALDIGF and APCIGF to coordinate best practices and respond to multi-state insolvencies

• Oversee and manage all activities of the ALDIGF and APCIGF Boards of Directors. Plan, coordinate and facilitate board meetings in compliance with Arizona Open Meeting Law. Ensure the accurate creation, approval and preservation of Minutes and Executive Board decisions. Make recommendations regarding appropriate board appointments and reappointments

• Analyze complex coverage issues and new insurance products to determine whether the claims and policies of insolvent insurers are statutorily eligible for coverage by the Arizona Guaranty Funds. Determine how guaranty fund coverage and limits will be applied for each insolvency. Ensure that all claims presented to the Guaranty Fund are adjusted and administered efficiently and accurately

• Carefully evaluate proposed complex transactions to finance and/or ensure the transfer of claims and policies from insolvent carriers. Such transactions often involve multiple insurance companies, insurance regulators and other guaranty funds. Determine appropriate action needed to protect Arizona policyholders and claimants and ensure appropriate participation and response from the Arizona Guaranty Funds

• Develop and implement policies, procedures and formulas to properly calculate and call assessments of member insurers. Responsible for the accurate pursuit, collection and documentation of assessment payments received. Ensure the issuance of appropriate Certificates of Contribution to assessment payers

• Other duties as assigned as related to