Traditional Chief Financial Analyst

Posting number: 191801

Department: Department of Insurance

Job classification: Audits Director

Posting type: Open

Categories: Insurance, Audit

Summary

Mission Statement: 

The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visit Department of Insurance, SC - Official Website | Official Website

Job Purpose:

Under the general supervision of the Deputy Director, the Chief Financial Analyst is responsible for overall staff performance and development and serves as the Department’s main point of contact for analysis and ongoing monitoring of regulated traditional insurance companies and entities. This position oversees company assignments and priority ratings, while ensuring a consistent risk-focused financial analysis process across the unit. This position serves as a reviewer of the work performed by supervising financial analysts, ensures that analysts' work is an appropriate execution of the risk-focused analysis approach, and provides guidance, support, and training to financial analysts.   

Knowledge, Skills, and Abilities:
Strong communication skills (both written and oral) and advanced understanding of insurance operations, risks, risk management techniques, and transaction flows. Advanced understanding of risks that could emerge from non-insurance operations of a group. Ability to aggregate and summarize information from a wide range of available sources. Takes responsibility and is accountable for solvency monitoring of assigned companies. Objective, fair, reasonable, and courteous with the ability to apply good judgment and draw sound conclusions while setting a good example. Ability to research and apply applicable state laws, regulations, procedures, and practices and NAIC statutory and/or GAAP accounting practices. Ability to understand and evaluate the enterprise risk management functions of insurers. Ability to supervise staff analysts and invest in staff development. Ability to review work of others, challenge conclusions reached and provide constructive feedback. Ability to make decisions based on reasonable and timely analysis. Ability to evaluate and challenge information provided by the company.

Job Functions:
 1. Perform primary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst. Perform secondary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Financial Analyst and primary supervisory reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst.  Supervise the quality of the analysis process, including appropriate depth of review, supporting documentation, and resolution of concerns. Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools and reports. Ensure that the analysis performed is customized to promote effectiveness and efficiency in accordance with the insurer's size, risk, and complexity. Supervise the workflow of the analysis process, including but not limited to, compliance with timeliness guidelines set forth in the NAIC Accreditation Program Manual. Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted. Review conclusions and supporting rationale related to an insurer’s priority level and determine if modifications are necessary. Review, challenge, and, where applicable, revise the updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators. Review the analyst's conclusions regarding the insurer's compliance with state laws, regulations, and NAIC standards and guidelines.    

2.  In conjunction with Supervising Financial Analyst(s), determine assignments of insurer and insurance groups and the level of oversight provided to analysts based on risks, complexity, and staff abilities. Coordinate work performe