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 FUND CONTROLLER

*Typically one day in office; other days based on business needs*

Job Location:

100 North 15th Avenue

Phoenix, Arizona 85007

Posting Details:

Annual Salary Range: $55,000 - $60,500

Grade: 20

This position will remain open until filled  

Job Summary:

Arizona Life and Disability Insurance Guaranty Fund and the Arizona Property and Casualty Insurance Guaranty Fund (collectively "the Guaranty Funds") are established in Arizona law to provide protection to insurance policyholders of an insurance company that becomes financially insolvent by stepping in the shoes of insolvent insurers and paying their policyholder claims up to statute-prescribed limitations.

Each Fund is administered by a board established within the Department of Insurance. The Funds have complex fiscal and business-management functions imposed by law.

This position ensures adequate separation of responsibilities required for sound internal accounting and operating controls, and to allow the assistant director to coordinate multi-state guaranty fund activities.

The incumbent is expected to maintain strong confidentiality with the financial conditions of Insurance companies conducting business in Arizona.

Job Duties:

• Monitor bank account balances and activity, and prepare recommendations to the Executive Director; execute executive-director-authorized cash management transactions; review, monitor and control expenditures and revenues to assure that disbursements do not exceed funds available and that receipts are accounted for in accordance with applicable laws and policies; approve guaranty fund expenditures to be executed by the assistant director and the Board; maintain accounting transaction files

• Provide monthly and year-end reports for the assistant director, the Boards and others, detailing investment and cash balances, earnings, encumbrances, payables, projected expenditures, and receivables; prepare monthly working trial balances and financial statements

• Compile unusually complex and difficult historic, economic and hypothetical data on which administrative and financial decisions are based, including but not limited to decisions concerning the necessity and extent of assessments; calculate, maintain, update and submit receivership reports in support of the guaranty funds' claim in receivership estates

• Coordinate with Guaranty Fund claims manager(s) to ensure prompt and appropriate payment of claims and claims related expenses; review invoices, insurance claims and travel reimbursement requests for appropriateness, completeness and documented support; obtain taxpayer identification documentation from vendors and creditors

• Complete ad hoc reports and respond to requests for information from auditors, the Department of Revenue, the State General Accounting Office, the Auditor General's Office, the National Conference of Insurance Guaranty Funds, the National Organization of Health and Life Guaranty Association, and assessed insurers; work directly with other division managers to enhance accounting and operational controls and performance; compose diplomatic correspondence involving sensitive information

• Prepare Guaranty Fund assessment invoices and associated reports, including daily cash receipt reports, summary reports, and receivable again reports

• Research state accounting laws and policies, accounting and internal control principles an