Job Description

Posting number: 193619

Department: Department of Insurance

Job classification: Senior Auditor

Posting type: Open

Categories: Accounting and Finance, Risk Management, Statistics/Mathematics, Insurance, Audit

Summary

Mission Statement:

The mission of the State of South Carolina Department of Insurance is to protect and serve the insurance consumers by promoting a fair, stable, and competitive insurance market through regulation, education, and advocacy. For more information about working at the SC Department of Insurance, please visit Department of Insurance, www.doi.sc.gov.

This position is located in the Office of Financial Regulation and Solvency's Traditional Division.

Job Purpose:

Under the general supervision of the Supervising Financial Analyst, the Analyst's primary function is to develop an understanding of insurance company operations, risks, risk management techniques, and transaction flows to enhance the Analyst’s ability to determine the financial condition of their assigned companies. Upon identifying any companies that are or may become troubled, the Analyst is responsible for determining if the proper corrective action has been taken using established Department policies and procedures.

Job Functions:

1. Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management’s discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.). Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc. Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.).
2. The Analyst will complete detailed financial analysis checklists on a timely basis for insurance companies in accordance with Department procedures. Obtain, review, and analyze annual insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports and actuarial opinions). Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, SEC filings, earning calls and releases, etc.).
3. Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. Summarize and document results of analysis and assessment of risks based upon information reviewed as well as communications with the insurer and other regulators. Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted. Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed. Utilize analysis performed to conclude on the insurer’s priority level and provide supporting rationale. Prepare and update the Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to other regulators.
4. Research complex issues including state law, state regulations, accounting standards, etc. Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines. Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests. Distribute and present results of analysis to other regulators and coordinate update calls with both regulators and company personnel, as appropriate.
5. Assist with special projects and perform other duties as assigned by supervisors. Must attend examination meetings and present overview of assigned companies, provide summary of risks identified, etc. Must organize and maintain analysis files in a logical and efficient manner.

The employee will be under the general supervision of the Supervising Financial Analyst and will utilize the guidelines of the Department as well as the NAIC. While employee has independence and discretion of daily work activities, work papers are subject to review and must be completed within timeframes established by the Department and the NAIC.

Examples of duties

A Bachelor's degree in accounting, finance, insurance, risk management, or related field, with appropriate coursework in accounting/auditing preferred.

Proficient with MS Word, Excel, and other related tools.

Qualifications

1-3 years of financial analysis related experience preferred.

Insurance designation(s) or progress towards their attainment preferred.

Strong communication skills (both written and oral) and analytical skills with the ability to aggregate and summarize information from a wide-range of available sources.

Objective, fair, reasonable, and courteous with the ability to apply professional judgment and draw sound conclusions.

Ability to research and consistently apply state laws, insurance department regulations, and NAIC statutory and/or GAAP accounting practices.

Ability to think critically and make decisions based on reasonable and timely analysis.

Ability to identify solutions to complex problems, evaluate and challenge information provided by assigned companies, gain holistic understanding of insurer and/or group, and understand and evaluate the enterprise risk management functions of insurers.

Supplemental information

Overnight travel may be required but is not normally anticipated.

Educational Credentials:

Applicants indicating college credit or degree(s) on the application will be required to submit a sealed, certified copy of the transcript(s) prior to beginning employment. Failure to produce an official, certified transcript will result in any conditional offer of employment being rescinded.

Equal Opportunity Employer:

It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees without regard to their race, color, religion, national origin, sex (including, but not limited to, pregnancy, childbirth or related medical conditions and lactation), disability or age.

Veteran Preference Statement:

South Carolina is making our Veterans a priority for employment in state agencies and institutions.

The Department of Insurance offers an exceptional benefits package for FTE positions that includes:

• Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
• 15 days annual (vacation) leave per year
• 15 days sick leave per year
• 13 paid holidays
• State Retirement Plan (pension plan option) and Deferred Compensation Programs
• Employee Assistance Program
• Free counseling sessions for employees and household members
• Free legal counseling
• Free financial counseling
• Flexible Work Schedules
• Compressed work weeks
• Part-time telecommuting
• Flex-time
• Contingent upon completing required probationary period
• Free Gym Access
• Growth Opportunities
• Certifications/designation program allowing for salary increases and bonuses
• Infants at Work Program
• Employees eligible to bring their newborn/infant to the workplace
• Free Parking