Job Description

The Insurance Examiner II evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner II plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions.

This position requires on-site employment with no remote or hybrid options available.

Job Responsibilities and Expected Results

Key Business Processes/ Duties

1. Analysis and evaluation of financial statements and various other documents filed with the Department by insurance entities. The purpose of this analysis is to assess the financial solvency and stability of suck entities.
2. Reviewing and analyzing financial statements and other information submitted by troubled and potentially troubled insurance entities for priority attention.
3. Making recommendations to the supervisors regarding proposed solutions to problems, actions necessary to address outstanding issues, and actions necessary to address troubled companies or troubled issues.
4. Reviewing, analyzing certain types of material corporate transactions and/or agreements involving insurance entities including Mergers, Acquisitions, Reinsurance Contracts, Dividends and/or Extraordinary Dividends Payments, Affiliated Management Agreements, Service Contracts, and Cost-Guarantees or investments, Admission for Licensure – Foreign Companies, Formation of Domestic Insurance Entities, etc.
5. Meeting and communicating with management of insurance entities or their attorneys, independent accountants or actuaries regarding operations, significant transactions, concerns, outstanding issues, Departmental interpretations of laws regulations and bulletins and other matters.
6. Performing other duties and special projects as required or assigned which are reasonably within the scope as the duties enumerated above.

Position Information

Job Series: Financial – Insurance Financial Examiners

Classification: Insurance Examiner II

Class Code: FIF04P

Pay Grade: SPC03

Salary Range: $71,027 – $105,120

The Insurance Examiner II evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner II plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions.

Primary Responsibilities

Perform on-site and off-site examinations of insurance companies to assess their financial condition and regulatory compliance.
Analyze financial statements, reserves, claims practices, and underwriting procedures to identify abnormalities, irregularities, or risks.
Review company operations to ensure adherence to legal and regulatory requirements.
Evaluate the adequacy of reserves and reinsurance programs to protect policyholder interests.
Prepare comprehensive examination reports, summarizing findings and recommendations for corrective actions.
Collaborate with insurance company managerial personnel to address identified issues and monitor progress on corrective measures.
Stay informed about changes in insurance laws, regulations, and industry trends.
Participate in training programs to stay updated on examination best practices and methodologies.

Knowledge and Skills

Strong analytical and problem-solving skills.
Knowledge of insurance laws, regulations, and financial principles.
Excellent communication and report-writing skills for presenting findings and recommendations.
Attention to detail and the ability to interpret complex financial data.
Proficiency in software tools for financial analysis and reporting.
Willingness to travel for on-site examinations.

Minimum Qualifications

A bachelor’s degree in accounting, finance, business administration, economics, or a related field.

Minimum of 6 years of experience in accounting, auditing, or financial analysis, such as reviewing financial records or analyzing budgets.

Specialized experience in insurance operations, regulatory compliance, or financial examinations.

Professional certifications such as Certified Public Accountant (CPA), Accredited Insurance Examiner (AIE), or Certified Financial Examiner (CFE) may substitute for some experience requirements.

Satisfaction of the minimum qualifications, including years of experience and service, does not entitle employees to automatic progression within the job series. Promotion to the next classification level is at the discretion of the department and the Office of Personnel Management, taking into consideration the employee’s demonstrated skills, competencies, performance, workload responsibilities, and organizational needs.

Licensure/Certifications

N/A
OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.