Posting number: 191801
Department: Department of Insurance
Job classification: Audits Director
Posting type: Open
Categories: Insurance, Audit
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 visitDepartment 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 performed with other regulatory functions to avoid duplication of efforts and/or requests. Review research or perform research on complex issues including state law, state regulations, accounting standards, etc. Instruct assigned analysts in the application of risk-focused surveillance concepts and advanced analytical skills. Encourage and direct staff to alter the analysis approach and procedures based on the results of the work performed, the information obtained, and the facts/circumstances. Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.
3. Meet with prospective applicants that have an interest in expanding operations into South Carolina. Supervise the licensing review procedures performed by the Company Admissions Coordinator to ensure effectiveness and efficiency while maintaining compliance with the NAIC Accreditation guidelines and the Company Licensing Best Practices Handbook. Participate in the Application Committee meetings, provide financial and regulatory insight, and recommendations for approval or denial to the Committee. For application denials, work with the Company Admissions Manager to engage with company personnel to explain the basis for the Committee’s conclusion. Supervise the processes to license, approve, and register other insurance-related entities regulated by the Department, including, but not limited to, Approved Assuming Reinsurers, Approved Unlicensed Reinsurers, Reinsurance Intermediaries, Managing General Agents, Rating Organizations, Advisory Organizations, and Eligible Surplus Lines Insurers.
4. Oversee and actively participate in the monitoring of foreign and alien insurance companies operating in South Carolina. Coordinate with staff to identify and monitor troubled or potentially troubled insurance companies and take proactive steps to limit liabilities related to South Carolina policyholders. Contact other regulators as required to obtain, review, and analyze information to evaluate the operations and solvency of these companies. Coordinate with state guaranty funds where applicable. Present action plans to management and work with the legal division as necessary to take regulatory action approved by the Director.
5. Stay apprised of industry trends through review of business journals, industry publications, etc. to determine impact on insurers in state and continue to improve focus and execution of the financial analysis process. Participate in training courses and identify implications for analysis, including identifying the need for supplemental training to be provided to own State. Identify and encourage participation in external training opportunities (e.g., NAIC, SOFE, etc.) to develop analysis staff. Develop and conduct internal training as needed to supplement training provided through external sources. Monitor NAIC activity for changes in accreditation standards and assume primary responsibility for implementing new procedures to satisfy accreditation standards.
6. Participate on the Captive Application Review Committee to review new captive applications. Participate on the Troubled Company Committee to review traditional and captive companies in hazardous financial condition. Assist in the development of recommendations for regulatory actions for troubled companies and their implementation and follow-up.
7. Assist with special projects and perform other duties as assigned by supervisors. Must organize and maintain supervisory files in a logical and efficient manner. Provides technical and professional advice to management as needed and is responsible for development and implementation of improvements in policies and procedures. Maintains relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g., CFE, PIR, CPCU, FLMI, etc.)
A bachelor's degree in accounting, auditing, business administration, finance, or insurance, and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis. Appropriate coursework in accounting/auditing is preferred.
5 years of financial analysis, public accounting, or similar experience, with specialization in the insurance industry, is preferred.
Overnight travel may be required but is not normally anticipated. Insurance designation(s) or progress towards their attainment preferred.
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:
Why do more than 5 million people call South Carolina home? The answer is easy. From the beach to the mountains, the Palmetto State offers something for everyone. Sunny summers and mild winters allow residents to experience the outdoors year-round.
The state has eight metropolitan areas, including Anderson, Charleston, Columbia, Florence, Greenville, Hilton Head, Myrtle Beach and Spartanburg. Great universities and colleges, minimal commute times and friendly people make South Carolina the ideal place to build your future.
