Position Summary
The Insurance Examiner I is responsible for the evaluation of insurance companies in an attempt to ensure compliance with applicable regulations and assess financial stability. This role involves supporting senior examiners and analysts in analyzing financial records, reviewing operations, and identifying risks within the insurance sector. The Insurance Examiner I plays a critical role in fostering the integrity and accountability of the insurance industry while developing foundational skills for career advancement.
This position requires on-site employment with no remote or hybrid options available.
Preferred Qualification
Proficiency in software tools for financial analysis/examination and reporting.
Job Responsibilities and Expected Results
Key Business Processes/ Duties
- Perform tasks in the analysis and examination process and monitor the financial situation of insurance entities.
- Monitors and tracks all holding company and material transactions for foreign and domestic companies that are reviewed by the analysis staff. Prepares weekly report to the division to maintain compliance with statutory review time requirements and NAIC accreditation standards.
- Supports the Analysis and Examination Staff by tracking all examinations conducted by the division.
- Process all reports for inception to being made public. Prepares and supplies a weekly analysis and examination tracking report for staff. Maintains master listing of domestic examinations and analysis, domestic exam and analysis team listings, and other tracking forms used to meet accreditation standards. Tracks all Examination Adoption Orders for compliance. Interacts with analysts, attorneys, and examination staff. Assists Chief Examiner/Analyst with special projects as assigned.
- Tracks all engagements and invoices received from actuarial firms from inception of the engagement letters to invoices processed. Assists with the use of actuarial firm contracts during the course of statutory examinations and financial analysis follow-up procedures.
- Provides all detailed continuing professional education and travel cost analysis to acquire approval for the finance division as well as the prepaid funeral and funeral service division. Schedule continuing education reservations, book airlines, hotel reservations and assist and process travel reimbursements for the finance division.
- Assist the Deputy Commissioner for Financial Regulation with Finance Division operational support and special projects as assigned.
- Performs other duties as assigned.
Position Information
Job Series: Financial – Insurance Financial Examiners
Classification: Insurance Examiner I
Class Code: FIF03P
Pay Grade: SPC01
Salary Range: $58,700 – $86,876
Job Summary
The Insurance Examiner I is responsible for assisting in the evaluation of insurance companies in an attempt to ensure compliance with applicable regulations and assess financial stability. This role involves supporting senior examiners in analyzing financial records, reviewing operations, and identifying risks within the insurance sector. The Insurance Examiner I plays a critical role in fostering the integrity and accountability of the insurance industry while developing foundational skills for career advancement.
Primary Responsibilities
Assist in the examination of insurance companies by reviewing financial statements, reserves, and claims practices under the guidance of senior examiners.
Analyze insurance company operations to assess compliance with insurance laws, regulations, and guidelines.
Document findings and prepare sections of examination reports, summarizing observations and recommendations.
Participate in meetings with insurance company management to discuss findings and gather additional information.
Stay updated on changes in insurance regulations and industry practices through training and research.
Support senior examiners in evaluating underwriting practices, risk management strategies, and operational efficiency.
Knowledge and Skills
Strong analytical and problem-solving skills.
Attention to detail and ability to work with complex financial data.
Effective written and verbal communication skills for preparing reports and interacting with a variety of assorted personnel.
Willingness to learn and adapt in a regulatory environment.
Ability to work collaboratively as part of a team.
Minimum Qualifications
A bachelor’s degree in accounting, finance, business administration, economics, risk management, or a related field.
Basic knowledge of insurance principles and financial regulations.
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.
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