Insurance Financial Specialist 2 - Insurance Commission - Kanawha Co.

Current and former covered state employees must apply directly to OIC Human Resources.

The Financial Conditions division of the WV Offices of the Insurance Commissioner is responsible for the licensing, financial monitoring, and the financial examination of insurance companies admitted to do business in West Virginia so that policyholders are secure in purchasing insurance products from financially solvent and compliant insurance companies.

Under general supervision, performs moderately complex and in-depth analysis work to ensure that insurance companies and other regulated entities are in compliance with West Virginia insurance laws and regulation and meet the requirements and guidelines of the National Association of Insurance Commissioners (NAIC) for the purpose of protecting the West Virginia policyholders.  Works is performed in accordance with established West Virginia laws regulations, procedures, guidance, and administrative directives.  As a full-performance level position, the employee has gained the knowledge, skills, and abilities to function independently while completing financial analysis assignments requiring general knowledge of statutory accounting and/or financial analysis procedures.  Assists the Insurance Commissioner in enforcing the provisions of W. Va. Code, Chapter 33 that specifically deals with supervising and regulating financial solvency and stability of domestic insurers in order to protect the financial interests of insurance policyholders and the general public.   Prepare detailed analysis of domestic insurer financial statements to determine solvency and compliance with insurance laws and rules.  Analysis is conducted in accordance with guidance contained in the NAIC Financial Analysis Handbook and the Financial Conditions Division Financial Procedures Manual.  Must disclose current or previous association(s) with insurance companies, including employment by self, relatives, friends, or other associations.

The ideal candidate will be responsible for performing the following duties:

• Communicate with and/ provide assistance to Examiners during the conduct of full-scope or limited/targeted examinations of assigned domestic insurance companies.

• Review UCAA Primary Applications (for new domestic insurers or re-domestications to WV) for compliance with applicable state insurance laws and regulations.  Prepare all necessary work papers documenting said review and prepare a recommendation for (or against) licensure or re-domestication that will be submitted to the supervisor and ultimately to the commissioner for final determination.

• Participate and/or attend various NAIC training sessions, working group conference calls, national meetings, etc. to increase and maintain proficiency in Statutory Accounting Principles, familiarity with insurance laws/rules/regulations, changes in reporting requirements, and to stay abreast of current industry trends.

• Communicates with agency staff, assigned company management and other government agencies.

• Research new and revised legislation and NAIC practices and procedures.

• Review state examination reports.

• Review Security and Exchange Commission filings and holding company information to include, but no limited to, reinsurance agreements, service agreements, tax allocation agreements and other inter-company arrangements which include financial statements prepared on a Generally Accepted Accounting Principles (GAAP) basis.

• Applies Statutory Accounting Principles (SAP), practices, methods, and techniques in the review of moderately complex financial and management issues.

• Computes and interprets financial ratios to identify hazardous or potentially hazardous financial conditions.

• Researches and analyzes various financial transactions between parent companies, affiliates, and subsidiaries.

• Researches and analyzes various transactions involving acquisition and mergers.

• Reviews consumer complaints to identify possible solvency issues or patterns of regulatory violations.

• May provide assistance in the training of entry level Insurance Financial Specialist.

• Prepares summary reports consisting of NAIC questionnaires for review by supervisor.

• When assigned, review applications submitted by foreign insurance companies or other regulated entities for compliance with applicable state insurance laws and regulations.  Prepare all necessary work papers documenting said review and prepare a recommendation for (or against) licensure/registration/accreditation that will be submitted to the supervisory and ultimately to the Commissioner for finical determination.

• When assigned, reviews request by licensed companies to add lines of business, defend recommendation for approval or disapproval.

• May assist in preparing testimony for public hearings and legal actions.  Maintains knowledge of current trends and developments in the field.  Performs other duties as assigned.

• Perform other duties as assigned.

Click The APPLY Link To Apply Online.

IMPORTANT: Your eligible score will be based on information provided in your application; therefore, make sure your application is detailed and complete. You MUST complete ALL parts of the application, including the Work Experience section.

ATTENTION:

Applicant must verify post high school education by submitting an official transcript or diploma, training or licensure earned pertaining to this position by the closing date of the posting, if not previously verified.

To be considered to receive credit for Veterans preference, you must verify eligibility by attaching a copy of your Member 4 DD214 to your application prior to submitting it. If you are unable to attach this document, please go ahead and apply. However, you must email the document to applicantservices@wv.gov or mail to WV Division of Personnel, 1900 Kanawha Blvd. E., Building 3, Suite 500, Charleston, WV 25305. A service connected disability must be verified by a U.S. Department of Veterans Affairs letter and may also be provided by the options mentioned above.

This announcement is for one or more specific vacancies and only applies to the location(s) indicated. Your application will remain active for this job for 180 days or until the job is filled. Application for this job does not automatically qualify you for other positions. Be sure to submit your application for each position of interest.  To receive an email notice anytime jobs in this or other categories are posted, you may choose to complete a Job Interest Card from the slide-out menu located at the top left of our Job Opportunities page.

Training: Bachelor's degree from a regionally accredited four-year college or university with at least 24 semester hours in accounting. Preference may be given to applicants with CPA certification, a Master of Public Accountancy or Master of Business Administration.

Experience: Two years of full-time or equivalent part-time paid professional experience related to accounting, auditing, economics, finance or statistics or one year of full-time or equivalent part-time paid experience as an Insurance Financial Specialist 1.

Substitution: Successful completion of graduate study from a regionally accredited college or university in business administration, finance, or accounting may be substituted for the required experience on a year-for-year basis.

A CPA certification may be substituted for the training and the required experience.

One (1) additional year of full-time or equivalent part-time paid professional experience related to accounting, auditing, economics, finance or statistics or one year of full-time or equivalent part-time paid experience as an Insurance Financial Specialist 1 will substitute for the 24 semester hours in accounting. 

• DETAILS OF RELATED EXPERIENCE MUST BE SHOWN IN THE WORK EXPERIENCE SECTION OF YOUR ONLINE APPLICATION*