JOB TITLE: INSURANCE COMPANY EXAMINER 1

JOB CODE: 03410 SERIES NATURE OF WORK: The Insurance Company Examiner job series describes work in the review and examination of financial, corporate, and operating documents to ensure the financial solvency of insurers, affiliated groups, and Continuing Care Retirement Communities (CCRCs), and the protection of insurance consumers.

DEFINTION: This is technical work in the application of auditing and accounting principles and in the examination of the financial conditions and operations of insurance companies and Continuing Care Retirement Communities (CCRCs).

An employee in this job conducts risk-focused examinations of the financial conditions and operations of domestic insurance companies and of CCRCs to determine their compliance with insurance laws, rules, and regulations and the National Association of Insurance Commissioners (NAIC) standards and guidelines. Work involves investigating and analyzing insurance company risks, policies, procedures, and controls to assess and monitor the current financial condition and prospective financial solvency. Work includes assisting in the examination of financial statements and records and the preparation of reports to document adherence to insurance laws, rules, and regulations. Work is performed under the oversight of an Examiner-In-Charge (EIC) and in accordance with established policies and procedures. Work is reviewed by a technical supervisor for compliance with guidelines, instructions, accuracy, and validity of conclusions and recommendations.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.)

• Assists in the examination, verification, and analysis of fiscal data and records of insurance companies and CCRCs for adherence to state laws, rules, and regulations.

• Assists in identifying and assessing current and prospective solvency risks facing an insurance company.

• Prepares statements of income and disbursements, assets and liabilities, cash flows, underwriting and investment exhibits, and necessary support schedules.

• Interprets and applies regulations and procedures to individual cases within prescribed laws.

• Verifies the mathematical accuracy of financial statements.

• Assists in preparing detailed written reports based on studies and examination of company accounts and CCRCs.

• Examines accounting procedures and controls used to determine handling and control of receipts and disbursements.

• Serves as a team member examining insurance companies.

• Assists in identifying risks that could have a material effect on an insurance company’s operations.

• Assists in determining if company operations comply with articles of incorporation agreements, by-laws, and the minutes of company shareholder and policyholder meetings, and board of directors and other committee meetings.

• Assists in determining if assets reported are admitted in accordance with statutory insurance company accounting principles.

• Examines CCRCs for adherence to state laws, rules, and regulations.

• Assists in ensuring that ample reserves and liabilities are included in company balance sheets to cover all company obligations.

• Travels to insurance company sites, both inside and outside of Pennsylvania.

• Performs related work as required.

ENTRY LEVEL REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of generally accepted accounting principles (GAAP).

• Knowledge of auditing principles and practices.

• Knowledge of the methods of compiling, organizing, and analyzing data.

• Knowledge of the use and functionality of auditing software.

• Knowledge of the use and functionality of Microsoft Office Suite software.

• Ability to interpret and analyze financial information to determine compliance with applicable laws, regulations, policies, guidelines, and best practices.

• Ability to perform mathematical, statistical, and accounting calculations as they apply to the interpretation and use of financial data.

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

• Ability to establish and maintain effective working relationships.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities)

• One year of experience as an Insurance Company Examiner Trainee (commonwealth title);

or

• One year of professional experience in the audit or examination of the financial conditions and operations of insurance companies and a bachelor’s degree that includes 6 college credits in accounting, 3 college credits in finance or economics, and 3 college credits in business law;

or

• An equivalent combination of experience and training that includes 6 college credits in accounting, 3 college credits in finance or economics, and 3 college credits in business law.