JOB TITLE: INSURANCE COMPANY EXAMINER 2

JOB CODE: 03420

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.

DEFINITION: This is advanced 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 domestic insurance companies, performs examinations of CCRCs, and conducts examination reviews to determine 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 examining financial statements and records and preparing reports to document adherence to insurance laws, rules, and regulations. Work may include serving as the Examiner-in-Charge (EIC) over an examination to ensure the exam approach is appropriately designed. Work is performed under the general supervision of an Insurance Company Examination Manager and is reviewed through conferences and reports for quality and validity of conclusions and recommendations.

   DISTINGUISHING CHARACTERISTICS:

• Work is differentiated from the lower-level job by the responsibility to independently conduct examinations of CCRCs and small-sized insurance companies; and to serve as    an EIC over work performed by lower-level examiners.

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.)

• Examines, verifies, and analyzes 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.

• Examines the quality and reliability of the corporate governance of insurance companies and CCRCs.

• Serves as the Examiner-in-Charge on CCRC and smaller and less complex insurance company audits.

• Leads or participates in risk-focused examinations of insurance company records, documents, financial statements, and other related materials by requesting and reviewing company documentation and internal financial analysis reports.

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

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

• Testifies in court when the Pennsylvania Insurance Department initiates actions against an insurance company.

• Verifies the mathematical accuracy of insurance companies and CCRC financial statements.

• Determines 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.

• Examines accounting procedures and systems used to ensure proper handling and control of receipts and disbursements.

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

• Determines that assets reported are admitted in accordance with applicable insurance company accounting principles.

• Prepares detailed written reports of examination results.

• Recommends corrective measures and reviews corrective action taken by a company.

• Examines Continuing Care Retirement Communities for adherence to state laws, rules, and regulations.

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

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of auditing and accounting principles and practices as they relate to examining insurance company and CCRC reports and records.

• Knowledge of insurance principles and practices as they relate to the financial conditions and operations of insurance companies and CCRCs.

• Knowledge of the content and application of state laws, rules, and regulations governing the operation of insurance companies and CCRCs.

• Knowledge of the procedures, practices, and records normally maintained by insurance companies and CCRCs.

• Knowledge of the use and functionality of auditing software.

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

• Ability to apply critical thinking skills to identify and resolve problems.

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

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

• 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 1 (commonwealth title);

or

• Two years 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.

SPECIAL REQUIREMENTS:

• All positions require designation as an Accredited Financial Examiner (AFE) or Certified Financial Examiner (CFE) as issued by the Society of Financial Examiners.