JOB TITLE: INSURANCE COMPANY EXAMINER 3 JOB CODE: 03430

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 accounting and auditing work serving as Examiner-In-Charge (EIC) over the examination of the financial conditions and operations of insurance companies and Continuing Care Retirement Communities (CCRCs).

An employee in this job serves as EIC over complex, difficult, or sensitive insurance company examinations involving large amounts of assets, complicated corporate structure, and real or potential solvency problems. Work involves directing, coordinating, and reporting on the on-site review of the financial conditions and operations of insurance companies and CCRCs to determine adherence to state laws, rules, and regulations. Work includes developing an examination plan based upon risk and materiality for each examination and developing reports of findings and recommendations for improvements. Work also includes corresponding and conducting meetings with various insurance company personnel to interpret laws and regulations, or to instruct companies on required changes in operations to comply with standards and regulations. Work is performed independently under the general direction of an Insurance Company Examination Manager and is reviewed for adherence to departmental rules and policies.

   DISTINGUISHING CHARACTERISTICS:

• Work is differentiated from the lower-level jobs based on the responsibility to serve as EIC over complex, difficult, or sensitive insurance company examinations involving           large amounts of assets, high volume of fiscal activity, complicated corporate structure, complex re-insurance involvement, or potential solvency problems.

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.)

• Directs the investigation of irregularities in insurance company records, statements, and operations.

• Leads the risk-focused examination of the financial conditions and operations of insurance companies and other regulated entities for adherence to state laws, rules and regulations.

• Provides guidance to lower-level examiners, conducts detailed reviews of examiner work, and ensures a proper flow of communication with company management and department officials.

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

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

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

• Prepares detailed written reports and recommendations on results of examinations.

• Recommends corrective measures, negotiates the resolution of problems or issues, and reviews corrective action taken by the company.

• Participates in hearings held with companies on critical reports of examination.

• Develops and performs test of detail procedures to address identified risks based on the residual risk determinations.

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

• Testifies in court when the Pennsylvania Insurance Department institutes action against an insurance company.

• Trains staff in examining methods, procedures, and practices.

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

• Coordinates multi-state examinations with other jurisdictions to avoid duplication of work.

• Advises insurance companies of department examination results, notifies them of law and regulation compliancy issues, and follows up on corrective actions taken by the company.

• Performs the full range of supervisory duties.

• Employees in this job may participate in the performance of subordinates’ work consistent with operational or organizational requirements.

• 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 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.

• Knowledge of principles and practices of administration and supervision.

• 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 gather, interpret, and analyze data and form sound conclusions in the examination of difficult and complex insurance company problems.

• 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)

• Two years of experience as an Insurance Company Examiner 2 (commonwealth title);

or

• Four 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 is finance or economics, and 3 college credits in business law;

or

• An equivalent experience and training which 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 a Certified Financial Examiner (CFE) as issued by the Society of Financial Examiners.