JOB TITLE: INSURANCE COMPANY EXAMINATION MANAGER

JOB CODE: 03440

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 accounting, auditing, and managerial work directing the examination of the financial conditions and operations of insurance companies and Continuing Care Retirement Communities (CCRCs).

An employee in this job plans and directs the work of a professional staff engaged in the on-site examination of the financial conditions and operations of insurance companies to determine adherence to state insurance laws, rules, and regulations. Work involves assigning responsibility for planning the examination efforts of life and health, property and casualty, and other related insurance companies, as well as CCRCs and other regulated entities. Work also involves reviewing reports and recommendations on the results of examinations and meeting with insurance company officers and representatives regarding all aspects of the examination process. Work includes supervising a staff of Insurance Company Examiners and Trainees. Work is performed independently under the general direction of the Insurance Company Examination Director and is reviewed for adherence to departmental rules and policies.

   DISTINGUISHING CHARACTERISTICS:

• Work is differentiated from the lower-level jobs based on the responsibility for assigning Examiners-in-Charge (EIC) and examination teams and providing technical                   assistance and policy guidance to the EICs when difficult or sensitive examination problems arise.

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

• Develops the annual examination schedule of insurance companies and other regulated entities.

• Reviews work papers and reports containing the results and recommendations of insurance company examinations for consistency with laws and regulations, proper conclusions, and consistency with the department’s position.

• Meets with insurance company officers and representatives regarding exceptional problems found during the examination process.

• Negotiates administrative and operational improvements with companies where deficiencies exist.

• Recommends methods for obtaining insurance company compliance with laws and regulations.

• Provides technical assistance and policy guidance to EICs when difficult or sensitive problems arise in an examination.

• Testifies in court when the department institutes action against an insurance company for non-compliance with rules and regulations.

• Conducts research to establish reasons for insurance companies becoming insolvent and to prevent future insolvencies.

• Assists in planning, implementing, and evaluating procedures and administrative policies related to conducting examinations of the financial conditions and operations of insurance companies and CCRCs.

• Evaluates employee training needs and requests further education and training for subordinates.

• 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 related 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 National Association of Insurance Commissioners’ practices and procedures relating to the examination of multi-state insurance companies.

• Knowledge of the use and functionality of auditing software.

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

• Ability to analyze reports of insurance company examinations and make sound regulatory recommendations.

• Ability to determine non-compliance with insurance laws and regulations, detect and explain significant accounting irregularities, and recommend effective corrective action.

• Ability to plan, direct, and coordinate the work of subordinates.

• 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 3 (commonwealth title);

or

• Five 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

• Designation as a Certified Public Accountant (CPA) and two years of professional experience in the audit or examination of the financial conditions and operations of insurance companies;

or

• Designation as a Fellow of the Society of Actuaries (FSA), Fellow of the Casualty Actuary Society (FCAS), Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuary Society (ACAS);

or

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