JOB TITLE: INSURANCE COMPANY FINANCIAL ANALYST 2

JOB CODE: 04030

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

DEFINITION: This is professional and advanced technical work in the review of complex financial statements and related documents to determine compliance with Pennsylvania insurance laws, regulations, and policies.

An employee in this job conducts reviews and risk-focused analyses of insurance companies and other regulated entities, including troubled companies, companies with complex structures, and highest priority insurers to determine their compliance with insurance laws, rules, and regulations, and the National Association of Insurance Commissioners (NAIC) standards and guidelines. Work involves reviewing supplemental filings of licensed insurers and other regulated entities in support of solvency surveillance. Work includes testing and verifying the accuracy of financial information submitted by companies through quarterly and annual statements and recommending financial condition priority ratings for each company reviewed. Work is reviewed by an Insurance Company Financial Analyst Manager upon completion for adherence to established policies, procedures, standards, and objectives.

DISTINGUISHING CHARACTERISTICS:

• Work is differentiated from the lower-level jobs based on the responsibility to review financial statements and related information from companies or affiliate groups with diverse and complex structures and those categorized as troubled or highest priority due to imminent solvency issues.

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.)

• Analyzes and evaluates financial information, transactions, corporate governance, and general operations of companies or affiliate groups designated as highest priority to assess compliance with Pennsylvania statutes, regulations, policies, and NAIC guidelines and best practices.

• Obtains, reviews, and analyzes information presented in NAIC Financial Analysis Solvency Tools (FAST), risk repositories, rating agency reports, SEC filings, earnings calls, and press releases to identify and assess risk factors for high priority companies and affiliate groups.

• Reviews required filing submissions and performs detailed financial, performance, compliance, and solvency reviews of insurance companies and insurance holding companies which are categorized as troubled or highest priority and doing business in Pennsylvania.

• Conducts risk-focused analysis of the financial condition of troubled companies or affiliate groups using all available information pursuant to the requirements in the NAIC Financial Analysis Handbook.

• Analyzes holding company statements, independent audit reports, reinsurance contracts, company assets and liabilities, capital requirements, dividend requests, and other filings.

• Prepares and updates the insurer profile summary and group profile summary to ensure significant risks are identified and ongoing monitoring plans are effectively documented and communicated to department staff and other regulators.

• Analyzes proposed operational and business expansion plans and identifies and assesses risk factors and solvency ratios.

• Analyzes and evaluates financial and operational trends and makes recommendations for corrective action plans to address issues concerning the financial condition of insurers.

• Recommends priority rating changes using available information and resources.

• Communicates matters of concern timely and in accordance with Material Adverse Findings and hazardous financial condition policies to Department personnel and other regulators.

• Summarizes issues on highest priority companies using timelines and in the Troubled Company meeting preparations.

• Collaborates with the financial examination staff during the financial examination of insurers and CCRCs.

• Prepares for and participates in required meetings with corporate and executive level staff.

• Assists in providing training to lower-level Insurance Company Financial Analyst staff.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of statutory accounting principles and generally accepted accounting principles.

• Knowledge of risk-focused analysis concepts.

• Knowledge of insurance industry financial recordkeeping formats and corporate structures.

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

• Knowledge of the use and functionality of auditing software and databases.

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

• 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 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 as an Insurance Company Financial Analyst 1 (commonwealth title);

or

• Three years of professional accounting, auditing, financial investigation, financial compliance, or insurance market conduct experience; and a bachelor’s degree in insurance, accounting, finance, statistics, economics, public administration or business administration or a closely related field, which includes 15 credits in accounting, finance, or auditing;

or

• An equivalent combination of experience and training which includes 15 credits in accounting, finance, or auditing.