JOB TITLE: INSURANCE COMPANY FINANCIAL ANALYST MANAGER

JOB CODE: 04035

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 managerial work directing the review of insurance company financial statements and related filings to determine compliance with Pennsylvania insurance laws, regulations, and policies for the Insurance Department.

An employee in this job directs the review of insurance company and CCRC financial statements and related filings. Work involves supervising Insurance Company Financial Analyst staff; determining program objectives, priorities, and internal review standards; recommending, implementing, and evaluating program policies and procedures; and interpreting laws and regulations. Work also involves determining financial statement filing requirements for insurance companies and serving as an agency representative in National Association of Insurance Commissioners' (NAIC) workgroups. Work is performed independently and is reviewed by an administrative supervisor for accomplishment of program objectives and adherence to laws, regulations, departmental policies, procedures, and guidelines.

DISTINGUISHING CHARACTERISTICS:

• Work is differentiated from the lower-level job based on the responsibility for developing program policies and procedures, serving as an agency representative in NAIC workgroups, and supervising Insurance Company Financial Analyst employees.

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 review and analysis of insurance entity financial statements for compliance with Pennsylvania laws and regulations, department policies, and NAIC guidelines and best practices.

• Supervises the workflow of the analysis process, including but not limited to compliance with timeliness guidelines to meet NAIC Accreditation Program standards and department policies.

• Prepares recommendations to improve program efficiency and effectiveness, ensure uniformity of analyses, and achieve established goals.

• Directs the assignments and reviews financial and operational documents of CCRCs.

• Advises insurance companies of department analysis results and notifies them of solvency issues.

• Determines which insurance companies must file quarterly financial statements based upon the results of the previous year's analysis, results of the most recent financial examination, NAIC early warning test results, and Pennsylvania solvency benchmark analysis.

• Analyzes, develops, implements, and evaluates program policies and procedures for the insurance financial analysis program.

• Develops, evaluates, and adjusts technical program goals, objectives, and priorities.

• Provides technical guidance and interpretation, including the application of risk-focused surveillance concepts and advanced analytical skills, to subordinate staff and associates in related program areas.

• Communicates and interprets financial analysis policy and direction to representatives from insurance entities.

• Serves as an agency representative on NAIC workgroups by providing input and making recommendations on proposed initiatives that may impact operations.

• 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 statutory accounting principles and generally accepted accounting principles.

• Knowledge of risk-focused analysis concepts.

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

• Knowledge of insurance laws, regulations, and procedures impacting insurance company operations.

• Knowledge of technical writing and financial reporting principles.

• 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, guidelines, and best practices.

• Ability to develop and analyze policies, procedures, and standard business practices for application to the review of financial documents.

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

• Ability to perform mathematical, statistical, and accounting calculations as they apply to the analysis, 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 of experience as an Insurance Company Financial Analyst 2 (commonwealth title):

or

• Four 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, 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.