JOB TITLE: INSURANCE COMPANY FINANCIAL ANALYST MANAGER

JOB CODE: 04040

DEFINITION: This is professional managerial work in the evaluation of the financial solvency of insurance companies and other regulated entities to determine their compliance with Pennsylvania insurance laws, regulations, and policies.

An employee in this job manages the review and risk-focused analyses of insurers, affiliated groups, and Continuing Care Retirement Communities (CCRCs). Work involves determining program objectives, priorities, and internal review standards; recommending, implementing, and evaluating program policies and procedures; and interpreting laws and regulations. Work includes determining financial statement filing requirements for insurance companies and serving as an agency representative on National Association of Insurance Commissioners' (NAIC) workgroups. Work is performed with considerable independence and is reviewed by an administrative supervisor for accomplishment of program objectives and adherence to laws, regulations, and departmental policies.

   DISTINGUISHING CHARACTERISTICS:

     • Work is distinguished from the lower level by the responsibility for supervising Insurance Company Financial Analyst Supervisors.

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.)

• Manages the review and analysis of insurers’ and other regulated entities’ financial statements for compliance with Pennsylvania laws and regulations, department policies, and NAIC guidelines and best practices.

• 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.

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

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

• Provides technical guidance and interpretation to executives at regulated entities.

• Interprets and communicates 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.

• An employee 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 the principles and practices of employee supervision.

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

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

• Ability to interpret and analyze financial information to determine compliance with applicable laws, regulations, policies, 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)

• One year as an Insurance Company Financial Analyst Supervisor (Commonwealth title);

or

• Six years of professional accounting, auditing, financial investigation, financial compliance, or insurance market conduct experience that includes one year in the insurance field and one year of supervisory experience, and a bachelor’s degree in insurance, accounting, finance, statistics, economics, public administration, business administration, or a closely related field that includes 15 college credits in accounting, finance, or auditing;

or

• An equivalent combination of experience and training that includes one year of professional supervisory accounting, auditing, financial investigation, financial compliance, or insurance market conduct experience; and one year of professional accounting, auditing, financial investigation, financial compliance, or insurance market conduct experience in the insurance field; and 15 college credits in accounting, finance, or auditing.