08/01/1990 04040

INSURANCE COMPANY FINANCIAL ANALYST CHIEF

DEFINITION: This is advanced technical and supervisory auditing and accounting work in the review and analysis of insurance company financial statements.

The employee in this class supervises a staff of Insurance Company Financial Analysts engaged in the analysis of insurance company financial statements to determine solvency and compliance with insurance laws, rules and regulations. Work involves determining analysis priorities and determining insurers who can be classified as high risk based upon solvency problems. The employee provides assistance to other Insurance Department personnel regarding information relating to insurance company financial statements. Work also includes advising insurance companies of results of departmental analysis, including identifying actual or potential solvency problems. The employee evaluates employee performance, processes employee grievances and complaints, and makes recommendations regarding employee selection and development matters. Work is performed independently under the direction of the Director of the Bureau of Licensing and Financial Analysis and is subject to general review for adherence to departmental rules and policies.

EXAMPLES OF WORK: Supervises a staff of Insurance Company Financial Analysts engaged in the review and analysis of insurance company financial statements to determine adherence to insurance laws, rules and regulations.

Determines priorities for analysis of financial statements based upon company operating history, company financial solvency, National Association of Insurance Commissioners' early warning test ratios, recent financial examination results and Pennsylvania solvency benchmark analysis.

Determines insurance companies that should be required to file quarterly financial statements based upon the results of the previous year's analysis, the results of the most recent financial examination, the National Association of Insurance Commissioners' early warning test results and Pennsylvania solvency benchmark analysis.

Assists other Insurance Department personnel by providing information relating to insurance company financial statements and insurance company solvency.

Testifies in court when Insurance Department institutes action against an insurance company for non-compliance with rules and regulations.

Coordinates the accumulation of data for the Insurance Commissioner's Annual Report.

Meets with officials and representatives of insurance companies regarding matters relating to the filing and analysis of financial statements.

Evaluates employee work performance; and prepares and signs employee Performance Evaluation Reports.

Receives grievances and complaints, conducts initial investigations into causes and conditions, discusses with employee, and resolves or recommends solutions to grievances and complaints.

Participates in interviewing prospective employees and recommends employee selection or ranks applicants in terms of preferability for employment.

Interprets rules, regulations, policies, procedures, and objectives of the organization or program for subordinates.

Approves leave requests and reviews subordinates' sick leave usage to determine if a pattern of abuse exists.

Conducts periodic training sessions for Insurance Company Financial Analysts on the implementation of newly-developed solvency surveillance and analysis procedures, laws, rules and regulations.

Performs related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES: Knowledge of auditing and accounting principles and practices, especially as they relate to the auditing of insurance company reports and records.

Knowledge of insurance principles and practices as they relate to the financial conditions and operations of insurance companies.

Knowledge of the content and application of State laws, rules and regulations governing the operation of insurance companies.

Knowledge of the procedures, practices and records normally maintained by insurance companies.

Knowledge of the principles and practices of administration and supervision.

Ability to learn the provisions of the collective bargaining agreement applicable to Insurance Company Financial Analysts.

Ability to learn to plan, direct, and coordinate the work of a technical and clerical staff.

Ability to present ideas clearly and concisely, orally and in writing.

Ability to prepare clear and comprehensive analysis reports.

Ability to plan and organize work and assign work to subordinates.

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

Ability to learn to evaluate employee performance and prepare employee Performance Evaluation Reports.

Ability to learn to evaluate employee training needs and to request further education and training for subordinates.

Ability to read and interpret collective bargaining unit contracts applicable to the work performance by the unit.

Ability to read and interpret Commonwealth and Insurance Department administrative rules, regulations, policies and procedures.

Ability to develop and periodically revise measurable performance objectives and standards.

Ability to establish and maintain effective working relationships with insurance company officials, subordinates, insurance examiners of other states and the general public.

Ability to conduct periodic training sessions for Insurance Company Financial Analysts.

MINIMUM EXPERIENCE AND TRAINING: Two years of experience as an Insurance Company Financial Analyst 2;

or

Four years of professional accounting, auditing, or examining experience, including three years of accounting, auditing or examining in the insurance field and two years of experience in an administrative or supervisory capacity; and a Bachelor's Degree. Related experience may be substituted for training on a year-for-year basis.