08/01/1990 04080

INSURANCE COMPANY LICENSING CHIEF

DEFINITION: This is advanced technical and supervisory work in the licensing of insurance companies to conduct business in Pennsylvania in accordance with applicable laws and regulations.
The employee in this class supervises the review and evaluation of applications for information of new domestic insurance companies, health maintenance organizations, continuing care providers and other domestic entities subject to Insurance Department licensing and regulation and the review of foreign companies seeking licensure in Pennsylvania. Work also involves the supervision of the review of corporate activities of presently authorized entities for conformance with insurance laws, including the review and approval or disapproval of charter amendments, mergers and consolidations, stock acquisitions and sales of companies, proxies and/or special meetings of shareholders, holding company registration statements, voluntary dissolution of companies, security deposits and management contracts. This employee also supervises the review and evaluation of applications of foreign and alien insurers seeking eligible surplus lines status in Pennsylvania, and the monitoring of the financial conditions of eligible surplus lines insurers. Work includes supervising securities transactions required by the Insurance Department. Supervision is exercised over a professional and technical staff engaged in the review of insurance company licensing and corporate activities. Work is performed independently and is reviewed by the Director of the Bureau of Licensing and Financial Analysis for effectiveness, soundness of judgment and adherence to Department policy.

EXAMPLES OF WORK: Supervises the program to review and evaluate insurance company licensing and corporate activities.

Supervises the review and evaluation of applications for the formation of new domestic insurance companies, health maintenance organizations and continuing care providers.

Supervises the review and evaluation of applications of foreign insurance companies seeking licensure in Pennsylvania.

Supervises the review of corporate activities of presently authorized entities for conformance with insurance laws, including the review and approval or disapproval of charter amendments, mergers and consolidations, stock acquisitions and sales of companies, proxies and/or special meetings of shareholders, holding company statements, voluntary dissolutions of companies, security deposits and management contracts.

Supervises the review and evaluation of applications of foreign and alien insurers seeking eligible surplus lines status in Pennsylvania.

Monitors the financial condition of eligible surplus lines insurers.

Supervises the processing of securities kept on deposit with the Insurance Department.

Supervises the review and evaluation of filings submitted by foreign risk purchasing groups and risk retention groups.

Meets with insurance company officials and representatives to discuss issues and concerns relating to company licensing or corporate activities.

Plans and organizes work, assigns work, determines work priorities, sets goals and reviews and evaluates employee work performance.

Assesses training needs of staff and develops plans to meet those needs.

Performs related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES: Knowledge of laws, rules and regulations pertaining to the licensing and operation of insurance companies.

Knowledge of insurance principles and practices.

Knowledge of insurance auditing and accounting principles and practices.

Knowledge of investments and securities commonly purchased by insurance companies.

Knowledge of the principles and practices of public administration and supervision.

Ability to analyze the financial conditions and financial statements of insurance companies.

Ability to evaluate business plans, financial projections and related documents submitted by insurance companies seeking incorporation under Pennsylvania laws or by proposed purchasers of Pennsylvania domestic insurers.

Ability to evaluate insurance company corporate activities subject to regulation by the Insurance Department.

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

Ability to establish and maintain effective working relationships with subordinates, supervisors, other Department personnel and insurance company officials and representatives.

Ability to plan and supervise the work of others.

MINIMUM EXPERIENCE AND TRAINING: Two years of experience as an Insurance Licensing Specialist;

or

Two years of experience as an Insurance Company Financial Analyst 2;

or

Two years of experience in the external audit or examination of the financial conditions and operations of insurance companies; and a bachelor's degree. Related experience may be substituted for training on a year-for-year basis.