05/12/2010 04090

INSURANCE COMPANY LICENSING SPECIALIST

DEFINITION: This is technical work in the licensing of insurance companies to conduct business in Pennsylvania and in the review of corporate activities of licensed entities in accordance with applicable laws and regulations.

An employee in this job evaluates applications for licensure of continuing care retirement communities, viatical settlement providers, health maintenance and preferred provider organizations, insurance premium finance companies, reinsurance intermediary brokers and managers, and other domestic entities subject to Insurance Department licensing regulations. Work also includes reviewing applications of foreign companies seeking licensure in Pennsylvania; reviewing company requests to increase underwriting authority for additional lines of insurance, by evaluating the business plan and comparing the capital and surplus of the company in relation to statutory minimums; and reviewing charter & by-law amendments and changes to certificates of authority of domestic companies for conformance with the provisions of the applicable statutes. Work additionally includes discussing licensing issues with insurance company officials and Department staff. Work is performed independently under the general supervision of an administrative supervisor, who reviews licensure recommendations and other completed work for quality and validity of conclusions through conferences and reports.

EXAMPLES OF WORK: Receives and evaluates applications for licensure of continuing care retirement communities.

Reviews viatical settlement provider licensure applications, from companies who purchase non-term life insurance policies from individuals in an amount representing a lesser percentage of the pay-off at death.

Reviews viatical settlement documents for the inclusion of an antifraud plan, fidelity guarantee and errors and omissions coverage; coordinates with the Pennsylvania Securities Commission for reviews involving outside investors; and approves licenses and annual renewals, if requirements are met.

Reviews requests for underwriting authority increases by comparing the company’s capital and surplus with the Department’s minimum requirements and evaluating the business plan and company officer biographical information.

Reviews applications of foreign companies, which are licensed in other states, for licensure in Pennsylvania by evaluating financial and biographical information, audited statements, examination reports, and the National Association of Insurance Commissioners, Risk Based Capital and Insurance Regulatory Information System ratings.

Reviews and processes applications for reinsurance intermediary brokers and managers, including evaluating unaudited financial statements and ensuring the enclosure of the requisite fee.

Reviews license applications for insurance premium finance companies, health maintenance and preferred provider organizations and other domestic entities subject to the Department’s licensing regulations.

Reviews charter & by-law amendments and changes to certificate of authority of domestic insurers for conformance with the provisions of the applicable statutes; formally requests additional information to bring the corporation into compliance; and determines the acceptability of the information.

Writes explanatory memos and Orders for final review and approval by the Insurance Commissioner.

Performs related work as required.

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

Knowledge of insurance licensing principles and practices.

Knowledge of financial analysis tools and techniques.

Knowledge of the procedures, practices and recordkeeping activities applicable to insurance companies.

Knowledge of operational principles and practices, related to the examination of insurance company documents and records.

Ability to analyze and interpret records and documents for irregularities relating to licensure.

Ability to evaluate and interpret business plans and financial projections submitted by insurance companies seeking licensure.

Ability to analyze and interpret insurance company licensing regulations.

Ability to analyze and interpret data and statistics.

Ability to establish and maintain effective working relationships.

Ability to communicate effectively orally.

Ability to communicate effectively in writing.

MINIMUM EXPERIENCE AND TRAINING: One year of professional regulatory experience in the review and analysis of insurance corporation proposals, filings, operations, financial conditions or licensure requests and a bachelor’s degree in accounting, business administration, economics, finance or a closely related field;

or

One year of professional experience in analyzing financial statements of insurance companies, or examining the financial conditions of insurance companies or operations of insurance companies, and a bachelor’s degree in accounting, business administration, economics, finance or a closely related field;

or

An equivalent combination of experience and training which includes one year of professional experience in analyzing financial statements of insurance companies, or examining the financial conditions of insurance companies or operations of insurance companies.