05/12/2010 04095

SENIOR INSURANCE COMPANY LICENSING SPECIALIST

DEFINITION: This is advanced technical work in the review and analysis of insurance corporation proposals, filings and operations related to the licensing and regulating of insurance companies to conduct business in Pennsylvania in accordance with laws, policies and regulations.

The employee in this job analyzes and recommends action on insurance company proposals for mutual companies to convert to stock ownership, for holding companies to acquire, merge or consolidate, and for surplus lines companies and risk retention groups to write insurance in Pennsylvania. Work includes responsibility for analyzing a broad range of financial, economic, biographical, organizational and legal factors as part of the review process; obtaining supplementary information required to document complex filing details; and determining the need for and developing explanatory correspondence, suspension notices and Commissioner’s Orders. Work also includes analyzing financial and income statements to evaluate financial stability; computing ratios and percentages to determine the impact on competition; reviewing personal data summaries and investigating backgrounds of principals to determine suitability; evaluating organizational structures to determine ownership and control; and reviewing proposal documents for compliance with laws, polices and regulations. The employee in this job serves as a contributing member to various committees in evaluating and revising contracts, making recommendations for amendments to statutes and changes to Department directives, and developing improved uniform documents. Work may include assisting lower level specialists with reviewing various types of licensure activities. Staff work is completed independently and assignments are reviewed by an administrative supervisor through meetings or reviewed for soundness of analysis and recommendations.

EXAMPLES OF WORK: Reviews mergers, acquisitions, and consolidations proposed under the Insurance Company Holding Act, Article XIV, of the Insurance Company Law of 1921.

Reviews filings submitted by surplus lines companies and downloads company financial information from the National Association of Insurance Commissioners (NAIC) to evaluate the applicant’s financial condition.

Reviews specific provisions of the overall proposal for mutual insurance companies to convert to stock ownership; references applicable statutes and applies legislative provisions to the proposals; and coordinates and organizes the submission of commentary and analysis of the action from both within and outside of the Department.

Drafts correspondence detailing the salient points of proposals and drafts Orders for approval/disapproval by the Insurance Commissioner.

Serves as a committee member for updating the surplus lines export list and drafting proposed amendments to the Surplus Lines Statute.

Publishes a preliminary list of current and proposed surplus lines policies in the Pennsylvania Bulletin to generate review and comments from licensed insurance providers and other interested parties.

Participates as a committee member in deliberations to determine which surplus lines are retained, added or deleted from the export list and publishes the final determination in the Pennsylvania Bulletin.

Notifies surplus lines companies of the annual requirements to report financial and other information to the Department as required by NAIC changes.

Reviews the applications of newly incorporated domestic insurers who use the uniform certificate of authority application and evaluates the corporate documents, pro-forma financial statements and biographical information.

Coordinates financial reviews of new companies with Bureau of Financial Examination staff and recommends approval/disapproval to the Insurance Commissioner based on compliance with the requirements.

Performs related work as required.

REQUIRED KNOWLEDGES SKILLS AND ABILITIES: Knowledge of laws, policies, rules and regulations applicable to the analysis of insurance company proposals, operations and licensing.

Knowledge of insurance licensing principles and practices.

Knowledge of surplus lines insurance 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 to determine irregularities, and arrive at conclusions 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: Two years as an Insurance Company Licensing Specialist;

or

Three years 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

Three years 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 two years of professional experience in analyzing financial statements of insurance companies, or examining the financial conditions of insurance companies or operations of insurance companies.