06/15/2006 04180

INSURANCE COMPANY LICENSING AND FINANCIAL ANALYSIS DIRECTOR

DEFINITION: This is managerial work in directing the state programs for licensing of insurance companies and for conducting the analysis of insurance company financial statements.

The employee in this job plans, directs and coordinates all activities of the Bureau of Company Licensing and Financial Analysis in the Insurance Department. Work involves managing the program to license insurance companies to conduct business in Pennsylvania and to oversee the review of corporate activities of presently authorized entities for conformance with insurance laws; managing the program to review and analyze insurance company financial statements to ensure compliance with state laws and regulations; and directing security transactions including the preparation and certification of deposits, compliance and surety. Work also includes drafting regulations and guidelines interpreting laws relating to insurance company licensing and corporate activities, and recommending legislation affecting insurance company operations. Supervision is exercised over professional and technical staff. Work is performed with independence under the general direction of the Deputy Insurance Commissioner who reviews work through conferences, reports and evaluation of program effectiveness.

EXAMPLES OF WORK: Directs the review and evaluation of applications for the formation of new domestic insurance companies, health maintenance organizations and continuing care providers.

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

Directs 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 dissolutions of companies, security deposits and management contracts.

Directs the review and analysis of insurance company financial statements to determine financial solvency and adherence to insurance laws, rules and regulations.

Determines priorities for audits of financial statements based upon company operating history, financial solvency, National Association of Insurance Commissioner's IRIS test ratios and recent financial examination results.

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

Meets with insurance company officials and representatives to discuss issues and concerns relating to licensing, corporate activities or to the filing or audit of financial statements.

Assists other Insurance Department personnel by providing information regarding licensing matters, corporate activities, financial statements or financial solvency.

Recommends policies, procedures, legislation and regulations regarding insurance company licensing, corporate activities, and the analysis of financial statements.

Performs the full range of supervisory duties.

Employees in this job may participate in the performance of their subordinates' work consistent with operational or organizational requirements.

Performs related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES: Knowledge of state laws and Department regulations relating to the licensing and operation of insurance companies.

Knowledge of insurance principles and practices.

Knowledge of current developments and trends in the insurance field.

Knowledge of investments and securities.

Knowledge of the principles and practices of administration and supervision.

Ability to evaluate difficult and unusual problems regarding insurance company financial statements and insurance company operations.

Ability to make sound regulatory decisions and recommendations as they relate to the areas of responsibility.

Ability to prepare written reports.

Ability to plan, assign, direct and evaluate the work of subordinates.

Ability to establish and maintain effective working relationship with representatives of the insurance industry and the general public.

Ability to orally communicate in a clear and concise manner.

Ability to communicate effectively in writing.

MINIMUM EXPERIENCE AND TRAINING: Three years of experience as Insurance Company Licensing Chief or Insurance Company Financial Analysis Chief;

or

Six years of experience in financial accounting or auditing of insurance companies, or other responsible experience in fiscal management or legal counseling in the insurance industry or in the regulation of the insurance industry, including three years of administrative or managerial experience; and a bachelor's degree;

or

An equivalent combination of experience and training.