JOB TITLE: INSURANCE COMPANY FINANCIAL ANALYST TRAINEE

JOB CODE: 04015

SERIES NATURE OF WORK: The Insurance Company Financial Analyst job series describes work in the review and analyses of financial, corporate, and operating documents to ensure the financial solvency of insurers, affiliated groups, Continuing Care Retirement Communities (CCRCs), and the protection of insurance consumers.

DEFINITION: This is specialized trainee work in the application of accounting principles and in the review of financial statements and related documents to determine compliance with Pennsylvania insurance laws, regulations, and policies.

An employee in this job participates in formal and on-the-job training to obtain the necessary skills and experience to conduct risk-focused reviews and analyses of detailed financial and operational documents, and compliance and solvency reports. Work involves developing skills in reviewing business plans and pro forma documents and understanding their relationship to a company’s operations, risk management, and financial results. Work may initially include performing a limited range of duties such as assisting in the collection, preparation, and entry of data; researching the nature and extent of financial analysis procedures; and reviewing financial analysis manuals and publications to assist with assessing risk factors and financial solvency. Work will become increasingly more complex as learning progresses and technical proficiency is acquired. Work is reviewed in progress and upon completion by an Insurance Company Financial Analyst Manager for completeness, accuracy, quality, and application of accepted insurance industry principles and standards; and for development of competence in financial analysis techniques and procedures.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.)

• Assists Insurance Company Financial Analysts in the review and analysis of financial, transactional, and operational records by assessing compliance with statutes, regulations, policies, and National Association of Insurance Commissioners (NAIC) guidelines and best practices.

• Assists in conducting risk-focused analysis by reviewing rating agency and Securities and Exchange Commission filings; utilizing Financial Analysis Solvency Tools; and researching industry publications.

• Participates in the review of corporate governance and organizational structures.

• Assesses the compliance of insurance company financial documents with accounting standards, including statutory accounting principles (SAP) and Generally Accepted Accounting Principles (GAAP), the prioritization framework, Insurer Profile Summaries, and policies regarding information sharing with other jurisdictions.

• Assists with updating financial analysis procedures to ensure effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer.

• Enters pertinent data into software applications or spreadsheets and assists with the sorting and logging of time-sensitive and confidential information.

• Assists with preparing analyses and making recommendations regarding the priority designation of a company.

• Reviews disclosure statements, financial and transactional records, and other related CCRC filings, including the certified public accountant (CPA) report.

• Reviews the Financial Analysis Procedures Manual, NAIC publications, Financial Analysis Handbook, NAIC Accreditation Program Manual, and other industry publications to assist with assessing risk factors and financial solvency.

• Performs research and reviews industry publications, manuals, and policies to develop an understanding of Hazardous Financial Condition, Material Adverse Findings, Risk-Based Capital levels, and other solvency monitoring items important to regulatory oversight and the solvency monitoring process.

• Updates the Insurer Profile and Group Profile Summaries and shares these documents with other regulators using the NAIC Regulator File Sharing System.

• Prepares correspondence, written reports, work papers, and spreadsheets; and composes requests for information from insurance company or other regulated entity representatives and regulators.

• Observes financial analysts and Insurance Department staff, participates in training sessions, studies training materials, and presents reports on training assignments.

• Travels to training events and conferences to keep apprised of industry requirements, recent trends, and best practices.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of generally accepted accounting and auditing principles and practices.

• Knowledge of the methods of compiling, organizing, and analyzing data.

• Knowledge of the use and functionality of Microsoft Office Suite software.

• Ability to perform mathematical and statistical calculations as they apply to the interpretation and use of financial data.

• Ability to analyze and interpret financial data

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

• Ability to establish and maintain effective working relationships.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities)

• A bachelor’s degree in insurance, accounting, finance, economics, business administration, risk-management, or a closely related field, which includes 15 college credits in accounting, finance, or auditing;

or

• An equivalent combination of experience and training which includes 15 college credits in accounting, finance, or auditing.