JOB TITLE: INSURANCE COMPANY FINANCIAL ANALYST SUPERVISOR

JOB CODE: 04035

DEFINITION: This is professional supervisory work in the evaluation of the financial solvency of insurance companies and other regulated entities to determine their compliance with Pennsylvania insurance laws, regulations, and policies.

An employee in this job supervises Insurance Company Financial Analysts responsible for conducting reviews and risk-focused analyses of insurers, affiliated groups, and Continuing Care Retirement Communities (CCRCs). Work involves supervising the review of financial, corporate, and operating documents as well as special reviews of insurance companies with solvency problems. Work includes reviewing proposed intercompany transactions for compliance with insurance holding company regulations, including fairness of terms, financial impact, documentation standards, and regulatory filing requirements. Work is performed with considerable independence and is reviewed by an Insurance Company Financial Analyst Manager for adherence to departmental rules and policies.

   DISTINGUISHING CHARACTERISTICS:

     • Work is distinguished from the lower level by the responsibility for supervising Insurance Company Financial Analysts 2 or comparable positions.

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.)

• Supervises the review and evaluation of insurance company financial statements and related filings for compliance with National Association of Insurance Commissioners (NAIC) Accreditation Program standards and department policies.

• Identifies and recommends which insurance companies must file quarterly financial statements based on the results of the previous year’s analysis, results of the most recent financial examination, NAIC early warning test results, and Pennsylvania solvency benchmark analysis.

• Confers with insurance company representatives to discuss financial and management concerns.

• Determines proper course of action when potential issues or violations are discovered in the review process.

• Recommends changes to practices and procedures to improve efficiency and reflect new mandates or requirements.

• Performs the full range of supervisory duties.

• An employee in this job may participate in the performance of subordinates’ work consistent with operational or organizational requirements.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of statutory accounting principles and generally accepted accounting principles.

• Knowledge of risk-focused analysis concepts.

• Knowledge of insurance industry financial recordkeeping formats, transactions, and corporate structures.

• Knowledge of the use and functionality of auditing software and databases.

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

• Ability to interpret and analyze financial information to determine compliance with applicable laws, regulations, policies, guidelines, and best practices.

• Ability to apply critical thinking skills to identify and resolve problems.

• Ability to perform mathematical, statistical, and accounting calculations as they apply to the analysis, interpretation, and use of 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)

• Two years as an Insurance Company Financial Analyst 2 (Commonwealth title);

or

• Five years of professional accounting, auditing, financial investigation, financial compliance, or insurance market conduct experience, and a bachelor’s degree in insurance, accounting, finance, statistics, economics, public administration, business administration, or a closely related field that includes 15 college credits in accounting, finance, or auditing;

or

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