Financial/Credit Examiner I: DORA/Division of Insurance

Job Title

SFA 4218

Job Description

This position analyzes financial filings and other information to monitor the solvency/financial position of insurers and protect policyholders. This position monitors financial trends, solvency risks, and compliance with applicable laws by performing in-depth analyses, identifying risks, developing procedures to monitor risks, and recommending Division decisions/actions.

The financial analysis process duties include:

• Prioritizing insurers using a risk-focused framework to ensure Division resources are allocated appropriately.
• Insurers are assigned a priority of "1" to"4". Priority "1" is the highest priority, while priority "4" is the lowest priority.
• Performs review of higher priority insurers before the review of lower priority insurers.
• Allocates personal time and resources to ensure the Division focuses more financial oversight on higher priority insurers.
• Analysis of quarterly domestic insurer financial statement results.
• Assesses insurer internal controls and accounting practices.
• Assesses insurer governance and risk management.
• Evaluates financial position/solvency.
• Assesses investment portfolios.
• Assesses business plan changes.
• Assesses reinsurance programs.
• Assesses and monitors credit, legal, liquidity, market, operational, underwriting, reputation reserving, and strategic solvency risks.
• Analysis of opinions/reports provided by specialists.
• Assesses compliance with statutory accounting practices.
• Considers the adequacy of internal controls over financial reporting.
• Assesses the adequacy of loss reserves.
• Acts as the lead regulator for the analysis of single-state groups or acts as a participating regulator for the holding company analysis of multi-state groups.
• Evaluates the Group's impact on the domestic insurer.
• Performs lead regulator functions for groups that have insurers in Colorado but have insurers in no other states.
• Evaluates holding company registration filings, prior notification of material transactions, analyzes reinsurance agreements, analyzes enterprise risk management filings, analyzes public financial filings, analyzes press releases, and analyzes corporate governance disclosures.
• Gathers information about the group's organizational structure and operations including its segments, sources of revenue/expenses, distribution network, etc.
• Assesses group-level credit, legal, liquidity, market, operational, underwriting, reputation reserving, and strategic solvency risks.
• Assesses group financial position, profitability, liquidity, and leverage
• Assesses group governance and risk management.
• Prepares a Group Profile Summary that documents the holding company analysis and shares the results with Division management.
• Analyzes merger/acquisitions to consider the expected impact on the market, the insurer, and policyholders. Coordinates with the lead state when applicable.
• Acts as the participating regulator for the analysis of groups.
• Actively participates in calls and meetings arranged by the lead state.
• Actively shares pertinent information with the lead state.
• Evaluates holding company registration filings, prior notification of material transactions, analyzes reinsurance agreements, analyzes enterprise risk management filings, analyzes public and information provided by the lead state including the GPS.

Minimum Qualifications, Substitutions, Conditions of Employment & Appeal Rights

MINIMUM QUALIFICATIONS (MQs):

There are two ways to qualify for this position: 1) Experience OR 2) A Combination of Education and Experience. Option 1: Experience

• Five (5) years of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:
• Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
• Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
• Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
• Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
• Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management.

Option 2: A Combination of Education AND Experience

• Graduation from an accredited college or university with an associate's degree in accounting, business administration, economics, statistics or finance; AND
• Three (3) years of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:
• Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
• Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
• Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
• Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
• Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management.

OR

• Graduation from an accredited college or university with a bachelor's degree in accounting, business administration, economics, statistics or finance; AND
• One (1) year of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:
• Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
• Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
• Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
• Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
• Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management.

Document this experience in your application IN DETAIL, as your experience will not be inferred or assumed. Part time experience will be prorated.

SUBSTITUTIONS:

• A combination of professional* work experience as described above, which provided the same kind, amount, and level of knowledge acquired in the required education, may be substituted for the bachelor's degree on a year-for-year basis;
• A master's or doctorate degree from an accredited college or university in a field of study related to the work assignment will substitute for experience on a year-for-year basis.
• A certification, registration, or licensure related to the work assigned to the position will substitute for one year of required experience.

*Professional work involves exercising discretion, analytical skill, judgment and personal accountability and responsibility for creating, developing, integrating, applying, and sharing an organized body of knowledge that characteristically is: uniquely acquired through an intense education or training regimen at a recognized college or university; equivalent to the curriculum requirements for a bachelor's or higher degree with major study in or pertinent to the specialized field; and continuously studied to explore, extend, and use additional discoveries, interpretations, and application and to improve data, materials, equipment, applications and methods.

Preferred Qualifications :

• Certified as a Public Accountant (CPA), Accredited Financial Examiner (AFE), Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), or Chartered Property Casualty Underwriter (CPCU), Chartered Life Underwriter (CLU), or Fellow Life Management Institute (FLMI);
• Experience conducting investigations and audits, including reviewing, analyzing