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Posted: 07-Sep-23
Location: Tallahassee, Florida
Type: Full Time
Salary: $65,000.04
Sector:
Required Education:
Internal Number: 43000261
The Office of Insurance Regulation (OIR) envisions a robust and competitive insurance market while maintaining protections for consumers. Led by Florida’s Insurance Commissioner, OIR is the lead regulatory agency overseeing Florida’s insurance industry – one of the largest, most complex insurance industries in the world. From licensing companies, reviewing forms and rates, monitoring insurers’ financial condition, enforcing compliance, analyzing market data, and attracting insurance-related jobs and capital, OIR offers a dynamic workplace with professional development opportunities while serving Florida insurance consumers.
Brief Description of Duties:
Supervise the Financial Analysis subdivision of the Life and Health Section of the Office of Insurance Regulation:
- Manage the Financial Analysis subdivision of the Life and Health Section of the Office of Insurance Regulation by directing the work of two or more full time analysts or their equivalent by supervising the quality of their analysis process, including ensuring appropriate depth of review, supporting documentation, and resolution of concerns regarding financial statements, and other filings.
- Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools.
- Ensure that analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk and complexity of the insurer.
- Supervise the workflow of the financial analysis process, including but not limited to ensuring that each examiner comply with timeliness guidelines set forth in the NAIC Accreditation Program Manual, Financial Services Contract and SMART Goals.
Apply Knowledge and Skills:
- Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted.
- Review conclusions and supporting rationale related to an insurer’s priority level and determine if modifications are necessary.
- Review, challenge, and where applicable revise the updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators.
- Review conclusions regarding insurer compliance with state laws, rules, regulations NAIC and Office standards and guidelines.
- Determine assignments of insurer and insurance groups among analysts or their equivalent and the level of oversight provided to analysts or their equivalent based on risks, complexity, and staff abilities.
- Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests.
- Review research or perform research on complex issues including State law, State regulations, accounting standards, etc.
General Supervisory Responsibilities:
- Make suggestions and recommendations as to the hiring of employees, including the following: reviewing applications, determining individuals to be work sampled, interviewing and selecting candidates; preparing memos to recommend hiring.
- Train new employees.
- Maintain records, including the following: maintaining employee work schedules; maintaining records regarding timeliness of reviews; maintaining files related to appraising the productivity and efficiency of each employee; providing and documenting feedback to analysts or their equivalent related to performance; and apportioning work among analysts or their equivalent.
- Supervisor will provide appropriate oversight to analysts or their equivalent that are performing poorly, including the following: creating a performance improvement plan for said employee; discipline employees for poor performance; and drafting and compiling recommendations for disciplinary actions.
- Make suggestions and recommendations as to the firing, advancement, or promotion or any other change of status of employees, including drafting recommendations based on records maintained in accordance with the records, plan, and discipline noted above.
- Evaluate the performance of each employee in accordance with Office of Insurance Regulation performance review procedures.
- Instruct assigned analysts or their equivalent in the application of risk-focused surveillance concepts and advanced analytical skills, including:
- Encourage and direct staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances.
- Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.
- Attend meetings with companies, analysts, and others to review and resolve problems for financial reports, investigations or audits.
- Hold conferences with company officials, accountants, attorneys, actuaries and consultants.
- Assist in the administration and formation of personnel policies in the Bureau.
- Identify and encourage participation in external training opportunities (e.g. NAIC, SOFE, etc.) to develop analysis staff.
- Develop and conduct internal training as needed to supplement training provided through external sources.
- Propose legislative changes to statutes.
- Represent the Department at public functions if directed to do so.
- Assist in any administrative matters deemed necessary by the Director or Bureau Chief.
- Perform related duties as required.
- Recommends hiring employees.
Develop Industry Knowledge and Skills:
- Stay apprised of industry trends through review of business journals, industry publications, etc. to determine impact on insurers in State and continue to improve focus and execution of the financial analysis process.
- Maintain relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, PIR, CPCU, FLMI, etc.).
- Participate in training courses and identify implications for analysis including identifying need for supplemental training to be provided to own State.
Special Notes:
Bachelor’s or higher from an accredited college or university with a major in accounting, finance, business, risk management and insurance or actuarial science is required. Some travel throughout the State of Florida is required.
Preference will be given for:
- 1 year of supervisory experience.
- 1 year financial analysis, public accounting or similar experience with specialization in the insurance industry.
- Relevant designations may enhance a candidate’s profile (AFE, CFE, CPA, CPCU, FLMI, PIR, etc.)
Qualified applicants will be required to take a work sample.
Annual Salary will be $65,000.04.
Employees of the Department of Financial Services are paid on a monthly pay cycle.
This position requires a security background check, including fingerprint as a condition of employment.
Bachelor’s or higher from an accredited college or university with a major in accounting, finance, business, risk management and insurance or actuarial science is required. Some travel throughout the State of Florida is required.
This position requires a security background check, including fingerprint as a condition of employment.
