Supervising Financial Examiner

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Job Description - Supervising Financial Examiner (260006VP)

Job Description

Description

The Division of Insurance ("DOI"), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information.

An important aspect of the Division’s work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.

The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams.

Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.

The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens.

A Supervising Financial Examiner (SE) is assigned to direct the team of Insurance Examiners in their statutory financial examination of an insurance entity. The SE is responsible for the supervision, oversight, and coordination of examinations from inception to completion of tasks. This includes planning work, assuring adherence to laws, rules, procedures (MGL c. 175, 176, et al, compliance with the NAIC Financial Condition Examiners Handbook, other established guidelines, etc.),

ensuring timetables are met, communicating status, issues, problems and questions to insurance company personnel and Division of Insurance management, preparing reports, and recommending action to be taken in response to examination findings.

The SE oversees the examination of traditional life, accident and health insurance and property/casualty insurance companies. The SE also oversees the examinations of lodge fraternal organizations, title insurers, health insurers, HMOs, medical service, dental service, vision service corporations and workers' compensation self-insured groups and therefore, must possess the necessary knowledge of the accounting and financial reporting processes of these entities.

• Allocate work assignments and monitor the progress of assigned areas of examination. Prepare and submit bi-weekly progress reports to the Chief Examiner addressing any material adverse findings and listing current assignment of each examiner. Participates with senior examination staff, in the development of examination program, procedures, and standards for all insurers subject to Division of Insurance oversight. These programs, procedures and standards are developed in conjunction with the requirements of the NAIC Examiners Handbook and other NAIC criteria.
• Review preliminary documents, including CPA audit work papers and establish initial plan and budget.
• Prepare written report of examination of the financial condition of the company addressing the examination findings and compliance with Massachusetts General Laws, NAIC rules and other applicable rules and procedures.
• Plan individualized scope and focus for each insurance company examination by attending pre examination meetings with examination team, financial surveillance staff and company personnel. Attend by-weekly status update meetings.
• Meet with representatives of the company under examination to discuss the examination process, to obtain materials and documentation, to clarify information, and to maintain liaison with company management during examination.
• Apprise other Supervising Examiners of current examination developments and issues.
• Participates in…