Supervising Financial Analyst-Captives

Mission Statement

The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visit Department of Insurance, SC - Official Website | Official Website

This position is located the Office of Financial Regulation and Solvency's Captives Division. in Charleston, SC and/or Columbia, SC.

Under the general supervision of the Chief Financial Analyst, the Captives Supervising Financial Analyst is responsible for supervising the captive financial analysts conducting risk-focused financial analyses on assigned insurers. This position provides input on technical matters, acts as a reviewer of the work performed by the captive financial analysts, ensures that captive analyst work is an appropriate execution of the risk-focused analysis approach, and provides guidance, support, and training to captive financial analysts.

This position may also be assigned primary responsibility for reviewing and monitoring the current financial condition and prospective financial solvency of more complex and higher priority insurance companies.

Supervise the quality of the analysis process for risk retention groups (RRGs), including appropriate depth of review, supporting documentation, and resolution of concerns. Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools and reports. 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 analysis process, including but not limited to, compliance with timeliness guidelines set forth in the NAIC Accreditation Program Manual.

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 analyst conclusions regarding insurer compliance with state laws, regulations, and NAIC standards and guidelines.

Act as primary reviewer of more complex and higher priority RRGs. Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management's discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.).

Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc. Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.).

Review captive analyst's detailed financial analysis checklists for annual non-RRG captive insurance reviews in accordance with Department procedures. Act as primary reviewer of more…