Financial​/Credit Examiner I: DORA​/Division of Insurance

Job Title

SFA 4218 Financial Analyst

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law.

This Financial Team exists to preserve a safe and sound insurance marketplace for Colorado policyholders through periodic audits/examinations of insurance companies and non-traditional entities such as preneed contract sellers to:

• Detect those insurers that are in financial trouble or engaging in unlawful or improper business practices;
• Determine the financial solvency of insurers and evaluate operating policies and overall performance levels;
• Develop information and documentation necessary to implement regulatory actions against troubled companies;
• Initiate and monitor regulatory actions against entities that are financially troubled or hazardous to the public;
• Review and analyze financial statements and other legally required filings of regulated entities to determine potential and actual financial problems.

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.

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…