Captive Legal Counsel

Job Description

This is a non-merit position. Candidates must follow the instructions in the "To Apply" section. Positions in this class are exempt from the screening and referral requirements of the Iowa Department of Administrative Services – Human Resources Enterprise.

The Iowa Insurance Division is seeking an attorney to join our team and serve as Legal Counsel to the Captive Bureau.

The Captive Legal Counsel provides professional oversight of entities engaged in the business of captive insurance by performing initial licensing, analysis, and examination assignments.

• Review the details associated with the captive company's business plan, including but not limited to assessing the types of risks to be underwritten, the intended insureds, and the reinsurance strategy.
• Ensure the captive will be compliant with all legal and regulatory requirements.
• Verify the organizational and governance structure meets statutory requirements.
• Assess the solvency and liquidity of the captive insurance company based upon a review of the financial statements, feasibility study, actuarial assessments, reinsurance coverage, and retention levels.
• Attend meetings with potential or prospective captive insurance companies, brokers, and/or captive managers to identify and understand the entity and identify any concerns or issues.
• Review captive application packets for completeness, compliance with legal, regulatory, and financial requirements.
• Perform reviews of annual reporting, business change notifications, and assist with exams.

The Iowa Insurance Division offers a strong team culture and a respect for work‑life balance. We have a competitive total compensation package for all our full‑time employees, including:

• Iowa Public Employees Retirement System (IPERS)
• Retirement Investors Club (RIC)
• Health, Dental and Vision Insurance
• Vacation and Sick Leave
• Paid Holidays (9 days/year)
• Hybrid Telework opportunities

The State of Iowa participates in E‑Verify, a federal program that helps employers confirm the employment eligibility of all newly hired employees. Within the required timeframe, new hires will be verified through the E‑Verify system to ensure authorization to work in the United States. The State of Iowa also complies with the Federal Right to Work laws, which protect employees’ rights to work without being required to join a labor organization.

For more information, please visit (Use the "Apply for this Job" box below)..

354 Law Degree – Possession of a law degree from an accredited institution.

• Graduation from an accredited four‑year college or university with a degree in insurance, accounting, actuarial science, risk management, finance, or business, and experience equal to eight years of full‑time work in insurance industry examination, financial analysis, quality assurance, enterprise risk management, or corporate governance.
• Graduation from an accredited college or university with a master’s degree in business administration, and experience equal to six years of full‑time work in insurance company examination, financial analysis, enterprise risk management, or corporate governance.
• All of the following:
• Five years of full‑time work experience in insurance industry examination, financial analysis, quality assurance, enterprise risk management, or corporate governance.
• A total of four years of education and/or full‑time experience (as described in part a), where thirty semester hours of accredited college or university coursework in insurance, degree in insurance, accounting, actuarial science, risk management, finance, or business equals one year of full‑time experience.
• A total of three years of graduate‑level education and/or full‑time experience (as described in part a), where twenty‑four semester hours of accredited graduate college or university coursework in business, law, actuarial science, computer science, or pharmaceutical science equals one year of full‑time experience.
• Current, continuous experience in the state executive branch that includes one year of full‑time work as an Insurance Examiner 4.

Travel, including overnight, out‑of‑state, and international travel, may be required for positions in this class. Employees must arrange transportation to and from assigned work areas.