Financial Services Examiner

Overview

This position involves examination, evaluation and investigation of the eligibility of financial services institutions to conduct business in the Territory, and verification of solvency in accordance with Title 9 and Title 22 of the Virgin Islands Code.

Under the direct supervision of the Chief Financial Services Examiner and/or Director, the incumbent examines, investigates, reviews, and monitors insurance agencies and companies. He/she examines other financial services institutions for eligibility requirements, solvency and compliance with federal and local laws and standards, rules and regulations. Work is reviewed by the Chief Financial Services Examiner for compliance and adherence to established guidelines.

• Reviews original applications of financial services providers to determine eligibility to conduct business in the Territory.
• Examines and analyzes data contained in application forms, agency reports, business records, public documents or other records to gather facts, and verifies correctness and authenticity of the information submitted by financial services providers.
• Provides information and answers questions of individuals or groups concerning the business operations of a financial services provider.
• Determines eligibility for participation in activity, conformity to program requirements, or liability for damages or financial losses based on findings.
• Analyzes statistical data to ensure that administrative policies, regulatory codes, legislative directives and other guidelines are being met.
• Interviews licensees, confers with officials and technical or professional specialists, in order to obtain information or clarify facts.
• Performs onsite examination of company data contained in business records, public documents or other records to determine solvency; ascertain that the financial services providers are in compliance with statutory requirements, to include federal and local laws and standards.
• Prepares reports of examinations and evaluations, determines the eligibility or ineligibility of financial services applicants and makes appropriate recommendations to the Chief Financial Services Examiner and/or the Director.
• Performs other related duties incidental to the work described herein.

A Master's Degree in Business Administration (MBA) or Certified Public Accountant (CPA), or any of the following professional designations:
Accredited Financial Examiner (AFE), Certified Financial Examiner (CFE), Certified Fraud Examiner (CFE), Associate Professional in Insurance Regulation (APIR) and Professional in Insurance Regulation (PIR).

OR

A Bachelor's Degree in Accounting or Business Administration, or other related field, with three (3) years' experience working in Government or the financial services industry;

OR

An Associate's Degree in Accounting or Business Administration, or other related field (with a minimum of 15 credits in Accounting), and five (5) years' work experience in Government or the financial services industry.

• Knowledge of insurance, banking, securities, and other financial services practices, procedures and laws.
• Knowledge of accounting principles and practices in relation to various insurance, banking, securities, and other financial services transactions.
• Ability to interpret and apply legislation, rules and regulations as they relate to the financial services industry.
• Working knowledge of Microsoft Office programs such as Word, Excel and PowerPoint. Ability to communicate ideas orally and in writing.
• Ability to prepare clear and concise written reports.
• Ability to maintain reports and records.
• Ability to communicate effectively and professionally with all persons contacted during the course of work.

Employee works under the supervision of the Chief Financial Services Examiner and/or the Director. Work is reviewed through conferences and/or discussions.

Guidelines include, but are not limited to, Title 9, Title 13 and Title 22, Virgin Islands Code; the policies of the NAIC, CSBS, NASAA and other banking and financial services practices, procedures…