Audits Mgr. II-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.

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, reviews the work performed by captive analysts, ensures appropriate execution of the risk-focused analysis approach, and provides guidance, support, and training to captive analysts. The role may also assume 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), ensuring depth of review, supporting documentation, and resolution of concerns.
• Ensure analysis incorporates information from company filings, internal sources, external sources, and NAIC tools and reports.
• Customize analysis to promote effectiveness and efficiency based on insurer size, risk, and complexity.
• Supervise workflow of the analysis process, ensuring compliance with NAIC Accreditation Program Manual timeliness guidelines.
• Correspond with company executives, department staff, and other regulators to investigate issues and evaluate additional regulatory actions.
• Review conclusions and supporting rationale related to insurer priority level, modifying if necessary.
• Challenge and revise updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) to ensure effective risk sharing.
• Primary reviewer of more complex and higher priority RRGs; obtain, review, and analyze annual and quarterly financial statements and related regulatory filings.
• Analyze information from NAIC FAST tools, IRIS ratios, Scoring System, Analyst Team System, Financial Profile, and other relevant sources.
• Review captive analyst checklists for annual non‑RRG captive insurance reviews.
• Assist with licensing, marketing, and promotional activities; attend meetings with prospective companies and represent the Department at captive industry conferences.
• Participate in the Captive Application Review Committee and the Troubled Company Committee.
• Coordinate work with other regulatory functions to avoid duplication and perform research on complex issues.
• Instruct analysts in risk‑focused surveillance concepts and advanced analytical skills.
• Encourage staff to adjust analysis approach based on results, professional skepticism, and critical thinking.
• Assist with special projects, attend examination meetings, and prepare supervisory files.
• Stay apprised of industry trends to improve financial analysis focus and execution.
• Maintain relevant designations that enhance analyst capability (e.g., CFE, PIR, CPCU, FLMI).

• Bachelor's degree in accounting, auditing, business administration, finance or insurance and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.
• Insurance designation(s) or progress toward their attainment.
• Overnight travel may be required.
• Proficiency in MS Word, Excel, and other related tools.
• Captives experience greatly preferred.
• Appropriate coursework in accounting/auditing.
• Three (3) years of financial analysis, public accounting or similar experience in insurance, reinsurance or alternative markets.
• Strong communication skills (written and oral) and advanced understanding of insurance operations, risks, risk management techniques, and transaction flows.
• Advanced understanding of risks that could emerge from non‑insurance operations of a group.
• Ability to aggregate and summarize information from a wide range of available sources.
• Accountability for solvency monitoring of assigned companies.
• Objective, fair, reasonable, and courteous with good judgment and sound conclusions.
• Ability to research and apply applicable state laws, regulations, procedures, and NAIC statutory and/or GAAP accounting practices.
• Ability to understand and evaluate the enterprise risk management functions of insurers.
• Ability to supervise staff captive analysts and invest in staff development.
• Ability to review the work of others, challenge conclusions, and provide constructive feedback.
• Ability to make decisions based on reasonable and timely analysis.
• Ability to evaluate and challenge information provided by the company.