Financial Analyst - Captive

DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS

The Department of Insurance and Financial Institutions licenses, monitors, investigates, examines, and ensures the safety and soundness of, regulated entities. The Department also helps resolve consumer complaints against financial-services and insurance entities; takes action in response to violations of law; encourages competition, innovation, and economic development; collects taxes and assessments that support State government operations; combats auto theft and insurance fraud through public awareness campaigns, and funding for law enforcement and dedicated prosecutors.

Our mission is to help Arizonans receive the benefits and protections to which they are legally entitled by enforcing insurance and financial institution laws and by providing information and assistance and to combat vehicle theft.

100 North 15th Avenue, Phoenix, Arizona 85007

• Hourly Pay Range: $25.00 - $27.50
• Grade: 19
• This position will remain open until business needs are met

This position obtains, reviews, analyzes and audits, as applicable, annual and quarterly captive and captive risk retention group (RRG) insurer records, reports, financial statements, and related supplemental regulatory filings including, but not limited to , audited financial records, actuarial opinions, management's discussions and analysis, holding company filings, and enterprise Risk Reports.

Prepares and updates the Insurer Profile Summary and/or Group Profile Summary on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively executed and communicated to others.

Also monitor captive and captive risk retention groups to ensure required filing are timely made, as well as review for business plan changes (e.g., loan requests, dividends, etc.)

• Collect and analyze data such as annual and quarterly traditional insurer financial statements and all related supplemental regulatory filings, in accordance with the National Association of Insurance Commissioners (NAIC) Financial Analysis Handbook to detect deficient controls or non-compliance with laws, regulations, and management policies. Ensure compliance with applicable statutes, rules and the NAIC Accounting Practices and Procedures Manual
• Prepare detailed reports on audit findings. Report to management about audit results and recommended changes in operations and financial activities. Summarize and document results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators. Utilize analysis performed to conclude on insurer's priority level and provides supporting rationale. Prepare and update the Insurer Profile Summary and/or Group Profile Summary
• Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring 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.) When NAIC tools are not available, apply similar financial analysis ratios and other metrics as necessary, including those internally-developed
• Organize and maintain analysis files in a logical and efficient manner
• Other duties as assigned as related to the position

Knowledge:

• Knowledge in applicable solvency regulation standards and requirements, including statutory accounting practices and procedures
• Understanding of insurance operations, risks, risk management techniques, and transaction flows
• Understanding of risks that could emerge from non-insurance operations of an insurance group
• Knowledge in Microsoft Word, Excel and/or similar related software
• Knowledge in auditing accounting and auditing methods/systems
• Knowledge in general auditing standards and procedures

Skills:

• Being accountable for solvency monitoring of Arizona domestic insurers
• Skills in being objective, fair, reasonable and courteous
• Skills in accurately analyzing and interpreting data
• Strong written and verbal communication skills
• Strong analytical skills

Ability:

• Ability to research and learn applicable new regulations, guidance, and procedures and practices
• Ability to apply good judgments and draw sound conclusions while setting a good example
• Ability to multi-task, manage multiple projects, and effectively manage own time
• Ability to adapt to changing expectations and environments
• Ability to compose clear and concise audit reports

• Relevant designations that may enhance profile, such as AFE, CFE, CPA, PIR, ACI and certificate programs such as Certificate in Risk Management and Insurance
• Bachelor's degree in accounting, finance or economics. May consider Bachelor's degree in Risk Management and Insurance
• Demonstrable,…