Financial Analyst-Traditional

The mission of the State of South Carolina Department of Insurance is to protect and serve the insurance consumers by promoting a fair, stable, and competitive insurance market through regulation, education, and advocacy. For more information about working at the SC Department of Insurance, please visit Department of Insurance, www.doi.sc.gov.

Under the general supervision of the Supervising Financial Analyst, the Analyst's primary function is to develop an understanding of insurance company operations, risks, risk management techniques, and transaction flows to enhance the Analyst’s ability to determine the financial condition of their assigned companies. Upon identifying any companies that are or may become troubled, the Analyst is responsible for determining if the proper corrective action has been taken using established Department policies and procedures.

• 1. Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management’s discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.). Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team 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.).
• 2. The Analyst will complete detailed financial analysis checklists on a timely basis for insurance companies in accordance with Department procedures. Obtain, review, and analyze annual insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports and actuarial opinions). 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, SEC filings, earning calls and releases, etc.).
• 3. Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. Summarize and document results of analysis and assessment of risks based upon information reviewed as well as communications with the insurer and other regulators. Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted.
  
  Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed. Utilize analysis performed to conclude on the insurer’s priority level and provide supporting rationale. Prepare and update the Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to other regulators.
• 4. Research complex issues including state law, state regulations, accounting standards, etc. Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines. Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests. Distribute and present results of…