Financial Analyst-Captives

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 (Use the "Apply for this Job" box below)..

This position is located in the Captives Division of the Office of Financial Regulation and Solvency's Charleston Office.

The South Carolina Department of Insurance (SCDOI) is seeking motivated individuals to join our Financial Regulations & Solvency Division as Senior Auditors/Analysts.
Experience is not required, we will train the right candidates. A bachelor’s degree in Accounting ,Finance, Insurance, Risk Management or related field, with appropriate coursework in accounting/auditing is required.

In this role, you will help protect South Carolina consumers by evaluating the financial strength and solvency of insurance companies operating in the state. Working under the direction of the Supervising Financial Analyst, you will review statutory and/or GAAP financial statements,
assess risks, identify solvency concerns, and determine compliance with state laws and NAIC guidance. You will analyze company financial statements, audited financial reports, actuarial opinions, holding company filings, NAIC solvency tools, and financial indicators to understand trends, ratios, and emerging risks.

• Review and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings, NAIC reports, and information from other sources relevant to the current and prospective financial solvency of insurers and/or groups. Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency of review in accordance with the size, risk, and complexity of the insurer.
  
  Completed reviews must be professionally written and conducted with an appropriate depth and quality of review. Utilize analysis performed to conclude on the insurer's priority level and provide supporting rationale. Prepare and update the Risk Assessment Worksheet (RAW), Insurer Profile Summary (IPS), Group Profile Summary (GPS), and/or any other required work papers on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to management and other regulators, where applicable.
  
  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. 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.
• Complete project assignments as described in Job Duty #1 within deadlines established by supervisor(s).
• The Analyst will complete detailed financial analysis checklists on a timely basis for non-RRG captive 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…