Insurance Financial Specialist

*** This job opportunity is not in the classified service and is not covered by the West Virginia Division of Personnel merit system.***

Workers' Compensation/Self-Insurance

900 Pennsylvania Avenue, Charleston, WV 25302

The Workers' Compensation/Self-Insurance division of the WV Offices of the Insurance Commissioner was developed to administer the Self-Insurance Program and to assist current self-insured employers, employers desiring to apply for self-insurance status, and those individuals seeking program information.

• Regulate employers which are authorized to self-insure their workers’ compensation coverage.
• Perform the Annual Reviews of active/inactive self-insured employers (SIE) following Chapter 23 and guidelines of CRS 85-18, 85-19, et al. (statute and rules).
• Review and analyze year-end audited financial statements prepared using Generally Accepted Accounting Principles (GAAP) to determine whether a self-insured employer is in an acceptable financial condition within the previously mentioned statutory and regulatory requirements. The entry of year-end financial data into a proprietary financial model assists with this duty.
• Review annual and quarterly payroll submissions for active SIE’s to determine if they comply with statute and rules.
• Review submitted year-end claims data with prior year-end data submissions to ensure data integrity.
• Communicate with self-insured employers and representatives to ensure data corrections are made and submitted timely.
• Calculate self-insured liabilities to set surety requirements. The entry of year-end claims data into an actuarial model assists with this duty.
• Review monthly and year-end data reports to ensure Electronic Data Interchange (EDI) is adequate to maintain the OIC’s Claims Index as defined in CSR 85-2.
• Analyze outstanding liabilities and current surety to ensure compliance with self-insured security requirements set forth in the statute and rules.
• Monitor additional surety requirements and submissions to ensure a surety instrument is acceptable and submitted within the established timeframe(s). A surety record is maintained for each SIE.
• Prepare and provide Annual Review Summary for each active self-insured regulatory surcharge and self-insured risk pool assessments.
• Process certificates of renewal and send annual data calls.
• Maintain the OIC’s systems to ensure SIE contact information is current.
• Review and process documents provided with SIE business modifications (mergers, sales, acquisitions, bankruptcies, etc.) as they occur, to make a recommendation regarding continuation of self-insurance.
• Process applications for self-insured status according to statute and rules and communicate with the applicant.
• Determine if applicants are financially and administratively capable of being self-insured and make a recommendation to OIC management once the application has been completed and reviewed.
• Maintain the OIC’s data relating to self-insured accounts and documents. This includes maintenance of account notepads, contacts, addresses, payments, documents sent to be imaged in account folders, and update of self-insured accounts/policies on the NCCI database.
• Perform other duties as assigned.

Both the 24-hour accounting requirement and knowledge of Statutory Accounting will be waived for this position.

Bachelor's degree from a regionally accredited four-year college or university with at least 24 semester hours in accounting. Preference may be given to applicants with CPA certification, a Master of Public Accountancy or Master of Business Administration.

Two years of full-time or equivalent part-time paid professional experience related to accounting, auditing, economics, finance or statistics or one year of full-time or equivalent part-time paid experience as an Insurance Financial Specialist 1.

Successful completion of graduate study from a regionally accredited college or university in business administration, finance, or accounting may be substituted for the required experience on a year-for-year basis. A CPA certification may be substituted for the training and the required experience.

• Holidays – Minimum of 12 paid holidays
• Leave Accrual – Ample Annual (starting at 4.61 hours a pay period) and Sick Leave (5.55 hours a pay period) Accrual
• Medical Insurance – Insurance through Public Employees Insurance Agency (PEIA) with several plan options and Flexible Benefits through Mountaineer Flex Benefits to cover additional needs
• Life Insurance – Free $10,000 Basic Life Insurance and additional life insurance offered at a low cost to you
• Retirement – Mandatory retirement where the employee contributes a portion of their annual salary and the employer also contributes, in addition to an optional 457 deferred compensation retirement plan