State of Connecticut Executive Branch

Insurance Program Manager - Captive Insurance (4995MP)

$49.89-$68.02 Hourly / $3,990.46-$5,441.15 BiWeekly /
$104,151.00-$142,014.00 Yearly

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for directing the Captive Insurance Division to evaluate-to-qualify, license, regulate and examine captive insurers and risk retention groups in the alternative risk market.

SUPERVISION RECEIVED

Receives executive direction from the Deputy Commissioner.

SUPERVISION EXERCISED

Directs staff of division.

EXAMPLES OF DUTIES

  • Directs staff and operations of the Captive Insurance Division;
  • Coordinates, plans and manages division activities;
  • Formulates program goals and objectives;
  • Develops or assists in development of related policy;
  • Interprets and administers pertinent laws;
  • Evaluates staff;
  • Prepares or assists in preparation of division budget;
  • Maintains contacts with individuals within and outside of division who might impact division activities;
  • Trains insurance examiners;
  • Plans financial examinations and supervises insurance examiners in analysis and evaluation of new and existing captive insurers and risk retention groups in alternative risk market;
  • Provides final review of examinations, work papers and reports;
  • Interprets and evaluates reinsurance programs and actuarial studies;
  • Meets with potential captive applicants including Fortune 500 Company Chief Financial Officers and risk managers;
  • Makes recommendations regarding potential merger and acquisition of the insurers;
  • Maintains financial analysis of captive insurers in accordance with Connecticut state law and the National Association of Insurance Commissioner (NAIC) accreditation standards;
  • Represents agency and performs public speaking at various industry conferences and forums;
  • Leads the recruitment and hiring of staff, including outreach, interview and selection;
  • May coordinate orderly liquidation and dissolution of captive insurance companies;
  • May represent agency at NAIC meetings;
  • Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

  • Considerable knowledge of
    • and ability to apply management principles and practices;
    • relevant state and federal laws, statutes and regulations;
    • financial and business operations, Generally Accepted Accounting Practices (GAAP) accounting, statutory accounting and examination financial procedures;
  • Knowledge of different types of reserving methods used by insurers;
  • Considerable
    • interpersonal skills;
    • oral and written communication skills;
  • Ability to
    • analyze actuarial feasibility studies, reinsurance agreements and various investment products;
    • analyze and respond to complex problems arising in financial, operational and legal functions of business organizations;
    • manage, counsel and train staff.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Nine (9) years of professional experience in insurance regulation or the insurance industry, five (5) years of which must have been in the alternative risk insurance market.
NOTE: Alternative risk insurance market refers to a number of risk funding techniques (such as self insurance, captive, paid loss plans, insurance purchasing groups and risk retention groups) or an entity that provides coverage or services outside the realm of that provided by most traditional property and casualty insurers.

MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE

Two (2) years of the General Experience must have been in a lead capacity over professional financial or legal staff.

MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED

  • College training may be substituted for the General Experience on the basis of fifteen (15) semester hours equaling one-half (1/2) year of experience to a maximum of four (4) years for a Bachelor's degree.
  • A Master's degree in accounting, business, health care management, insurance, finance, economics or actuarial science or a law degree may be substituted for one (1) additional year of the General Experience.
  • A designation of Certified Public Accountant (CPA), Certified Financial Examiner (CFE), Chartered Life Underwriter (CLU) or Chartered Property and Casualty Underwriter (CPCU) may be substituted for one (1) additional year of the General Experience.

SPECIAL REQUIREMENTS

Incumbents in this class may be required to travel.

JOB CLASS DESIGNATION

Classified/Competitive

OCCUPATIONAL GROUP

(15)-Insurance Programs and Control

BARGAINING UNIT

(02)-MANAGERIAL

EEO

(1)-Officials And Administrators

SALARY INFORMATION

MP 66

ACKNOWLEDGEMENT

As defined by Sec. 5-196 of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all-inclusive of every task and/or responsibility.

CANCELLATION CLAUSE

This replaces the existing specification for the class of Insurance Program Manager – Captive Insurance in Salary Group MP 66 approved effective May 4, 2012. (Revised to add Acknowledgement section and modify content) Final 23-001

EFFECTIVE DATE

01/03/2023
CLASS: 4995MP; EST: 5/4/2012; REV: 1/3/2023;