In the Insurance Department, Financial Regulation Division, this class is accountable for leading insurance examiners in performing the most complex examinations of the financial and business records of insurance companies to assess financial conditions and market conduct compliance including responsibility for certifying the accuracy and completeness of financial audits, by signature of association examinations.
GUIDELINES FOR JOB CLASS USE
This is a working lead level which is distinguished from lower-level insurance examiner classes by responsibility for supervising and coordinating the examination work of a team of Examiners on large multi-line insurance companies. Incumbents in this class must possess the designation of either Certified Financial Examiner (CFE), Certified Information System Auditor (CISA) or Certified Public Accountant (CPA). Assignments routinely include serving as examiner in charge of association examinations.
Receives general direction from an Insurance Supervising Examiner or employee of a higher grade.
Leads insurance examiners and lower level staff as assigned.
EXAMPLES OF DUTIES
Schedules, assigns, oversees and reviews the examination assignment work of team members;
Serves as examiner in charge of association examinations;
Provides staff training and assistance regarding procedures and techniques;
Assists in conducting performance evaluations;
Assists in determining unit priorities and plans;
Assists in establishing and maintaining unit procedures;
Assists in the development of standards and examination procedures;
Acts as liaison with other operating units, agencies and outside officials regarding unit policies and procedures;
Prepares reports and correspondence;
Supervises and coordinates insurance examination activities including auditing financial statements and holding company reports;
Assists in determining areas to be examined;
Oversees analysis activities and provides guidance to less experienced examiners regarding procedure and techniques;
Participates in hearings on financial condition of insurers;
Drafts hearing notices issued to insurers for violation of statutes and regulations;
Recommends administrative sanctions;
May conduct financial examinations;
May conduct examinations of financial conditions and market conduct compliance;
May conduct information systems and market conduct compliance audits;
Performs related duties as required.
KNOWLEDGE, SKILL AND ABILITY
Considerable knowledge of
and ability to apply relevant state and federal laws, statutes and regulations;
and ability to examine and audit insurance companies information systems;
relevant agency policies and procedures;
accounting and auditing principles and practices involved in the examination of insurance companies;
the organization and business practices of insurance companies;
oral and written communication skills;
Considerable ability to
analyze and evaluate insurance company financial statements and reports by Certified Public Accountants, actuaries and consultants;
ability to assess market conduct;
Ability to utilize computer software;
Some supervisory ability.
MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE
Eight (8) years of experience in one or more of the following areas:
Regulatory examination of financial condition or market conduct of insurance companies;
Accounting, auditing, automated controls reviews or actuarial work in the insurance industry.
MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE
One (1) year of the General Experience must have been in an advanced working level or consultative capacity in professional work in insurance examining, auditing or automated controls reviews.
NOTE: For state employees this is interpreted at the level of an Insurance Financial Examiner.
MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
College training in accounting, insurance, business, finance, actuarial science, economics or other closely related field may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling 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, insurance, business, finance, economics or other closely related field may be substituted for an additional year of the General Experience.
Certification in any of the following may be substituted for one (1) additional year of the General Experience: Certified Public Accountant, Certified Information System Auditor, Certified Internal Auditor.
Incumbents must possess at time of appointment and maintain during employment the designation of Certified Financial Examiner (CFE), Certified Information System Auditor (CISA) or Certified Public Accountant (CPA).
Incumbents with a CISA designation must obtain and retain the designation of Automated Systems Examiner (AES) within 30 months of hire.
Incumbents in this class may be required to travel.
Incumbents in this class may be required to possess and retain a valid Motor Vehicle Operator’s license.
JOB CLASS DESIGNATION
(15)-Insurance Programs and Control
(16)-ADMIN & RESID (P-5)
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.
This replaces the existing specification for the class of Insurance Certified Financial Examiner in Salary Group AR 30 approved effective March 16, 2018. (Revised to modify content and Special Requirements and add Acknowledgement section) Final No. 23-010