PURPOSE OF JOB CLASS (NATURE OF WORK)
In the Insurance Department, in the areas of Financial Regulation and Captive Insurance, this class is accountable for independently performing highly complex tasks in conducting examinations of the financial and business records of insurance companies to assess financial condition or market conduct compliance including the responsibility for certifying the accuracy and completeness of financial audits, by signature, of non-association examinations.
GUIDELINES FOR JOB CLASS USE
This is the advanced working level and is distinguished from the working level by independent responsibility for conducting examinations of the financial and business records of insurance companies. Assignments include serving as examiner in charge or working independently on individual examinations and participating as part of an examination team on very large and complex examinations (e g., multiple lines, multiple agents). This class is distinguished from lower level classes in that incumbents must possess the designation of an Accredited Financial Examiner (AFE) or Certified Public Accountant (CPA). Accredited Financial Examiners may participate or represent a zone in association examinations.
Works under the limited supervision of an insurance department employee of higher grade.
May lead other Insurance Examiners.
EXAMPLES OF DUTIES
Conducts or leads the examination of insurance companies or conduct analysis of insurance company financial statements; may participate or represent a zone in association examinations; assists in planning examination procedures; assigns examiners to specific tasks and reviews work in progress; oversees or conducts examinations including tracing items on financial statements, verifying and computing liabilities, verifying the valuation and legality of assets; verifies the accuracy and completeness of non-association examinations; verifies proper market conduct including rates charged, underwriting practices and claims paid; prepares examination reports or analytical reviews; assists in preparing hearing material; performs related duties as required; ability to utilize computer software.
KNOWLEDGE, SKILL AND ABILITY
Considerable knowledge of accounting and auditing principles and practices; considerable knowledge of the organization and business practices of insurance companies; knowledge of and ability to interpret and apply insurance statutes, regulations and bulletins and the Uniform Administrative Procedures Act; considerable interpersonal skills; oral and written communication skills; considerable ability to analyze and evaluate insurance company financial statements and business; ability to utilize computer software.
MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE
Seven (7) years of experience in one or more of the following areas: regulatory examination of financial condition or market conduct of insurance companies; accounting, auditing and/or actuarial work in the insurance industry.
MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE
One (1) year of the General Experience must have been at or above the professional working level of an insurance examiner/auditor.
NOTE: For State Employees, this is interpreted at the level of Insurance Examiner or Insurance Examiner (Examination and Market Conduct).
MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
1. College training in Accounting, Insurance, Business, Finance, Actuarial Science, or Economics 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.
2. A Master's degree in Accounting, Insurance, Business or Economics may be substituted for one (1) additional year of the General Experience.
3. Certification as an Certified Internal Auditor may be substituted for one (1) additional year of the General Experience.
1. Incumbents must possess at time of appointment and maintain during employment the designation of Accredited Financial Examiner (AFE) or Certified Public Accountant (CPA).
2. Incumbents in this class may be required to travel.
3. 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)
This replaces the existing specification for the class of Insurance Accredited Financial Examiner in Salary Group AR 27 approved effective February 15, 2012 (Revised modify Purpose of Class)