In the Insurance Department, in the areas of Financial Regulation and Captive Insurance this class is accountable for participating in training and instruction necessary to obtain the designation of Accredited Financial Examiner (AFE). While in training, incumbents will independently perform highly complex tasks in conducting examinations of the financial and business records of insurance companies to assess financial condition or market conduct compliance.
GUIDELINES FOR JOB CLASS USE
Individuals in this class will be at the advanced working level. Work at this level 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 will be reserved for individuals who are in training to obtain the designation of Accredited Financial Examiner (AFE).
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 field examination of insurance companies or conducts analysis of insurance company financial statements;
Assists in planning examination procedures;
Assigns examiners to specific tasks and reviews work in progress;
Oversees or conducts examination including tracing items on financial statements, verifying and computing liabilities, verifying the valuation and legality of assets;
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.
KNOWLEDGE, SKILL AND ABILITY
Considerable knowledge of
accounting and auditing principles and practices;
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;
oral and written communication skills;
Considerable ability to analyze and evaluate insurance company financial statements and business.
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 the professional working level of an insurance examiner/auditor.
NOTE: For state employees this experience is interpreted at the level of Insurance Examiner (Examination and Market Conduct).
MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
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 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, insurance, business or economics may be substituted for one (1) additional year of the General Experience.
Certification as a Certified Internal Auditor may be substituted for one (1) additional year of the General Experience.
Incumbents in this class must obtain the designation of Accredited Financial Examiner (AFE) within thirty (30) months from the date of appointment.
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.
This class is established to permit the Insurance Department to recruit and train employees in insurance company financial analysis and auditing under the provisions of Section 5-234 of the Connecticut General Statutes. An employee may be appointed to this class for a period not to exceed thirty (30) months. No exceptions or extensions beyond the thirty (30) months will be granted.
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 Financial Examiner in Salary Group AR 26 approved effective October 19, 2012. (Reviewed for content and revised to modernize format and add Acknowledgement) Final No. 23-304