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Financial Analyst

Recruitment #200110-UNCD-03

Introduction

APPLICATION INSTRUCTIONS:

Email resumes to:
angie.powers@oid.ok.gov

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#20-01-The Oklahoma Insurance Department has an opening in the Financial Division for a Financial Analyst I. The vacant position has a salary of $39,000. This position is open until filled.

DEFINITION
Under administrative direction of the Chief Financial Analyst, complete financial and statutory review of assigned licensed insurance companies and various other entities.  Analysis of annual and quarterly statements for assigned domestic companies within NAIC guidelines, the Oklahoma state statutes and Oklahoma rules and regulations, to ensure financial solvency for the policyholders of the State of Oklahoma.

JOB DUTIES
• Annual and quarterly review of filings of assigned Domestic companies, which include the Management Discussion and Analysis Report, Actuarial Opinion, Audited Financial Statements, Biographical Affidavits and Third-party verifications on key personnel at the company level, RBC report, Business plans and Pro-Forma
• Review for compliance with Oklahoma state statutes and process the approval/denial of forms, such as:
o Form A-Acquisitions (make recommendations and attend hearings)
o Form B-Oklahoma Insurance Holding Company System Registration Statement
o CGAD – Corporate Governance Annual Disclosure
o Form D- Prior Notice of a Transaction
o Form E-Pre-notification form regarding the potential competitive impact of a proposed merger or acquisition by a non-domiciliary insurer doing business in this state or by a domestic insurer
o Form F-Enterprise Risk Report
o ORSA – Own Risk and Solvency Assessment
o Form R-Redomestications (make recommendations and attend hearings)
• Review and analyze financial filings of assigned companies for financial stability, solvency and statutory compliance; use NAIC tools and guidelines to perform the analysis in accordance with the time recommendations from NAIC Financial Regulation Standards and Accreditation Program
• Create an Insurer Profile Summary (IPS) and Group Profile Summary (GPS) for distribution to other state departments of insurance.  Correspond with other state insurance departments regarding Oklahoma Companies with affiliates in other states on an annual basis in conjunction with quarterly and annual work
• Identify concerns, recommend resolutions and forward the reports annually and quarterly to the Chief Financial Analyst
• Collaborate and monitor financial stability of Domestic companies, affiliates, and subsidiaries with other state insurance departments.  Handle both oral and written correspondence for all assigned domestics
• Correspond and meet with various representatives of assigned insurance companies to discuss financial condition, statutory compliance and other problems as required.  Travel to Oklahoma companies for meetings when required
• Provide examination packets, attend Financial Examination kick-off and exit meetings with other interdepartmental employees and Examiners, attend C level  (CEO, CFO, etc.) examination interviews, review the initial Financial Examination report, Management Report and Summary Report Memorandum (SRM), follow-up on examination report exceptions and ensure corrective action is taken by the company
• Review initial application, admission documents, and financial reports; review A.M. Best, S&P and reinsurers; analyze company and parent; make recommendations to accept or deny the application
• Review and approve administrative changes for domestic companies, financial reports, and make recommendations for acceptance or denial for Certificate of Authority for the State of Oklahoma
• Review and sign certifications for the following: Valuation Certificates, Certificate of Authority, and open records requests
• Review and approve securities and statutory deposits for companies to maintain their compliance with Oklahoma statutes and to ensure the protection of all policyholders
• Review and or approve changes in Certificates of Incorporation, Articles of Incorporation, bylaws, name changes, acquisitions/mergers, company applications and re-domestications of domestic companies
• Keep continuing education updated in order to meet NAIC accreditation standards.  Attend NAIC webinars, ICCIE and specific financial analyst training.  Attend other insurance related training and updates
• This position will require registration into the International Center for Captive Insurance Education (ICCIE) for completion of a Certificate in Captive Insurance and Associate in Captive Insurance within three (3) years of registration
• Perform related work and special projects as required or assigned by Chief Financial Analyst

KNOWLEDGE, SKILLS AND ABILITIES
• Basic knowledge of insurance accounting required, including statutory accounting principles as well as generally accepted accounting principles, and applicable state statutes preferred
• Proficiency in Microsoft Office, specifically Excel, Word, Access and Outlook
• Ability to understand statutes, policies and procedures and apply them to conduct the business of the Department
• Ability to maintain effective working relationships
• Good time management skills and ability to work independently
• Strong communication and organizational skills

EDUCATION AND EXPERIENCE
Financial Analyst I - Bachelor’s degree in accounting, business or finance with zero to three years of experience in financial analysis, insurance financial analysis. Preference will be given to applicants holding at least one of the following designations:  CPA, CFE, AFE, CIE, AIE, FLMI, CPCU or ICCIE (ACI or CCI).

NOTE:
Upon hire, any applicant who is licensed as a producer/agent, adjuster or is otherwise affiliated with any entity that is regulated by the department must surrender their license and terminate any financial or non-financial affiliation with the entity that is regulated by the department. The selected applicant must pass a background check. Individual may be required to pursue NAIC designations as job duties require.

Employees of the Oklahoma Insurance Department are unclassified employees of the state.  For benefits offered by the State of Oklahoma to employees of the state, please use this link to access the Office of Human Capital Management benefits page at https://omes.ok.gov/services/employee-benefits
EEO/AA

Conclusion

Veteran's Preference Points Apply only for initial appointment in the Classified Service.



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