FINANCIAL EXAMINER/ANALYST SUPV - SES - 43000442

Requisition No: 821723 

Agency: Office of Insurance Regulation

Working Title: FINANCIAL EXAMINER/ANALYST SUPV - SES - 43000442

 Pay Plan: SES

Position Number: 43000442 

Salary:  $72,000.00 

Posting Closing Date: 05/21/2024 

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*****OPEN COMPETITIVE EMPLOYMENT OPPORTUNITY *****

OFFICE OF INSURANCE REGULATION
BUREAU: LIFE & HEALTH FINANCIAL OVERSIGHT

CITY: TALLAHASSEE 

COUNTY: LEON

The Florida Office of Insurance Regulation (OIR) Strives to promote a stable and competitive insurance market for consumers. With a workforce of approximately 250 staff members, OIR regulates one of the largest, most complex insurance markets in the world.

OIR offers a range of challenging and rewarding opportunities for individuals looking to grow in their career and offers a wide variety of top insurance – related courses and professional certifications to ensure that its staff has the industry knowledge needed to succeed. OIR employees also have access to the State of Florida’s tuition waiver program, which offers educational assistance to full time, salaried employees.

As a State Agency, OIR offers excellent benefits such as health insurance, dental insurance, vision insurance, retirement plans, flexible spending accounts, health savings accounts, and much more. OIR also offers annual and sick leave, a generous holiday schedule, and flexible work schedules.

Click the links below to see the many benefits and retirement options you have as a State of Florida employee.

https://www.mybenefits.myflorida.com/

https://myfrs.com/ContactUs.htm

Brief Description of Duties and Responsibilities:

The primary duties of this position are:

Supervise the Financial Analysis subdivision of the Health Care Section of the Office of Insurance Regulation:

• Manage the Financial Analysis subdivision of the Health Care Section of the Office of Insurance Regulation by directing the work of two or more full time analysts or their equivalent by supervising the quality of their analysis, including ensuring appropriate depth of review, supporting documentation, and resolution of concerns health care financial statements, contract forms, and other filings.
  • Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools.
  • Ensure that analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer.
• Supervise the workflow of the financial analysis and contract review process, including but not limited to, ensuring that the supervisor and each analyst comply with timeliness guidelines set forth in the NAIC Accreditation Program Manual Financial Services Contract and SMART Goals.

Apply Knowledge and Skills:

• Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted.
• Review conclusions and supporting rationale related to an insurer’s priority level and determine if modifications are necessary.
• Review, challenge, and where applicable revise the updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) [IF ADOPTED] on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators.
• Review conclusions regarding insurer compliance with state laws, rules, regulations, NAIC and Office standards and guidelines.
• Determine assignments of insurer and insurance groups among analysts and the level of oversight provided to analysts based on risks, complexity, and staff abilities.
• Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests.

Review research or perform research on complex issues including State law, State regulations, accounting standards, etc.

General Supervisory Responsibilities:

• Make suggestions and recommendations as to the hiring of employees, including the following:  reviewing applications, determining individuals to be work sampled, interviewing and selecting candidates; preparing memos to recommend hiring.
• Train new employees.
• Maintain records, including the following: maintaining employee work schedules; maintaining records regarding timeliness of reviews; maintaining files related to appraising the productivity and efficiency of each employee; providing and documenting feedback to analysts related to performance; and apportioning work among analysts.
• Supervisor will provide appropriate oversight to analysts that are performing poorly, including the following: creating a performance improvement plan for said employee; discipline employees for poor performance; and drafting and compiling recommendations for disciplinary actions.
• Make suggestions and recommendations as to the firing, advancement, or promotion or any other change of status of employees, including drafting recommendations based on records maintained in accordance with the records, plan, and discipline noted above.
• Evaluate the performance of each employee in accordance with Office of Insurance Regulation performance review procedures.

• Instruct assigned analysts in the application of risk-focused surveillance concepts and advanced analytical skills, including:
  • Encourage and direct staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances.
  • Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.
• Attend meetings with companies, analysts, and others to review and resolve problems for financial reports, investigations or audits.
• Hold conferences with company officials, accountants, attorneys, actuaries and consultants.
• Assist in the administration and formation of personnel policies in the bureau.
• Identify and encourage participation in external training opportunities (e.g. NAIC, SOFE, etc.) to develop analysis staff.
• Develop and conduct internal training as needed to supplement training provided through external sources.
• Propose legislative changes to statutes.
• Represent the Department at public functions if directed to do so.
• Assist in any administrative matters deemed necessary by the Director or Chief.

• Perform related duties as required.
• Recommends hiring new employees.

Develop Industry Knowledge and Skills:

• Stay apprised of industry trends through review of business journals, industry publications, etc. to determine impact on insurers in State and continue to improve focus and execution of the financial analysis process regulatory.
• Maintain relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, PIR, CPCU, FLMI, etc.)
• Participate in training courses and identify implications for analysis including identifying need for supplemental training to be provided to own State.

Minimum Qualifications for this position include the following REQUIRED ENTRY LEVEL KNOWLEDGE, SKILLS, AND ABILITIES:

Education and/or Experience:

• Bachelor’s or higher from an accredited college or university with a major in accounting, finance, business, risk management and insurance or actuarial science.

Preferred:

• 1 year of supervisory experience
• 1 year financial analysis, public accounting or similar experience with specialization in the insurance industry
• Relevant designations may enhance a candidate’s profile (AFE, CFE, CPA, CPCU, FLMI, PIR, etc.

REQUIRED/ENTRY-LEVEL KSAs:

• Strong communications skills (both written and oral)
• Advanced understanding of insurance operations, risks, risk management techniques, and transaction flows
• Advanced understanding of risks that could emerge from non-insurance operations of a group
• Strong analytical skills with the ability to pull together current financial information and update with submitted projections and other available narrative reports (i.e., business plan, Form F, MD&A, ORSA, etc.) into the analyst’s summary write-up, which will be used as the basis for providing conclusions.
• Takes responsibility and is accountable for solvency monitoring of assigned companies
• Objective, fair, reasonable and courteous with the ability to apply good judgments and draw sound conclusions while setting a good example
• Ability to research and apply the applicable state laws, insurance departments’ regulations, procedures and practices, GAAP and the NAIC statutory accounting practices
• Ability to understand and evaluate the enterprise risk management functions of insurers
• Ability and desire to invest in staff development
• Ability to supervise staff examiners
• Ability to review work of others, challenge conclusions reached, and provide constructive feedback
• Ability to make decisions based on reasonable and timely analysis
• Ability to evaluate and challenge information provided by company
• Ability to multi-task, manage multiple projects, and effectively manage time
• Ability to adapt to changing expectations and environments
• Proficient with MS Word, Excel, and other related tools
• Proficient in use of electronic work paper documentation tools

SPECIAL NOTES: 

This position requires a Bachelor’s degree or higher from an accredited college or university with a major in accounting, insurance, finance, business, or actuarial science. 

Applicants will be required to complete an exam or work sample to evaluate their insurance knowledge and skills in reading, comprehension, and application of the Florida Statutes.

The starting annual salary for this position is $72,000.00.

The work hours for this position will be 8:00 a.m. to 5:00 p.m., Monday-Friday.

This is a non-remote, on-site position located in Tallahassee, FL.

Employees of the Office of Insurance Regulation are paid on a monthly pay cycle. 

This position requires a security background check, including fingerprint as a condition of employment. 

Responses to qualifying questions must be clearly supported by the state application and any omission, falsification, or misrepresentation in the answering of the qualifying questions will be cause for immediate elimination from the selection process.

If you are a retiree of the Florida Retirement System (FRS), please check with the FRS on how your current benefits will be affected if you are re-employed with the State of Florida. Your current retirement benefits may be canceled, suspended, or deemed ineligible depending upon the date of your retirement.

The State of Florida is an Equal Opportunity Employer/Affirmative Action Employer, and does not tolerate discrimination or violence in the workplace.

Candidates requiring a reasonable accommodation, as defined by the Americans with Disabilities Act, must notify the agency hiring authority and/or People First Service Center (1-866-663-4735). Notification to the hiring authority must be made in advance to allow sufficient time to provide the accommodation.

The State of Florida supports a Drug-Free workplace. All employees are subject to reasonable suspicion drug testing in accordance with Section 112.0455, F.S., Drug-Free Workplace Act.