Chief Captives Analyst

State-of-South-Carolina; South Carolina; On-site; USD 95,000 - 150,000; Full time

Benefits offered by this job

Health benefits

Paid time off

Flexible work schedules

Growth opportunities

Certifications/designation program

Job summary

The South Carolina Department of Insurance seeks a Chief Financial Analyst to lead staff performance and development, and to oversee analysis and monitoring of captive insurers. This role acts as the main contact for risk-focused financial analysis and coordinates with the Captive Licensing Team.

Requires expertise in accounting, auditing and insurance regulations, plus strong leadership, coaching, and communication skills.

Qualifications

• Bachelor's degree in accounting, auditing, finance, or insurance.
• Professional experience in accounting, auditing, finance, or tax analysis is preferred.
• Ability to coach and mentor staff; effective written and oral communication.

Responsibilities

• Perform supervisory reviews of complex insurance company analyses and ensure quality of the analysis process.
• Coordinate with Captives Licensing Team to review applications for completeness and compliance.
• Lead marketing and promotional activities for the domicile and represent the Department at conferences.
• Oversee risk-focused surveillance and provide guidance to analysts and managers.

Skills

Accounting knowledge

Auditing

Budgeting

Financial analysis

Communication

Education

Bachelor's degree in accounting or finance

Tools

MS Word

Excel

Job description

Mission Statement

The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visit Department of Insurance, SC - Official Website | Official Website

Job Purpose

Under the general supervision of the Director of Captives, the Chief Financial Analyst is responsible for overall staff performance and development and serves as the Department's main point of contact for analysis and ongoing monitoring of regulated captive insurance companies. This position oversees company assignments and priority ratings, while ensuring a consistent risk-focused financial analysis process across the unit. This position acts as a reviewer of the work performed by the supervising financial analyst(s), ensures that analyst work is an appropriate execution of the risk-focused analysis approach, and provides guidance. Responsible for recommending new captive insurance companies for Ii censure. Responsible for promotion of the captive program in coordination with the Director of Captives. Represents the Department at various captive conferences.

Knowledge, Skills, and Abilities

Knowledge of the principles, practices and theories of accounting, auditing, budgeting, financial management, banking, and insurance. Knowledge of organizational and managerial principles, practices, and theories. Knowledge of federal and state laws and regulations related to the areas of audit. Knowledge of agency systems and processes. Ability to effectively use mathematical and statistical sampling techniques. Ability to analyze and interpret complex accounting, auditing, budgetary and financial data. Ability to evaluate and propose remedial changes in complex institution systems or operations. Ability to plan, organize, schedule and direct comprehensive audit projects, conferences, and appeals. Ability to manage a department of professional, paraprofessional, and clerical employees and to establish and maintain working relationships with administrators, managers, and top agency executives, ensuring that all employees do the same. Ability to communicate effectively, both orally and in writing.

Job Description

A bachelor's degreein accounting, auditing, business administration, finance, or insurance and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.

C.P.A. (Certified Public Accountant), C.I.A. (Certified Internal Auditor), or C,F.E. (Certified Financial Examiner) designation may be required.

Must be able to provide and receive coaching and feedback, multitask and manage time effectively, and adapt to changing expectations and environments. Proficient with MS Word, Excel, and other related tools. Appropriate coursework in accounting/auditing preferred. 5 years of financial analysis, public accounting, or similar experience with specialization in the insurance industry preferred.

• 1. Perform primary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst. Perform secondary supervisory reviews of more complex and higher priority insurance companies where initial reviews were performed by the Financial Analyst and primary supervisory reviews were performed by the Supervising Financial Analyst and/or Senior Financial Analyst. Supervise the quality of the analysis process, including appropriate depth of review, supporting documentation, and resolution of concerns. Ensure that analysis performed appropriately Incorporates information from company filings, internal sources, external sources, and NAIC tools and reports. Ensure that the analysis performed is customized to promote effectiveness and efficiency in accordance with the insurer's size, risk, and complexity. Supervise the workflow of the analysis process, including but not limited to, compliance with timeliness guidelines set forth in the NAIC Accreditation Program Manual. 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 {!PS) and/or Group Profile Summary (GPS) in a timely manner to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators. Review the analyst's conclusions regarding the insurer's compliance with state laws, regulations, and NAIC standards and guidelines. In conjunction with the Supervising Financial Analyst(s), complete a high-level review of the financial analysts' detailed financial analysis checklists for annual non-RRG captive Insurance reviews in accordance with Department procedures.
• 2. Work extensively with the Captive Licensing Team to ensure applications for new companies are processed efficiently and In accordance with applicable South Carolina statute and regulation. In conjunction with staff members, thoroughly review applications for completeness and compliance, prepare and update the Captive Application Review Form for each captive application, identify outstanding items and problematic Issues and correspond with captive managers and other external parties to resolve. Review the plan of operation, feasibility study, financial proformas, and contracts for Insurance or reinsurance. Identify and contract with appropriate outside professlonals required to opine on proposals. Recommend new captive companies for llcensure and draft approval letters with appropriate stipulations, requirements, and conditions to receive Certificate of Authority. Assist the Director of Captives in developing and revising licensing procedures.
• 3. Under limited supervision of the Director of Captives, conduct marketing and promotional activities for the domicile. Assist with marketing plans, programs, materials, and activities. Follow-up on direct prospect leads and consult with national and global captive industry professionals, associations, regulators, and service providers to communicate Department pollcles, practices, procedures, and requirements to attract captive companies to the State. Atte.nd and represent the Department at captive industry conferences, Update and maintain the Captive's website to ensure its material remains relevant and user- friendly. Assist the Director of Captives In leading and conducting meetings with prospective companies seeking llcensure and raise awareness of SC as a captive domicile.
• 4. In conjunction with Supervising Financial Analyst(s), determine assigned captive insurers and insurance groups and the level of oversight provided to analysts based on risks, complexity, and staff abilities. Coordinate assigned regulatory functions to avoid duplication of efforts and/or requests. Review research or perform research on complex issues Including statutory accounting, contracts, accounting standards, etc, Instruct assigned analysts in the application of risk-focused survelllance concepts and advanced analytical skills. Encourage assigned staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/c:lrcumstances. Encourage and direct development of professional skepticism and utilize critical thinking in Investigations and reviewing information provided by the insurer. Lead and participate on the Captive Company Committee to review captive companies in hazardous financial condition. Assist in development of recommendations for regulators and troubled companies and their implementation and follow-up.
• 5. Responsible for oversight of the Business Plan Change Analyst to ensure that business plan changes are reviewed In compliance with state laws, regulations, and NAIC standards and guidelines. Assist analyst, as needed, in the decision making and research process to ensure decisions are reached In an appropriate and timely manner to maintain South Carolina's competitive position as a high-quality domicile for captive insurers.
• 6. 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 final analysis process. Participate in training courses and identify implications for analysis including indentifying need for supplemental training to be provided to own state. Identify and encourageparticipation in external training opportunities (e.g. NAIC, SOFE, etc.)

Overnight travel may be required but is not normally anticipated. Insurance designation(s) or progress towards their attainment preferred.

Educational Credentials

Applicants indicating college credit or degree(s) on the application will be required to submit a sealed, certified copy of the transcript(s) prior to beginning employment. Failure to produce an official, certified transcript will result in any conditional offer of employment being rescinded.

Equal Opportunity Employer

It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees without regard to their race, color, religion, national origin, sex (including, but not limited to, pregnancy, childbirth or related medical conditions and lactation), disability or age.

Veteran Preference Statement

South Carolina is making our Veterans a priority for employment in state agencies and institutions.

The Department of Insurance offers an exceptional benefits package for FTE positions that includes:

• Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
• 15 days annual (vacation) leave per year
• 15 days sick leave per year
• 13 paid holidays
• State Retirement Plan (pension plan option) and Deferred Compensation Programs
• Employee Assistance Program
• Free counseling sessions for employees and household members
• Free legal counseling
• Free financial counseling
• Flexible Work Schedules
• Compressed work weeks
• Part-time telecommuting
• Flex-time
• Contingent upon completing required probationary period
• Free Gym Access
• Growth Opportunities
• Certifications/designation program allowing for salary increases and bonuses
• Infants at Work Program
• Employees eligible to bring their newborn/infant to the workplace
• Free Parking