Financial Analyst-Captives

Doc PersonalBeratung GmbH; South Carolina; On-site; USD 65,000 - 95,000; Full time

Benefits offered by this job

Health, Dental, Vision coverage

Paid time off (vacation/sick/holidays)

Flexible work schedules

State employee benefits

Job summary

The South Carolina Department of Insurance in Charleston seeks a Senior Auditor/Analyst to support the Captives Division. You will review insurer financial statements, assess solvency, and determine compliance with state laws and NAIC guidance.

Under supervision, you will analyze statutory/GAAP filings and prepare risk assessments. A bachelor’s degree in Accounting/Finance/Insurance is required; strong Excel/Word skills and 1–3 years of financial analysis are preferred.

Qualifications

• Bachelor’s degree in Accounting or Finance, Insurance, Risk Management or related field.
• Proficient in Microsoft Excel and Word.
• Coursework or experience in accounting or auditing is preferred.
• 1–3 years of financial analysis experience is preferred.

Responsibilities

• Review insurer financial statements and related regulatory filings to assess solvency.
• Prepare and update risk assessments and work papers; coordinate with regulators as needed.
• Analyze statutory/GAAP filings and identify compliance issues and risks.

Skills

Financial analysis

Analytical thinking

Education

Bachelor’s degree in Accounting, Finance, Insurance, Risk Management or related field

Tools

Microsoft Excel

Microsoft Word

Job description

Mission Statement

The mission of the State of South Carolina Department of Insurance is to protect and serve the insurance consumers by promoting a fair, stable, and competitive insurance market through regulation, education, and advocacy. For more information about working at the SC Department of Insurance, please visit www.doi.sc.gov.

Job Responsibilities

The mission of the State of South Carolina Department of Insurance is to protect and serve the insurance consumers by promoting a fair, stable, and competitive insurance market through regulation, education, and advocacy. For more information about working at the SC Department of Insurance, please visit www.doi.sc.gov. This position is located in the Captives Division of the Office of Financial Regulation and Solvency's Charleston Office. The South Carolina Department of Insurance (SCDOI) is seeking motivated individuals to join our Financial Regulations & Solvency Division as Senior Auditors/Analysts. Experience is not required, we will train the right candidates. A bachelor’s degree in Accounting ,Finance, Insurance, Risk Management or related field, with appropriate coursework in accounting/auditing is required. In this role, you will help protect South Carolina consumers by evaluating the financial strength and solvency of insurance companies operating in the state. Working under the direction of the Supervising Financial Analyst, you will review statutory and/or GAAP financial statements, assess risks, identify solvency concerns, and determine compliance with state laws and NAIC guidance. You will analyze company financial statements, audited financial reports, actuarial opinions, holding company filings, NAIC solvency tools, and financial indicators to understand trends, ratios, and emerging risks.

Job Functions

• Review and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings, NAIC reports, and information from other sources relevant to the current and prospective financial solvency of insurers and/or groups. Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency of review in accordance with the size, risk, and complexity of the insurer. Completed reviews must be professionally written and conducted with an appropriate depth and quality of review. Utilize analysis performed to conclude on the insurer's priority level and provide supporting rationale. Prepare and update the Risk Assessment Worksheet (RAW), Insurer Profile Summary (IPS), Group Profile Summary (GPS), and/or any other required work papers on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to management and other regulators, where applicable. Research complex issues including state law, state regulations, accounting standards, etc. Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines. Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests. Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted. Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed.
• Complete project assignments as described in Job Duty #1 within deadlines established by supervisor(s).
• The Analyst will complete detailed financial analysis checklists on a timely basis for non-RRG captive insurance companies in accordance with Department procedures. Obtain, review, and analyze annual insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports and actuarial opinions). Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, SEC filings, earning calls and releases, etc.).
• Must participate in examination meetings as determined by supervisors and present overview of assigned companies, provide summary of risks identified, etc. Assist with special projects and perform other duties as assigned by supervisors
• Must organize and maintain analysis files in a logical and efficient manner. Responsible for ensuring all assigned company filings, any outstanding agreements, exam documentation, and any other related review documents, including those downloaded from NAIC's I-SITE, are received and saved/uploaded to the Department's internal analysis drive and TeamMate, as applicable.

Minimum And Additional Requirements

Candidates must hold a bachelor’s degree in Accounting or Finance, Insurance, Risk Management or related field, and be proficient in Microsoft Excel and Word.

Preferred Qualifications

Preferred qualifications include coursework or experience in accounting or auditing, 1–3 years of financial analysis experience, and progress toward certifications such as CPA, CFE, ARe, or CPCU. While not required, these credentials are encouraged.

Additional Comments

SCDOI offers extensive professional development training and opportunities to pursue qualifying certifications. When these certifications are passed, employees become eligible for financial rewards, including salary increases or bonuses tied to their achievement.

Joining SCDOI offers a meaningful public service career with excellent state benefits, stability, and ongoing training.

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
• 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