Associate Commissioner, Financial Regulation
MIA EXECUTIVE V
Recruitment #22-009663-0001
Department | Maryland Insurance Administration |
---|---|
Date Opened | 6/17/2022 12:00:00 PM |
Filing Deadline | 8/16/2022 4:18:00 PM |
Salary | $119,919.00 - $151,000.00/Year |
Employment Type |
Full-Time
|
HR Analyst | Tracey Dailey |
Work Location |
Baltimore City
|
Introduction
The Maryland Insurance Administration (MIA) is an
independent State agency that regulates Maryland’s insurance industry and
protects consumers by monitoring and enforcing insurers’ and insurance
professionals’ compliance with State law. Through the diligence of a
highly professional staff of market analysts, financial analysts, accountants,
lawyers, law enforcement officers, actuaries, complaint investigators, and
others, the MIA works to facilitate a strong and competitive insurance marketplace
where consumers are well informed and treated fairly. Staff members are
subject matter experts who serve as a resource for lawmakers, consumers, and
other public and private entities.
The MIA is charged with a broad range of
responsibilities including the licensure of insurance carriers and insurance
producers (brokers/agents) operating in Maryland, the conduct of financial
examinations of companies to monitor financial solvency, and the review and
approval of rates and contract forms. The MIA investigates reports of
consumer fraud and consumer complaints about life, health, automobile,
homeowners, and/or property insurance. Insurance carriers are subject to
market conduct examinations and other actions to monitor compliance with
Maryland law. The MIA also has a unit dedicated to consumer education and
outreach, which participates in hundreds of events and reaches thousands of
individual consumers annually.
**This is a Management Service position that serves at
the pleasure of the appointing authority.**
GRADE
26
LOCATION OF POSITION
Main Purpose of Job
This position reports directly to the Maryland
Insurance Commissioner, and is the MIA’s senior staff authority on all issues
pertinent to the licensing and financial oversight of insurance companies in
the state, including monitoring and regulating the financial condition of all
proposed and authorized insurers and other regulated entities. Areas of
responsibility include oversight of financial examinations of domestic
insurers; analysis of financial statements, proposed transactions, independent
auditor reports, actuarial reports, business plans and risks, and operations
and systems to monitor solvency; determine compliance with State law and
recommend appropriate action; and audits of premium tax returns for companies
licensed to conduct insurance business in Maryland. Responsibilities may also
involve supervising troubled, potentially troubled or dissolving insurance
entities, including companies operating under a court ordered receivership. The
position requires extensive knowledge and application of the theories and
practices of Generally Accepted Accounting Principles (GAAP), Statements of
Statutory Accounting Principles (SSAP), Statements on Auditing Standards (SAS),
and related information technology. This position requires business knowledge
and expertise of insurance regulation both nationally and internationally. In
addition to advising the Insurance Commissioner on financial and economic
issues that include corporate governance, risk management, market stability and
health competition, this position works closely with appointed committees of
the National Association of Insurance Commissioners (NAIC) to improve and
strengthen insurance regulatory examinations and oversight reviewing key
solvency areas, capital requirements, international accounting, insurance
valuation reinsurance and group regulatory issues.
POSITION DUTIES
This position will:
§ Manage staff and direct the financial analyses and examinations of
regulated entities to ensure that financial solvency risk areas, potential
troubled companies, and other significant issues are identified and handled as
early as possible.
§ Manage, direct and control the admissions of new insurance
companies into the State to ensure that financially capable companies are
authorized to do business in the State.
§ Serve as a member of the Insurance Commissioner’s senior staff and
provide advice in matters relating to financial solvency and compliance with
regulation and laws as appropriate. Work to coordinate regulatory efforts
between the various areas of the Maryland Insurance Administration.
§ Provide oversight of the audits of annual premium tax returns
submitted by companies licensed to conduct business in Maryland.
§ Represent the Administration and the Insurance Commissioner or
serve as a member on NAIC committees and/or working groups.
§ Represent the Administration and Insurance Commissioner and
provide testimony at legislative hearings.
§ Assist in the rehabilitation, conservation or liquidation of
financially troubled and insolvent companies and make recommendations to the
Commissioner for regulatory actions.
MINIMUM QUALIFICATIONS
§ Possession of a Bachelor's Degree from an accredited four-year
college or university with a major in accounting, business, finance, economics
or related field, with evidence of a Certified Public Accountant (CPA),
Certified Financial Examiner (CFE), Accredited Financial Examiner (AFE), or
relevant designation.
§ At least 10 years of experience with a state insurance department,
public accounting firm, or similar entity, or an insurance company in a
financial or audit-related area of which five years was in a
manager/supervisory capacity.
§ Knowledge of Maryland insurance laws and regulations.
§ Excellent written and verbal communication and organizational
skills.
DESIRED OR PREFERRED QUALIFICATIONS
§ Prior experience as senior-level manager of a
financial institution or insurance regulatory agency.
§ Expertise in corporate financial analysis and
substantial experience managing company examiners.
§ Public policy experience, drafting economic
regulatory legislation.
§ Experience as an insurance company financial
examiner or knowledge of insurance law or insurance industry financial regulation
is a plus.
BENEFITS
FURTHER INSTRUCTIONS
Please contact: tracey.dailey@maryland.gov for additional
information concerning this recruitment. Online applications are strongly
preferred. For immediate consideration: upload one (1) WORD or PDF file, that
includes your combined cover letter and resume, to the "Resume" tab.
Please ensure your cover letter states your interest and salary requirements.
If you are unable to apply online, you may submit an application
packet by mail. Your submission must be received by close of business, on
the closing date for the recruitment. Postmarks will not be accepted.
Complete application packets may be mailed to:
Maryland Insurance Administration
Human Resources - Recruitment #: 22-009663-0001
200 St. Paul Place, Suite #2700
Baltimore, MD 21202
TTY Users: call via Maryland Relay
As an equal opportunity employer, Maryland is committed to
recruiting, retaining and promoting employees who are reflective of the State’s
diversity. People with disabilities and bilingual candidates are encouraged to
apply. We thank our Veterans for their service to our country.