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Financial Analyst I or II

Recruitment #181101-UNCD-123

Introduction

APPLICATION INSTRUCTIONS:

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

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#18-23
The Oklahoma Insurance Department has openings in the Financial Division for a Financial Analysts I and II’s. The levels are 1 and 2 in the Financial Analyst career path, with salaries of $39,000 for a level I and $42,900 for a level II. The positions are open until filled.

Financial Analyst I
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
• Complete a priority report review for each assigned company annually, and revise during the year as needed
• Create an Insurer Profile Summary (IPS) for distribution to other state departments of insurance.  Correspond with other state insurance departments regarding Oklahoma companies licensed in these other states in conjunction with quarterly and annual work
• Holding Company Analysis and Filings-Create a Group Profile Summary (GPS) for distribution to the other state departments of insurance.  Correspond with other state insurance departments regarding Oklahoma Companies with affiliates in other states on an annual basis
• 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, including:
o Form A-Acquisitions (make recommendations and attend hearings)
o Form B-Oklahoma Insurance Holding Company System Registration Statement
o Form C-Summary of Registration Statement
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 Form R-Re-domestications(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
• 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
• Correspondence with other states regarding assigned companies and affiliates
• Review initial application, admission documents, and financial reports; review A.M. Best, S&P and re-insurers; analyze company and parent; make recommendations to accept or deny the application; give application file to Chief Financial Analyst for second review
• Review and approve administrative changes for domestic companies, financial reports, A.M. Best, S&P, 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 domestics 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, financial summit, SOFE and specific financial analyst training through the NAIC.  Attend other insurance related training and updates
• 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.

NOTE: The selected applicant must pass a background check. Individual may be required to pursue NAIC designations as job duties require. 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.

Financial Analyst II
JOB DESCRIPTION:
Under administrative direction of the Chief Financial Analyst, completes financial and statutory review of assigned licensed insurance companies, Captives, Insurance Business Transfers and various other entities.  The Analyst works with both professional and secretarial staff and independent contractors in completing these duties.  Good verbal and written communication skills are necessary to properly complete duties.

EXAMPLES OF WORK PERFORMED:
• Reviews financial filings of assigned companies for risk assessment, financial stability and statutory compliance.  Violations are brought to the attention of the chief financial analyst and action is initiated as required.
• Along with the chief financial analyst and the chief examiner meets with various representatives of assigned insurance companies to discuss financial condition, statutory compliance and other problems as required.
• Responsible for the initial review of the financial and market conduct examination reports turned in by examiners.
• Responsible for following-up on examination report exceptions ensuring corrective action taken.
• Handles both oral and written communications from the general public.
• Performs related work as required or assigned.
• Performs the initial application review, admission documents, and financial reports.  Reviews A.M. Best, S&P and re-insurer’s.  Analysis of company and parent recommending acceptance or denial of company.  Gives application file to Senior Analyst for second review.

KNOWLEDGE, SKILLS AND ABILITIES:
Basic knowledge of insurance accounting and applicable state statutes is required.  This would include statutory accounting principles as well as generally accepted accounting principles.  Understanding of Enterprise Risk Management (ERM) and risk assessment.  Good communication and organization skills.  Knowledge of personal computers and Excel, MSWord, and Access software required.

EDUCATION AND EXPERIENCE:
Bachelor’s degree in accounting, business or finance with two (2) years experience in insurance accounting, preparing annual statements, and other financial reports. Prefer individuals holding at least one of the following designations:  CPA, CFE, AFE, CIE, AIE, FLMI, CPCU, APIR, and PIR.

AREAS OF RESPONBILITY
A Financial Analyst II would normally be assigned the number of companies to monitor and complexity of organizational structure based on his/her background and experience.

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 Personnel Management benefits page at http://www.ok.gov/opm/HR_and_Employee_Services/index.html

EEO/AA

Conclusion

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



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