Insurance Company Examiner I

Agency

Dept of Insurance

Division

Administration

Job Classification Title

Insurance Company Examiner I (NS)

Position Number

60013658

Grade

NC12

About Us

The mission of the North Carolina Department of Insurance is to promote a stable insurance market through unbiased regulation and to protect the lives and property of every citizen in all 100 counties while fostering superior, user-friendly service, courtesy, and respect. Our agency licenses insurance agents, adjusters, bail bondsmen and more, along with investigating fraud matters involving insurance consumers and any entity or individual regulated by the Department. In an ever-changing environment, it is the vision of the Department of Insurance to maintain the stabilization of the insurance industry in order to provide more products, competitive prices and consumer protection.

Description of Work

The primary purpose of this position is to monitor the financial condition of CCRCs, PEOs, and SIWCs and enforce the laws within Chapter 58 and 97 of the North Carolina General Statutes that are applicable to them. This is accomplished by evaluating the financial condition and operations of these entities during the licensing process and on a continuing basis thereafter through financial analysis and the review of annual audited financial statements, interim financial statements, and other financial and non-financial data filed with or requested by the Department. This position also assists with the review of audited financial statements for various entities (i.e., MEWAs, PBMs, PSAOs, and TPAs) that are primarily regulated by the Life & Health Division.

Knowledge Skills and Abilities/Management Preferences

50% Conduct financial analysis of annual audited financial statements, interim financial statements, and other financial and non-financial data of regulated entities and assess compliance with applicable statutes and rules and the regulated entity’s ability to fulfill its financial obligations. Should situations arise where questionable matters are noted, the analyst is required to formulate an appropriate course of action and provide a written recommendation to the supervisor. The regulated entity’s going concern, financial solvency, fair and equitable dealings with and adequate protection of North Carolina citizens are the priorities of this position. The FOD administrates these responsibilities primarily by way of financial analysis.

Financial statement analysis is a set of systems and procedures designed to provide relevant information derived from basic sources of data. The FOD has developed financial analysis programs for the purpose of evaluating the risk of a regulated entity’s insolvency. Ratio analysis is the basic tool of financial statement analysis. It involves the breakdown of financial statement and/or financial reports into component parts, which are then evaluated in relation to each other and to existing standards. Financial ratios expedite the analysis by reducing the large number of items involved to a relatively small set of readily comprehended and economically meaningful indications. The financial analysis programs utilized by the FOD encompass these standards. These programs consist of a close, integrated system of financial ratios which highlight their interrelationship. Financial ratios are then analyzed in two ways: time series and cross-sectional analysis. Time series analysis involves the behavior of a given ratio over a period of time. Cross sectional analysis involves comparison between a regulated entity’s ratios and related industry averages or those of a similar entity, etc. The major objective in analyzing the time series of ratios is to search for systematic trends in the ratios and to exploit such trends in predicting future values of the ratios. Financial analysis procedures, modules and guidelines are used to determine if a regulated entity is compliant or if regulatory action is necessary.

Upon completion of the review of the annual audited financial statements, interim financial statements, and other financial or non-financial data of each assigned entity, the financial analyst is required to conclude on the stability of the entity and conduct any necessary follow-up with the regulated entity on identified issues or concerns. The conclusion must be adequately supported and documented. The supervisor will review the financial analyst’s findings and ascertain that sufficient procedures have been performed and that the financial analyst’s conclusion is
30% Review and evaluate regulated entity applications and other filings that require the Commissioner’s approval. These filings include, but are not limited to, initial licensing, facility expansions, changes of control, mergers or combinations, waiver requests, sales/leases of real property, and third-party management agreements. The financial analyst must ensure that the applications and other filings satisfy all relevant statutes and rules. Detailed reviews of the applications and other filings are conducted in accordance with procedures established by the FOD. The review should be documented to clearly outline the facts and compliance with the applicable statutes and rules. Additionally, the financial analyst should provide a recommended course of action for the Department based upon the review.
15% Respond to inquiries from regulated entities, which request clarification of statutes and rules. Precedents and guidelines may have already been established to facilitate response to such inquiries. However, situations arise where inquiries relate to matters not specifically addressed in North Carolina statutes, regulations, or Department precedents. In these cases, the financial analyst is required to formulate a response, which is subject to supervisory approval. In addition, respond to inquiries from the industry, residents, and the general public, which could include complaints, general questions, or concerns.
5% This position is also responsible for special projects as requested and assigned by management that arise under the normal course of business. This position may perform other duties as assigned by management.

Minimum Education and Experience

Some state job postings say you can qualify by an “equivalent combination of education and experience.” If that language appears below, then you may qualify through EITHER years of education OR years of directly related experience, OR a combination of both. See the Education and Experience Equivalency Guide for details.

Bachelor's degree from an appropriately accredited college or university, with the appropriate courses in accounting as defined in 21 NCAC 8A.0309 and other courses required to qualify as a candidate for the uniform certified public accountant examination, based on the examination requirements in effect at the time of graduation.

EEO Statement

The State of North Carolina is an Equal Employment Opportunity Employer and dedicated to providing employees with a work environment free from all forms of unlawful employment discrimination, harassment, or retaliation. The state provides reasonable accommodation to employees and applicants with disabilities; known limitations related to pregnancy, childbirth, or related medical conditions; and for religious beliefs, observances, and practices.

Recruiter:

Gretchen Marie Senez

Recruiter Email:

[email protected]