Senior Analyst

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.careers.sc.gov.

This position is located in the Office of Financial Regulation and Solvency's Captives Division

Job Purpose: Under the general supervision of the Chief Financial Analyst, the Senior Analyst is responsible for the financial analysis conducting risk-focused financial analyses on assigned insurers. This position provides input on technical matters, acts as a reviewer of the work performed by the financial analysts, ensures that analyst work in an appropriate execution of the risk-focused analysis approach, and provides guidance, support and training to financial analysts. This position may also be assigned primary responsibility for reviewing and monitoring the current financial condition and prospective financial solvency of more complex and higher priority insurance companies.

Job Functions:

1. 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 analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer. 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 (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators. Review analyst conclusions regarding insurer compliance with state laws, regulations, and NAIC standards and guidelines.

2. Act as primary reviewer of more complex and higher priority risk retention groups and non-RRG captive insurance companies. Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management’s discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.). Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc. 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, rating agency reports, SEC filings, earning calls and releases, etc.).

3. In collaboration with the Chief Financial Analyst, assist Business Plan Change Analyst with higher complexity business plan changes. Assist licensing team with new captive applications and consult on captive regulatory issues. In collaboration with Supervising Financial Analyst, process foreign RRG registration applications. In conjunction with Supervising Analyst and Licensing Team, responsible for orderly maintenance of captive Master Status Report, Captive Mailbox, and other supplementary administrative functions.

4. Assist in determining assignments of insurer and insurance groups and the level of oversight provided to analysts based on risks, complexity, and staff abilities. Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests. Review research or perform research on complex issues including state law, state regulations, accounting standards, etc. Instruct assigned analysts in the application of risk-focused surveillance concepts and advanced analytical skills. Encourage and direct staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances. Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.

5. Review annual and quarterly filings submitted by Special Purpose Financial Captives (SPFCs), looking for any unusual trends or adverse development in their experience. Update IPS and maintains files. Review all changes in their business plans, ensuring compliance with applicable laws/regulations and suitability for current transaction structures. Contract with outside lawyers and/or actuaries in the event that the change is complex enough to warrant a specialist’s opinion. Contract and coordinate with outside contractors and other states to ensure 5-year examinations are completed on time and in compliance with all applicable standards, laws, and regulations. Monitor changing regulatory requirements for the SPFCs/Life Insurance through participation on various NAIC task force and working group calls.

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 financial analysis process. Maintain relevant designations that enhance the analyst’s ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g., CFE, PIR, CPCU, FLMI, etc.).

7. Assist with special projects and perform other duties as assigned by supervisors. Must attend examination meetings; as applicable, be prepared to present overview of assigned companies, provide summary of risks identified, etc. or ensure analyst is properly prepared to do so. Represent the Department at conferences, industry events, etc. Must organize and maintain supervisory files in a logical and efficient manner.

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

Knowledge, Skills, and Abilities: Strong Communication skills (both written and oral) and advanced understanding of insurance operations, risks, risk management techniques, and transaction flows.

Advanced understanding of risks that could emerge from non-insurance operations of a group.

Ability to aggregate and summarize information from a wide-range of available sources.Appropriate coursework in accounting/auditing preferred. Three (3) of financial analysis, public accounting, or similar experience 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