Insurance Financial Examiner

Description

Idaho Department of Insurance Opportunity

The Idaho Department of Insurance (DOI) is seeking an Insurance Financial Examiner (IFE) to join our dynamic team of professionals. An IFE protects Idaho policyholders by performing financial condition examinations to ensure that insurance companies and other regulated entities remain solvent and compliant with Idaho insurance laws and requirements of the National Association of Insurance Commissioners (NAIC).

Hiring managers are continuously considering applications for this position. This job announcement will be closed if the position is filled prior to the closing date. We highly encourage interested individuals to apply soon!

INCLUDE WITH APPLICATION

After careful review of this announcement and filling out the associated application, please attach and submit:

• A resume - relevant to this position.
• A list of three professional references - detailing the length and nature of your association. (References may include Professors, Work/Project Colleagues, Supervisors, etc.)
• A cover letter – detailing your position-related background and experience, including:

1. A self-rated skill level with GAAP and/or SAP accounting (beginner, proficient or advanced) with an example that demonstrates the reason for your self-rating.
2. The length of time you have been using GAAP and/or SAP accounting skills professionally.
3. The qualified educational requirements that you have successfully completed, as listed on the Society of Financial Examiners (SOFE) website: https://www.sofe.org/certification/accredited-financial-examiner.html

A copy of school transcripts MAY be requested during the interview process.

Note: If you lack some of the educational requirements, per SOFE, but meet all the position’s expectations (see qualifications below), you still are encouraged to apply. However, make sure to list the titles of the missing courses in your cover letter.

RESPONSIBILITIES

• Review and gain an understanding of insurer operations, including its corporate governance structure and its enterprise risk management framework through a review of regulatory filings, discussions with Department staff, discussions with company personnel, review of public information, review of industry trends and other sources of information as applicable.
• Exercise judgment to identify and assess solvency risks facing the company from both a current and prospective risk perspective.
• Review and assess the effectiveness of the insurer's audit function (internal and external) as well as the enterprise risk management function to leverage existing work and gain efficiency in conducting examinations, where appropriate.
• Identify relevant controls and/or risk mitigation strategies to address risks identified and perform tests of controls to evaluate their effectiveness, as appropriate.
• Apply professional skepticism when assessing the strength of controls and/or risk mitigation strategies.
• Examine insurer records, practices, and activities to appropriately determine insurer compliance with state laws, rules, and NAIC standards and guidelines.
• Research complex issues relating to state law, state rules, statutory accounting principles, etc.
• Prepare examination work papers to provide accurate and complete documentation of observations, work performed and examination findings in accordance with Department and NAIC standards and guidelines.
• Effectively communicate to the insurer, both verbally and in writing, regarding the details of exam findings through exam reports, management letters, and exit conferences.
• Attain and maintain the Certified Financial Examiner (CFE) designation through the Society of Financial Examiners (SOFE).

MINIMUM QUALIFICATIONS

• Ability to meet the education requirements within a specified length of time in order to attain a Certified Financial Examiner designation, offered by the Society of Financial Examiners.
• One or more years of accounting or auditing experience.
• One or more years of experience writing business documents and reports.

DESIRED QUALIFICATIONS AND ABILITIES (not required)

• Bachelor's degree in accounting from an accredited college or university or meet the education requirements to obtain a Certified Financial Examiner certification related to the financial analyst track as offered by the Society of Financial Examiners (SOFE).
• General understanding of Generally Accepted Accounting Principles (GAAP) and the ability to quickly learn and implement Statutory Accounting Principles (SAP).
• Professional experience researching, interpreting, and applying laws and authoritative standards.
• Ability to write clear, concise work papers, analysis summaries and draft findings.
• Ability to recognize deficiencies in accounting, compliance, and management controls.
• At upper levels: the ability to analyze all types of statutory financial statements and effectively recommend legal action and is proficient in SAP.

SUPPLEMENTAL INFORMATION

• The selected candidates will need to successfully pass a background check.
  
• The successful candidates will be hired at a level commensurate with the individual’s qualifications.
• Occasional work-related travel may be required throughout the year.
• This position is exempt from classified state service and the rules of the Division of Human Resources and the Idaho Personnel Commission.

The Idaho Department of Insurance embraces diversity and equal opportunity in a meaningful way. Our agency is committed to building a team that represents a variety of backgrounds, perspectives, and skills. This includes hiring talented staff members who have bilingual skills, which is an on-going goal for the DOI. We strive to create an inclusive work culture that encourages, supports, and celebrates the diverse voices of our team members. This helps to fuel innovation and a connection to customers and the communities served in Idaho.

The mission of the Department of Insurance is to serve and protect Idahoans by equitably, effectively, and efficiently administering the Idaho Insurance Code and the International Fire Code.

The Department of Insurance is in downtown Boise across the street from the state's Capitol Building. Boise consistently receives top accolades as one of the best places to live in the country! To learn more about Idaho DOI and the important work we do, go to the DOI website, and follow us on Facebook, X (AKA Twitter), and LinkedIn.

BENEFITS

This benefited position enjoys:

• An Excellent Group Health Plan
• Nationally Recognized Retirement
• Benefits Paid Leave Accrual Upon Hire
• Parental Leave
• 11 Paid Holidays Annually
• A Healthy Work-Life Balance
• Career Growth and Professional Development Opportunities.

For additional information related to benefits and/or State programs visit: https://dhr.idaho.gov/StateEmployees/Benefits.html.

EEO/ADA/VETERAN

The State of Idaho is committed to providing equal employment opportunities and prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with disabilities and prohibit discrimination against all individuals based on their race, color, religion, political affiliation or belief, sex, national origin, genetics, or any other status protected under applicable federal, state, or local laws.

The State of Idaho is committed to access and reasonable accommodations for individuals with disabilities, auxiliary aids and services are available upon request. If you require an accommodation at any step in our recruitment process, you are encouraged to contact (208) 334-2263 (TTY/TTD: 711), or email: [email protected].

Preference may be given to veterans who qualify under state and federal laws and regulations.