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Form of workSalary: $52,500.00 - $63,000.00 Annually
Location : Richland County, SC
Job Type: FTE - Full-Time
Job Number: 162609
Agency: Department of Insurance
Opening Date: 03/07/2024
Closing Date: 3/22/2024 11:59 PM Eastern
Residency Requirement: No
Class Code:: AN21
Position Number:: 60025942
Normal Work Schedule:: Monday - Friday (8:30 - 5:00)
Pay Band: Band 6
Opening Date: 03/07/2024
EEO Statement: Equal Opportunity Employer
Agency Specific Application Procedures:: A RESUME WILL NOT BE ACCEPTED NOR REVIEWED TO DETERMINE IF AN APPLICANT HAS MET THE QUALIFICATIONS FOR THE POSITION. If you meet the requirements of the position and would like to be considered, you must submit a state application online. Please complete the state application to include all current and previous work history and education. Supplemental questions are considered part of your official application. Any misrepresentation will result in your disqualification from employment. The quality of the application presented (completeness and accuracy as well as grammar and spelling) will be considered prior to the offer of an interview. An offer of employment is contingent upon a satisfactory criminal background check. Applications will be accepted until 11:59 on the state closing date.
Veteran Preference Statement: South Carolina is making our Veterans a priority for employment in state agencies and institutions.
Job Responsibilities
Mission Statement:
The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of this State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about the SC Department of Insurance, please visit http: www.doi.sc.gov,
This position is located in the Captive Insurance Division with the Office of Financial Regulation and Solvency.
The employee will be under the general supervision of the Supervising Financial Analyst and will utilize the guidelines of the Department as well as the NAIC. While employee has independence and discretion of daily work activities, work papers are subject to review and must be completed within timeframes established by the Department and the NAIC.
Job Purpose:
Under the general supervision of the Supervising Financial Analyst, the Analyst's primary function is to develop an understanding of insurance company operations, risks, risk management techniques, and transaction flows to enhance the Analyst's ability to determine the financial condition of their assigned companies. Upon identifying any companies that are or may become troubled, the Analyst is responsible for determining if the proper corrective action has been taken using established Department policies and procedures.
Job Functions:
Minimum and Additional Requirements
A bachelor's degree and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.
Strong communication skills (both written and oral) and analytical skills with the ability to aggregate and summarize information from a wide-range of available sources. Objective, fair, reasonable, and courteous with the ability to apply professional judgment and draw sound conclusions. Ability to research and consistently apply state laws, insurance department regulations, and NAIC statutory and/or GAAP accounting practices. Ability to think critically and make decisions based on reasonable and timely analysis. Ability to identify solutions to complex problems, evaluate and challenge information provided by assigned companies, gain holistic understanding of insurer and/or group, and understand and evaluate the enterprise risk management functions of insurers.
Must be able to receive and effectively respond to coaching and feedback, multi-task and manage time effectively, and adapt to changing expectations and environments. Proficient with MS Word, Excel, and other related tools.
Preferred Qualifications
Appropriate coursework in accounting/auditing and 1-3 years of financial analysis related experience is preferred.
Insurance designations(s) or progress towards their attainment preferred.
Additional Comments
Overnight travel may be required but is not normally anticipated.
The Department of Insurance offers an exceptional benefits package for FTE positions that includes:
Flexible Work Schedules Free Gym Access Growth Opportunities Infants at Work Program Free Garage Parking Educational CredentialsApplicants 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 and applicants 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.Veterans PreferenceSouth Carolina is making our Veterans a priority for employment in state agencies and institutions.
Benefits for State Employees
The state of South Carolina offers eligible employees generous benefits, including health and dental insurance; retirement and savings plan options; and paid vacation and sick leave. Plus, work-life balance programs such as telecommuting and flexible work schedules are available to employees of some state agencies.
Insurance Benefits
Eligible employees may enroll in health insurance, which includes prescription coverage and wellness benefits. Other available insurance benefits include dental, vision, term life insurance, long term disability and flexible spending accounts for health and child care expenses.
Retirement Benefits
State employees are also offered retirement plan options, including defined benefit and defined contribution plans. Additionally, eligible employees may elect to participate in the South Carolina Deferred Compensation Program, which is a voluntary, supplemental retirement savings plan offering 401(k) and 457 plan options.
Workplace Benefits
State employees may also be eligible for other benefits, including tuition assistance; holiday, annual and sick leave; and discounts on purchases, travel and more.
Note: The benefits above are available to most state employees, with the exception of those in temporary positions. Employees in temporary grant and time-limited positions may be eligible for all, some or none of these benefits as benefits are associated with each position type. For these positions, contact the hiring agency to determine what benefits may be available.
Location : Richland County, SC
Job Type: FTE - Full-Time
Job Number: 162609
Agency: Department of Insurance
Opening Date: 03/07/2024
Closing Date: 3/22/2024 11:59 PM Eastern
Residency Requirement: No
Class Code:: AN21
Position Number:: 60025942
Normal Work Schedule:: Monday - Friday (8:30 - 5:00)
Pay Band: Band 6
Opening Date: 03/07/2024
EEO Statement: Equal Opportunity Employer
Agency Specific Application Procedures:: A RESUME WILL NOT BE ACCEPTED NOR REVIEWED TO DETERMINE IF AN APPLICANT HAS MET THE QUALIFICATIONS FOR THE POSITION. If you meet the requirements of the position and would like to be considered, you must submit a state application online. Please complete the state application to include all current and previous work history and education. Supplemental questions are considered part of your official application. Any misrepresentation will result in your disqualification from employment. The quality of the application presented (completeness and accuracy as well as grammar and spelling) will be considered prior to the offer of an interview. An offer of employment is contingent upon a satisfactory criminal background check. Applications will be accepted until 11:59 on the state closing date.
Veteran Preference Statement: South Carolina is making our Veterans a priority for employment in state agencies and institutions.
Job Responsibilities
Mission Statement:
The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of this State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about the SC Department of Insurance, please visit http: www.doi.sc.gov,
This position is located in the Captive Insurance Division with the Office of Financial Regulation and Solvency.
The employee will be under the general supervision of the Supervising Financial Analyst and will utilize the guidelines of the Department as well as the NAIC. While employee has independence and discretion of daily work activities, work papers are subject to review and must be completed within timeframes established by the Department and the NAIC.
Job Purpose:
Under the general supervision of the Supervising Financial Analyst, the Analyst's primary function is to develop an understanding of insurance company operations, risks, risk management techniques, and transaction flows to enhance the Analyst's ability to determine the financial condition of their assigned companies. Upon identifying any companies that are or may become troubled, the Analyst is responsible for determining if the proper corrective action has been taken using established Department policies and procedures.
Job Functions:
- Review and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings, NAIC reports, and information from other sources relevant to the current and prospective financial solvency of insurers and/or groups. Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency of review in accordance with the size, risk, and complexity of the insurer. Completed reviews must be professionally written and conducted with an appropriate depth and quality of review. Utilize analysis performed to conclude on the insurer's priority level and provide supporting rationale. Prepare and update the Risk Assessment Worksheet (RAW), Insurer Profile Summary (IPS), Group Profile Summary (GPS), and/or any other required work papers on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to management and other regulators, where applicable. Research complex issues including state law, state regulations, accounting standards, etc. Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines. Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests. Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted. Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed.
- Complete project assignments as described in Job Duty #1 within deadlines established by supervisor(s).
- The Analyst will complete detailed financial analysis checklists on a timely basis for non-RRG captive insurance companies in accordance with Department procedures. Obtain, review, and analyze annual insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports and actuarial opinions). 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, SEC filings, earning calls and releases, etc.).
- Must participate in examination meetings as determined by supervisors and present overview of assigned companies, provide summary of risks identified, etc. Assist with special projects and perform other duties as assigned by supervisors.
- Must organize and maintain analysis files in a logical and efficient manner. Responsible for ensuring all assigned company filings, any outstanding agreements, exam documentation, and any other related review documents, including those downloaded from NAIC's I-SITE, are received and saved/uploaded to the Department's internal analysis drive and TeamMate, as applicable.
- Professional Development: Complete and review Individual Development Plan (IDP) annually. Discuss professional development goals with supervisor throughout the rating period. Execute knowledge transfer strategy as discussed with supervisor (if applicable to position).
Minimum and Additional Requirements
A bachelor's degree and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.
Strong communication skills (both written and oral) and analytical skills with the ability to aggregate and summarize information from a wide-range of available sources. Objective, fair, reasonable, and courteous with the ability to apply professional judgment and draw sound conclusions. Ability to research and consistently apply state laws, insurance department regulations, and NAIC statutory and/or GAAP accounting practices. Ability to think critically and make decisions based on reasonable and timely analysis. Ability to identify solutions to complex problems, evaluate and challenge information provided by assigned companies, gain holistic understanding of insurer and/or group, and understand and evaluate the enterprise risk management functions of insurers.
Must be able to receive and effectively respond to coaching and feedback, multi-task and manage time effectively, and adapt to changing expectations and environments. Proficient with MS Word, Excel, and other related tools.
Preferred Qualifications
Appropriate coursework in accounting/auditing and 1-3 years of financial analysis related experience is preferred.
Insurance designations(s) or progress towards their attainment preferred.
Additional Comments
Overnight travel may be required but is not normally anticipated.
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 and Deferred Compensation Programs
- Employee Assistance Program
- Free counseling sessions for employees and household members
- Free legal counseling
- Free financial counseling
- Compressed work weeks
- Part-time telecommuting (at end of probationary period)
- Flex-time
- Certifications/designation program allowing for salary increases and bonuses
- Employees eligible to bring their newborn/infant to the workplace
It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees and applicants 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.Veterans PreferenceSouth Carolina is making our Veterans a priority for employment in state agencies and institutions.
Benefits for State Employees
The state of South Carolina offers eligible employees generous benefits, including health and dental insurance; retirement and savings plan options; and paid vacation and sick leave. Plus, work-life balance programs such as telecommuting and flexible work schedules are available to employees of some state agencies.
Insurance Benefits
Eligible employees may enroll in health insurance, which includes prescription coverage and wellness benefits. Other available insurance benefits include dental, vision, term life insurance, long term disability and flexible spending accounts for health and child care expenses.
Retirement Benefits
State employees are also offered retirement plan options, including defined benefit and defined contribution plans. Additionally, eligible employees may elect to participate in the South Carolina Deferred Compensation Program, which is a voluntary, supplemental retirement savings plan offering 401(k) and 457 plan options.
Workplace Benefits
State employees may also be eligible for other benefits, including tuition assistance; holiday, annual and sick leave; and discounts on purchases, travel and more.
Note: The benefits above are available to most state employees, with the exception of those in temporary positions. Employees in temporary grant and time-limited positions may be eligible for all, some or none of these benefits as benefits are associated with each position type. For these positions, contact the hiring agency to determine what benefits may be available.
