Financial Specialist

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Requisition No:868792

Agency:
Office of Insurance Regulation

Working Title:

FINANCIAL SPECIALIST -

***** OPEN COMPETITIVE EMPLOYMENT OPPORTUNITY *****

OFFICE OF INSURANCE REGULATION
BUREAU: LIFE & HEALTH FINANCIAL OVERSIGHT

CITY: TALLAHASSEE

COUNTY: LEON

The Florida Office of Insurance Regulation (OIR) strives to promote a stable and competitive insurance market for consumers. With a workforce of approximately 250 staff members, OIR regulates one of the largest, most complex insurance markets in the world. OIR offers a range of challenging and rewarding opportunities for individuals looking to grow in their careers, as well as a wide variety of top insurance–related courses and professional certifications to ensure that its staff have the industry knowledge needed to succeed.

OIR employees also have access to the State of Florida’s tuition waiver program, which offers educational assistance to full‑time, salaried employees.

As a State Agency, OIR offers excellent benefits, including health, dental, and vision insurance; retirement plans; flexible spending accounts; health savings accounts; and more. OIR also offers annual and sick leave, a generous holiday schedule, and flexible work schedules. Click the links below to see the many benefits and retirement options you have as a State of Florida employee:

This position is a part of OIR’s Analysis Unit, which analyzes the financial solvency of each authorized insurer, pursuant to the requirement set forth in the Florida Insurance Code. The primary duties, responsibilities, and educational requirements are taken from the National Association of Insurance Commissioners’ Financial Analysis Handbook, which the Office has adopted by Rule. This position requires extensive training and education and requires the employee to exercise discretion and judgment in determining the appropriate action based on the financial condition and prospective solvency of the insurance company being analyzed.

• This position will primarily handle the mid‑sized holding company groups and more complex single‑state companies. The primary duties of the position are:
• Perform an in‑depth financial and operational analysis of insurance companies with special emphasis on Florida Domestic companies assigned.
• Analyze all schedules and exhibits of annual and quarterly statements and evaluate reinsurance aspects in accordance with the Financial Service Commission and NAIC accreditation standards.
  • Perform analysis and appropriately incorporate information from company filings, internal sources, external sources, and NAIC tools.
  • Perform analysis tailored to promote effectiveness and efficiency, in line with the insurer's size, risk, and complexity.
  • Evaluate and recommend solutions or courses of action to management for assigned companies that are determined to be non‑compliant with financial requirements defined in Florida Statutes.
  • Correspond with company executives, department staff, investigate issues identified, and evaluate whether additional regulatory actions are warranted
  • Organize, prepare, and write reports based on financial analysis and data interpretation>
    
    Analyze the management and control of companies.
  • Analyze contracts to determine compliance with applicable laws and rules and provide management with summarized findings.
  • Analyze and report on insurers' plans of operation.
  • Monitor company compliance with Risk‑Based Capital and Material Transactions Reporting requirements, and initiate action in instances of non‑compliance.
  • Create and update Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks are identified and ongoing monitoring is effectively shared with other regulators.
  • Develop conclusions regarding insurer compliance with state laws, rules, regulations, NAIC, and Office standards and guidelines.
  • Monitor and evaluate NAIC Models which impact Solvency Regulation. Compiles evidence to be used in judicial or administrative proceedings…