Insurance Compliance Review Specialist III

  • Insurance Compliance Review Specialist III
  • What will I be doing?
  • Do I qualify?
  • Can I be successful?
  • Benefits
  • How do I apply?
Class Number: 
7574
Annual Salary Range:
$44,352.00 – $65,280.00
Twice-a-Month Salary Range:
$1,848.00 – $2,720.00
Pay Grade: 
A28

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Definition

This is senior-level professional and supervisory work within the Missouri Department of Insurance, Financial Institutions, and Professional Registration reviewing and analyzing insurance contracts, underwriting rules, actuarial rate filings, reports, and marketing materials to determine regulatory and legal compliance with Missouri insurance laws.

Job Duties

Supervises, trains, and evaluates professional staff in the performance of compliance review functions; provides guidance and assistance in the review of insurance contracts and interpretation of statutes and regulations.

Researches and analyzes various complex insurance markets and evaluates the impact of contracts, underwriting rules, and/or rates (product submissions) to Missouri insurance consumers.

Evaluates and analyzes insurance contract provisions, and detailed statistical and actuarial justification related to rate or underwriting rule filings.

Reviews premium and loss statistics; identifies developing trends; and determines whether rates being filed are excessive, inadequate, and/or discriminatory.

Verifies the accuracy of information submitted by an insurance company; researches the company’s historical product submissions; and develops detailed information on company filing and market.

Identifies critical information regarding filing submissions; requests additional information (actuarial justification or legal opinions) from insurance companies; and notifies insurance companies of compliance or non-compliance and corrective measures.

Negotiates with insurance company officials, attorneys, and actuaries regarding identified complex areas of non-compliance; cites applicable Missouri insurance laws; explains the interpretation underlying the assessment of non-compliance; and recommends and applies appropriate regulatory actions.

Responds to complex inquiries from insurance company representatives, producers, and other departmental or governmental staff regarding general insurance industry practices and technical insurance matters. 

Serves as project leader on special assignments.

Assists in drafting proposed bulletins and regulations relating to the regulation of the insurance market.

Exercises significant independence, judgment, and initiative in the performance of assignments within established policies and procedures; receives general administrative direction.

Performs other related work as assigned.

Areas of Interest: 
Business Regulation, Safety & Inspection; Business Services; Research, Information & Publication

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(The following minimum qualifications will determine merit system eligibility.  Allowable experience and education substitutions are provided in italics below the corresponding minimum qualification statement; no other substitutions will be permitted.  These minimum qualifications may also be used to evaluate applicants for Missouri Uniform Classification and Pay System positions not requiring selection from merit registers.)

One or more years of experience as an Insurance Compliance Review Specialist II with the Missouri Department of Insurance, Financial Institutions, and Professional Registration.

OR

Three or more years of experience as an Insurance Product Analyst III with the Missouri Department of Insurance, Financial Institutions, and Professional Registration.

OR

A Bachelor’s degree from an accredited college or university with a minimum of 15 earned credit hours in one or a combination of the following: Business or Public Administration, Actuarial Science, Risk Management, or a closely related field and,

Six or more years of professional experience in insurance regulation; contract review or analysis; risk management; actuarial review; or legal research or analysis.

(24 or more earned graduate credit hours from an accredited college or university in the specified fields may substitute for one year of the required experience.)

(A Master’s degree from an accredited college or university in the specified fields may substitute for two years of the required experience.)

Please note that documentation that supports your eligibility (i.e. transcripts, employment records, etc.) may be required at any time during the application and hiring process. If you do not possess the minimum qualifications, please consider one of many other employment opportunities with the State of Missouri.

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Key Skills

Do you possess the key skills which are considered essential for successful employment in this classification?

Comprehensive knowledge of insurance principles and practices.

Comprehensive knowledge of the principles and objectives of insurance regulatory agencies and processes.

Comprehensive knowledge of the structure, makeup, and competitiveness of Missouri insurance markets. 

Comprehensive knowledge of common insurance products, features, and industry practices.

Comprehensive knowledge of insurance laws and applicable federal laws and court decisions impacting insurance products or insurance regulatory practices.

Intermediate knowledge of how Missouri insurance laws deviate from national standards or model laws and factors impacting or affecting the Missouri insurance market.

Intermediate knowledge of the National Association of Insurance Commissioners (NAIC) and collaborative multi-state regulatory processes.

Skill in negotiating identified areas of non-compliance with company officials, attorneys, and/or actuaries.

Ability to supervise, coordinate, and evaluate the work of assigned staff.

Ability to interpret, apply, and explain Missouri insurance laws.

Ability to analyze pending legislation and identify potential conflicts with existing laws and potential areas of consumer harm.

Ability to work independently and accomplish multiple reviews and projects concurrently.

Ability to recognize deviations from insurance contract provisions.

Ability to comprehend the basic fundamentals of statistics and statistical analysis.

Ability to gather and analyze data and policy language, apply logic, draw valid conclusions, and make appropriate recommendations.

Ability to review complex insurance information and prepare detailed and concise reports.

Ability to establish and maintain effective working relationships.

Ability to communicate and present ideas clearly and effectively.

Ability to draft proposed bulletins and regulations relating to insurance market regulation.

View Class Specification Document

The following link will provide you with general information about State of Missouri employee benefits.

View benefits

View Class Specification Document