- Insurance Financial Analysis Specialist
- What will I be doing?
- Do I qualify?
- Can I be successful?
- How do I apply?
This is highly specialized and complex professional financial analysis, auditing and statutory accounting work in the Department of Insurance or the Division of Workers' Compensation reviewing and evaluating complex transactions and monitoring the solvency of insurance companies, self-insured employers and trusts.
An employee in this class is responsible for analyzing and monitoring the financial operations, management practices and overall company or trust operations of assigned insurers or self-insured employers and recommending appropriate action. The employee makes determinations as to insurer or self-insurer solvency based on a review of financial statements, legal documents and other technical data and makes recommendations for corrective action against financially deficient insurers or self-insurers. Completed work is reviewed by the Insurance Financial Analysis Supervisor, Self-Insurance Manager or other designated administrative superior; however, the employee exercises considerable independence and initiative in the performance of assigned duties.
Reviews and analyzes financial and operational data provided by insurers, self-insurers and third party administrators to evaluate a company's or trusts financial condition in consideration of their application for a certificate of authority to conduct business in Missouri, authority to self-insure or their continuation of writing business in Missouri; recommends audit priority and comprehensive or limited-scope financial examinations of monitored insurers or self-insurers; approves or disapproves securities selected for deposit by companies to fulfill statutory requirements; compiles pre-examination packets containing financial data and ratio analyses, company correspondence, holding company statements and other related information; evaluates the stability of company management officials through an assessment of their experience, work history and the amount of fees, loans and compensation received in excess of salaries.
Assesses company compliance with statutory and regulatory standards for financial stability; develops and utilizes analytical tools for the rapid detection of financially distressed or insolvent companies or self-insurers, emphasizing financial stability, solvency, loss reserves and liquidity; reviews actuarial opinions, CPA audit reports and Securities & Exchange Commission reports; participates in National Association of Insurance Commissioners’ (NAIC) Financial Analysis Working Group (FAWG) responsible for monitoring financially distressed companies at the national level; analyzes domiciliary state protective actions, determines impact on Missouri consumers and recommends further action; researches historical industry data and develops ratios and other indicators for use in analyzing company’s financial status.
Evaluates and recommends the approval or disapproval of complicated proposed business transactions by Missouri-domiciled companies or self-insurers (i.e., complex mergers and acquisitions, demutualizations, mutual holding company reorganizations and not-for-profit to for-profit conversions); considers the impact such reorganizations will have on Missouri consumers and the marketplace.
Analyzes for financial impact and recommends the approval or disapproval of payment of extraordinary dividends, management service agreements, service contracts, cost-sharing arrangements, consolidated tax allocation agreements, investment advisor agreements, transactions involving sales, purchases, exchanges, loans, extensions of credit and guarantees and lease/rental agreements.
Evaluates bids for the Missouri Medicaid program; analyzes company financial and operational data.
Investigates the background and financial status of companies purchasing Missouri insurers; stays abreast of current industry developments.
Develops fiscal impact statements for regulations and legislation.
Performs other related work as assigned.
(The following minimum qualifications will determine merit system eligibility. Allowable experience and education substitutions are provided in italics below the corresponding minimum qualification statement. These minimum qualifications may also be used to evaluate applicants for Missouri Uniform Classification and Pay System positions not requiring selection from merit registers.)
Three years of professional experience in accounting, finance or the insurance industry which affords a knowledge of financial management and analysis, of which one year must have involved statutory accounting or insurance regulation; and graduation from an accredited four-year college or university with specialization in finance, accounting, auditing, risk management, business administration or closely related areas, including or supplemented by a minimum of eighteen semester hours in accounting.
(Graduate work in finance or accounting may be substituted on a year-for-year basis for the required general experience. Professional or technical experience in accounting, finance or the insurance industry which affords a knowledge of financial management and analysis may be substituted on a year-for-year basis for deficiencies in the required education.)
Some assignments require the attainment of the Society of Financial Examiners Accredited Financial Examiner (AFE) designation or other designations as determined within four years of employment.
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.
Do you possess the key skills which are considered essential for successful employment in this classification?
Considerable knowledge of financial analysis, auditing, accounting and management principles and procedures.
Considerable knowledge of Missouri insurance or workers' compensation statutes and regulations, and the ability to interpret, explain and apply them.
Considerable knowledge of the insurance or workers' compensation industry and its operations and practices.
Considerable knowledge of the capabilities and uses of mainframe, terminal and personal computers.
Ability to interpret and analyze very complex financial, operational and related company information.
Ability to develop comprehensive reports on the financial condition of insurance companies or self-insurers.
Ability to evaluate state regulations and legislation to determine fiscal impact.
Ability to establish and maintain effective working relationships with other employees, legal professionals, company representatives, insurance industry officials and the general public.
Ability to communicate effectively and to prepare complete and concise reports.
Ability to stay current with industry changes.
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