- Insurance Financial Analyst II
- What will I be doing?
- Do I qualify?
- Can I be successful?
- How do I apply?
This is journey-level professional financial analysis work reviewing, evaluating and monitoring the solvency of company, trusts or group self-insurers, or the condition of insurance companies placed in receivership.
An employee in this class is responsible for analyzing and monitoring the assets and liabilities, management practices and company operations of assigned insurers, self-insurers and trusts, and/or companies and trusts applying to become self-insurers. In addition, the employee makes determinations as to the insurers' solvency and regulatory compliance 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. General supervision is received from a designated administrative superior; however, the employee exercises independence and initiative in the performance of assigned responsibilities within established guidelines.
Reviews and analyzes operational and financial data provided by insurers, self-insurers or trusts to evaluate a company's financial condition; utilizes established financial ratios to determine solvency or insolvency, profitability, liquidity and efficiency; assesses company compliance with statutory and regulatory standards for financial stability.
Evaluates the efficiency of a receivership and recommends actions regarding marshaling, defending and distributing the assets; recommends transactions that will assist in maximizing receivership assets; evaluates legal and administrative fee invoices submitted for approval; evaluates receiverships in other states for impact on Missouri policyholders; recommends suspension or revocation of company or self-insurers certificate of authority as necessary; participates in task forces which monitor insolvent companies.
Evaluates the stability of company management officials through an assessment of company history, officers' competency, loss prevention programs, third party agreements and financial information; recommends approval or denial of self-insurance application.
Approves securities selected for deposit by self-insured and trusts to fulfill statutory requirements; serves as liaison between the agency, self-insurer and institution of deposit; maintains necessary records.
Evaluates reinsurance agreements to determine the validity of the proposed transfer of risk; recommends approval or disapproval; annually reviews and analyzes workers’ compensation rate filings of self-insurers; recommends approval or disapproval.
Evaluates complex mergers and acquisitions, payment of extraordinary dividends, surplus distributions, stock sales and other proposed transactions for their financial and operational impact; recommends necessary changes to certificate of self-insurance.
Performs ratio analysis of self-insurers emphasizing financial stability, profitability, solvency, loss reserves and liquidity; researches historical industry data and indicators for use in analyzing a company's financial status; utilizes mainframe terminal and personal computer to extract and evaluate data.
Communicates with companies or self-insurers regarding proposed business transactions and issues of non-compliance; makes recommendations and participates in administrative action procedures against insurers, self-insurers or trusts.
Recommends priority and scope of financial examination of monitored insurers; compiles pre-examination packets containing financial data and ratio analyses, company correspondence and other related information.
Assists less-experienced analysts; provides administrative support to supervisor as needed.
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.)
One year as an Insurance Financial Analyst I under the Missouri Uniform Classification and Pay System.
Two 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 fifteen semester hours in accounting. (Graduate work in 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.)
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?
Working knowledge of financial management, accounting and auditing principles and procedures.
Working knowledge of Missouri insurance, workers’ compensation and/or self-insurance statutes and regulations.
Working knowledge of the insurance industry and its operations and practices.
Ability to utilize personal computers and mainframe terminals.
Ability to interpret and analyze complex financial, operational and related company information.
Ability to develop comprehensive reports on the financial condition of insurance companies or companies and trusts applying to become self-insurers.
Ability to establish and maintain effective working relationships with other employees, company representatives and the general public.
Ability to communicate effectively and to prepare clear and concise reports.
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