Insurance Examiner III

Position Summary

The Insurance Examiner III will function as the Assistant Chief Analyst. The Insurance Examiner III evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner III plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions.

This position requires on-site employment with no remote or hybrid options available.

Preferred Qualification

Experience of financial analysis/examination work in insurance department, insurance companies or CPA firms.

Job Responsibilities and Expected Results

Key Business Processes/ Duties

• Analyzing the assets, liabilities, income, and expense items contained in insurance entities financial statements. An Insurance Examiner III performs highly complex financial reviews and surveillance techniques on insurance entities that conduct business in the state of Arkansas.These entities include, but limited to:

• Property and Casualty Insurance Companies

• Title Insurance Companies

• Reciprocals

• Risk Retention Groups

• Farm Mutual Insurance Companies

• Surplus Lines Insurance Companies

• Life & Health Insurance Companies

• Health Maintenance Organizations

• Limited-Service Health Maintenance Organizations

• Fraternal Benefit Societies

• Captive Insurance Companies

• Reviewing company business practices for compliance with laws, regulations, and bulletins.

• Communicating with officers of insurance entities concerning company operations and questions/issues raised during the examination process.

• Assisting in the planning and coordination of analysis and other processes.

• Reviewing the work of analysts for adequacy and quality assurance.

• Making recommendations to supervisors regarding follow-up needed to address outstanding issues.

• Participating in and assisting with the discussion of findings with Company management.

• Interacting with other divisions within the Department in obtaining information to assist in the evaluation of insurance entities.

• Assisting in writing reports on analysis findings.

• Completing analysis procedures and objectives in accordance with the relevant NAIC and department handbooks and procedures.

• Assisting with the training of other analysts.

• Assisting in the drafting and revision of procedures for the finance division so that accreditation goals can be met.

• Supervising the work of other analysts as needed.

• Performing other duties and special projects as required or assigned.

Position Information

Job Series: Financial - Insurance Financial Examiners

Classification: Insurance Examiner III

Class Code: FIF05P

Pay Grade: SPC06

Salary Range: $94,537 - $139,915

Job Summary

The Insurance Examiner III evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner III plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions.

Primary Responsibilities

Perform on-site and off-site examinations of insurance companies to assess their financial condition and regulatory compliance. Analyze financial statements, reserves, claims practices, and underwriting procedures to identify abnormalities, irregularities, or risks. Review company operations to ensure adherence to legal and regulatory requirements. Evaluate the adequacy of reserves and reinsurance programs to protect policyholder interests. Prepare comprehensive examination reports, summarizing findings and recommendations for corrective actions. Collaborate with insurance company managerial personnel to address identified issues and monitor progress on corrective measures. Stay informed about changes in insurance laws, regulations, and industry trends. Participate in training programs to stay updated on examination best practices and methodologies.

Knowledge and Skills

Strong analytical and problem-solving skills. Knowledge of insurance laws, regulations, and financial principles. Excellent communication and report-writing skills for presenting findings and recommendations. Attention to detail and the ability to interpret complex financial data. Proficiency in software tools for financial analysis and reporting. Willingness to travel for on-site examinations.

Minimum Qualifications

A bachelor's degree in accounting, finance, business administration, economics, or a related field.

Minimum of 12 years of experience in accounting, auditing, or financial analysis, such as reviewing financial records or analyzing budgets.

Specialized experience in insurance operations, regulatory compliance, or financial examinations.

Professional certifications such as Certified Public Accountant (CPA), Accredited Insurance Examiner (AIE), or Certified Financial Examiner (CFE) may substitute for some experience requirements.

Satisfaction of the minimum qualifications, including years of experience and service, does not entitle employees to automatic progression within the job series. Promotion to the next classification level is at the discretion of the department and the Office of Personnel Management, taking into consideration the employee's demonstrated skills, competencies, performance, workload responsibilities, and organizational needs.

Licensure/Certifications

N/A OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.

Nearest Major Market: Little Rock