What are the responsibilities and job description for the Insurance Financial Specialist 1 - Insurance Commission - Kanawha Co. position at State of West Virginia?
Nature of Work
The Financial Conditions division of the WV Offices of the Insurance Commissioner is responsible for the licensing, financial monitoring, and financial examinations of insurance companies admitted to do business in West Virginia so that policyholders are secure in purchasing insurance products from financially solvent and compliant insurance companies.
Requirements
This position will perform under direct supervision, in a training capacity, entry level professional financial analysis work on insurance companies or other licensed insurance entities. The financial analysis performed must meet the requirements and guidelines of the National Association of Insurance Commissioners (NAIC) and the WV Insurance Commissioner. This position is expected to acquire knowledge and proficiency in Statutory Accounting Principles (SAP) and must have a general understanding of Generally Accepted Accounting Principles (GAAP). Work is performed in accordance with established West Virginia laws, regulations, procedures, guidance and administrative directives. The position will be responsible for performing the following duties:
IMPORTANT:Your eligibility will be based on information provided in your resume or application; therefore, make sure your resume or application is detailed and complete. You MUST complete ALL parts of the application OR upload a resume to your submission.
ATTENTION:Applicant must verify post high school education by submitting an official transcript or diploma, training or licensure earned pertaining to this position by the closing date of the posting, if not previously verified.If you are claiming Veterans preference, please submit "MEMBER 4" form and/or your VA Letter. Protecting your personal information is our highest priority. If your official transcript, training/licensure, or Veterans documentation contains your Social Security Number and/or birthdate, please redact that information before submitting it to the Division of Personnel.
Please attach documents to the online application before submitting it. Or, you may email it to: applicantservices@wv.gov or by mail to: WV Division of Personnel, 1900 Kanawha Blvd. E., Building 3, Suite 500, Charleston, WV 25305.
Be sure to submit your application for each position of interest. To receive an email notice anytime jobs in this or other categories are posted, you may choose to complete aJob Interest Cardfrom the slide-out menu located at the top left of ourJob Opportunitiespage.
Minimum Qualifications
Training:Bachelor's degree from a regionally accredited four-year college or university with at least 24 semester hours in accounting. Preference may be given to applicants with CPA certification, a Master of Public Accountancy or Master of Business Administration.
The Financial Conditions division of the WV Offices of the Insurance Commissioner is responsible for the licensing, financial monitoring, and financial examinations of insurance companies admitted to do business in West Virginia so that policyholders are secure in purchasing insurance products from financially solvent and compliant insurance companies.
Requirements
This position will perform under direct supervision, in a training capacity, entry level professional financial analysis work on insurance companies or other licensed insurance entities. The financial analysis performed must meet the requirements and guidelines of the National Association of Insurance Commissioners (NAIC) and the WV Insurance Commissioner. This position is expected to acquire knowledge and proficiency in Statutory Accounting Principles (SAP) and must have a general understanding of Generally Accepted Accounting Principles (GAAP). Work is performed in accordance with established West Virginia laws, regulations, procedures, guidance and administrative directives. The position will be responsible for performing the following duties:
- Participating in on-the-job training to acquire knowledge and proficiency in SAP and familiarity with applicable laws, rules, and regulations.
- Review Security and Exchange Commissioner filings and holding company information.
- Research and draft responses to less complex inquiries from the NAIC and/or other state insurance departments.
- Review and analyze less complex annual, quarterly, and monthly financial statements, audit reports, and trend analyses.
- Applies SAP, practices, methods, and techniques in the review of financial and management issues.
- Compute and interpret financial ratios to identify potentially hazardous financial conditions.
- Research and analyze various financial transactions between parent company, affiliates, and subsidiaries.
- Research and analyze various transactions involving acquisitions and mergers of insurance companies.
- Review requests by licensed companies to add lines of business; defends recommendation for approval or disapproval.
- Reviews applications for re-domestication and applications to conduct business within the State of WV; considers financial condition of the company and/or parent company, expertise, and size of business.
- Reviews consumer complaints to identify possible solvency issues or patterns of regulatory violations.
- Reviews state examination reports.
IMPORTANT:Your eligibility will be based on information provided in your resume or application; therefore, make sure your resume or application is detailed and complete. You MUST complete ALL parts of the application OR upload a resume to your submission.
ATTENTION:Applicant must verify post high school education by submitting an official transcript or diploma, training or licensure earned pertaining to this position by the closing date of the posting, if not previously verified.If you are claiming Veterans preference, please submit "MEMBER 4" form and/or your VA Letter. Protecting your personal information is our highest priority. If your official transcript, training/licensure, or Veterans documentation contains your Social Security Number and/or birthdate, please redact that information before submitting it to the Division of Personnel.
Please attach documents to the online application before submitting it. Or, you may email it to: applicantservices@wv.gov or by mail to: WV Division of Personnel, 1900 Kanawha Blvd. E., Building 3, Suite 500, Charleston, WV 25305.
Be sure to submit your application for each position of interest. To receive an email notice anytime jobs in this or other categories are posted, you may choose to complete aJob Interest Cardfrom the slide-out menu located at the top left of ourJob Opportunitiespage.
Minimum Qualifications
Training:Bachelor's degree from a regionally accredited four-year college or university with at least 24 semester hours in accounting. Preference may be given to applicants with CPA certification, a Master of Public Accountancy or Master of Business Administration.
- The Division of Personnel uses your complete work history to qualify you for positions. Please be as detailed as possible and list all of your past employment.*
