Supervising Financial Analyst

About the Organization:

The Division of Insurance ("DOI"), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division’s work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.

The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.

The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens.

About the Role:

The dual mission of the DOI is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products and to protect the individual consumer from fraud or unfair business practices. Monitoring the financial solvency of insurers is the task of the Financial Examination and Financial Surveillance units.

The Supervising Financial Analyst (SFA) is responsible for supervising the work performed by the financial analysts and administrative staff in the Financial Surveillance and Company Licensing Unit (FSU). The SFA ensures that all domestic life, property and casualty, and health insurers (including health maintenance organizations [HMOs}) are analyzed in a timely manner, participates in the review of transactions involving insurers and holding company systems, and oversees the review and approval/disapproval of applications from companies seeking to transact insurance business in Massachusetts.

Duties and Responsibilities:

• Supervise the financial analysis process, including but not limited to, appropriate depth of review, adequate supporting documentation, resolution of concerns, and compliance within applicable timeliness guidelines. Monitor and manage the progress of work by financial analysts, including ensuring that the analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer and appropriately incorporates information from company filings, internal sources, external sources, and solvency monitoring tools available through the National Associated of Insurance Commissioners (NAIC).
• Supervise the analysis and examination of financial reports and documentation submitted by insurance companies and organizations bearing insurance risk, as well as any other organizations required to make financial filings with DOI. Items include, but may not be limited to: (1) company annual financial statement filings, company quarterly financial statement filings, supporting schedules and exhibits, (2) independent audit reports, (3) actuarial opinions and certifications, (4) holding company filings, (5) management discussion & analysis filings, (6) Enterprise Risk Reports, (7) Own Risk and Solvency Assessment (ORSA) Summary Reports, (8) Corporate Governance Annual Disclosures (CGAD), (9) NAIC I-Site Reports, (10) financial analysis calculations (11) risk-based capital (RBC) calculations, (12) reinsurance analysis, (13) SEC filings, and (14) external rating agency reports.
• Participate in the review and analysis and final determination of other transactions brought before the DOI for regulatory approval, which could include providing financial analysis of companies involved, attending and participating at hearings and in working group sessions. These transactions could include: (1) mergers, acquisitions, and consolidations, (2) demutualizations, (3) administrative oversight, rehabilitation, receivership, insolvency, and liquidation, (4) surplus notes, (5) reinsurance treaties, (6) redomestications, and (7) creation and licensing of new domestic insurance companies and HMOs.
• Support the DOI's continued accreditation by the NAIC, including assisting the Director in implementing policies and procedures utilized by the FSU in accordance with the criteria established by the NAIC Accreditation Manual.
• Evaluate FSU staff via Employee Performance Review System (EPRS) and Mass Achieve and assist in the hiring of FSU staff.
• Other duties, as assigned.

Preferred Knowledge, Skills, and Abilities:

• Knowledge of Statutory Accounting Principles, as detailed in the NAIC's Accounting Practices and Procedures Manual.
• Knowledge of the Risk-Focused approach to financial analysis, as detailed in the NAIC's Financial Analysis Handbook.
• The ability to apply the above knowledge to specific situations.
• Knowledge the NAIC Accreditation Standards applicable to financial analysis and FSU, as detailed in the NAIC's Accreditation Manual.
• Knowledge of problem-solving methods, and the ability to apply those methods to situations encountered.
• Knowledge of supervisory and management techniques/principles, along with the ability to plan, coordinate, and oversee the work processes.
• Ability to analyze and prepare complex financial reports and to make recommendations from these reports.
• Ability to evaluate complex financial transactions, identify information needed to make regulatory decisions.
• Familiar with all areas of insurer operations and be able to operate successfully at all levels of the financial analysis process.
• Communications training and interpersonal skills far above average.
• Insurance regulatory background or an insurance specialization at a CPA firm.
• Public sector or insurance company experience.

All applicants should attach a cover letter and resume to their online submission for this position.

MINIMUM ENTRANCE REQUIREMENTS:

Applicants must have at least (A) five (5) years of full-time or, equivalent part-time, professional, administrative, supervisory, or managerial experience in financial management work (i.e. budgeting, accounting, auditing, management analysis, program evaluation, financial reporting of program results), of which (B) at least one (1) year must have been in a project management, supervisory or managerial capacity or (C) any equivalent combination of the required experience and substitutions below.

I. A certificate in a relevant or related field may be substituted for one (1) year of the required (A) experience.

II. A Bachelor's degree in a related field may be substituted for two (2) years of the required (A) experience.

III. A Graduate degree or higher in a related field may be substituted for three (3) years of the required (A) experience.

IV. A Doctorate degree in a related field may be substituted for four (4) years of the required (A) experience.

Comprehensive Benefits

When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.

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An Equal Opportunity / Affirmative Action Employer.  Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.

The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law.  Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don't meet 100% of the job requirements.  We encourage individuals who believe they have the skills necessary to thrive to apply for this role.