State of South Carolina ยท 2 months ago
Audits Mgr. II-Supervising Financial Analyst-Captives
Charleston County, SC
Full-time
Onsite
Mid, Senior Level
3+ years expThe State of South Carolina Department of Insurance is dedicated to protecting insurance consumers and regulating the insurance industry. The Captives Supervising Financial Analyst is responsible for supervising captive financial analysts, conducting risk-focused financial analyses, and ensuring compliance with regulatory standards.
Government
Responsibilities
Supervise the quality of the analysis process for risk retention groups (RRGs), including appropriate depth of review, supporting documentation, and resolution of concerns
Ensure that analysis performed appropriately incorporates information from company filings, internal sources, external sources, and NAIC tools and reports
Ensure that analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk, and complexity of the insurer
Supervise the workflow of the analysis process, including but not limited to, compliance with timeliness guidelines set forth in the NAIC Accreditation Program Manual
Correspond with company executives, department staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted
Review conclusions and supporting rationale related to an insurer's priority level and determine if modifications are necessary
Review, challenge, and where applicable, revise the updated Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring are effectively shared with other regulators
Review analyst conclusions regarding insurer compliance with state laws, regulations, and NAIC standards and guidelines
Act as primary reviewer of more complex and higher priority RRGs
Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to, audited financial reports, actuarial opinions, management's discussion and analysis, holding company filings, enterprise risk reports, ORSA summary reports, etc.)
Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc
Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.)
Review captive analyst's detailed financial analysis checklists for annual non-RRG captive insurance reviews in accordance with Department procedures
Act as primary reviewer of more complex and higher priority non-RRGs
Assist Chief Financial Analyst and Business Plan Change Analyst with higher-level and complex business plan change requests
Assist with licensing, marketing, and promotional activities for the domicile and the captive program, as assigned
Attend meetings with prospective companies seeking licensure and help raise awareness of South Carolina as a captive domicile
Attend and represent the Department at captive industry conferences
Participate on the Captive Application Review Committee to review new captive applications
Participate on the Troubled Company Committee to review captive companies in hazardous financial condition
Assist in development of recommendations for regulatory actions for troubled companies and their implementation and follow-up
Assist in determining assignments of insurer and insurance groups and the level of oversight provided to analysts based on risks, complexity, and staff abilities
Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests
Review research or perform research on complex issues including State law, State regulations, accounting standards, etc
Instruct assigned analysts in the application of risk-focused surveillance concepts and advanced analytical skills
Encourage and direct staff to alter analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances
Encourage and direct staff to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer
Assist with special projects and perform other duties as assigned by supervisors
Must attend examination meetings and ensure the captive analyst is properly prepared to present overview of assigned companies, provide summary of risks identified, etc
Must organize and maintain supervisory files in a logical and efficient manner
Stay apprised of industry trends through review of business journals, industry publications, etc. to determine impact on insurers in state and continue to improve focus and execution of the financial analysis process
Maintain relevant designations that enhance the analyst's ability to perform analysis and effectively monitor the ongoing solvency of insurers (e.g. CFE, PIR, CPCU, FLMI, etc.)
Qualification
Required
A Bachelor's degree in accounting, auditing, business administration, finance or insurance and professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis
Insurance designation(s) or progress towards their attainment
Overnight travel may be required but it is not normally anticipated
Proficient in MS Word, Excel, and other related tools
Preferred
Captives experience greatly preferred
Appropriate coursework in accounting/ auditing
3 years of financial analysis, public accounting or similar experience in the insurance, reinsurance or alternative markets
Strong communication skills (both written and oral) and advanced understanding of insurance operations, risks, risk management techniques, and transaction flows
Advanced understanding of risks that could emerge from non-insurance operations of a group
Ability to aggregate and summarize information from a wide-range of available sources
Takes responsibility and is accountable for solvency monitoring of assigned companies
Objective, fair, reasonable, and courteous with the ability to apply good judgment and draw sound conclusions while setting a good example
Ability to research and apply applicable state laws, regulations, procedures and practices and NAIC statutory and/or GAAP accounting practices
Ability to understand and evaluate the enterprise risk management functions of insurers
Ability to supervise staff captive analysts and invest in staff development
Ability to review work of others, challenge conclusions reached, and provide constructive feedback
Ability to make decisions based on reasonable and timely analysis
Ability to evaluate and challenge information provided by company
Company
State of South Carolina
South Carolina is a southeastern U.S. state.
10001+ employees
Funding
Current Stage
Late StageLeadership Team
David Sella-Villa
Chief Privacy Officer
Mark Rhoden
Chief Financial Officer, Office of Regulatory Staff
Recent News
UPSTATE BUSINESS JOURNAL
2025-11-26
2024-11-02
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