What are the responsibilities and job description for the FINANCIAL EXAMINER INS position at DC Department of Human Resources?
Job Summary
This position is located in the Department of Insurance, Securities and Banking, Risk Finance Bureau (DISB). The mission of DISB is to create a protective regulatory environment, attract, and retain financial services firms, empower, and educate residents on financial matters and provide financing support for small businesses in the District of Columbia.
The incumbent is responsible for conducting surveillance analysis of Captive Insurance Companies, including Risk Retention Groups, licensed by the District of Columbia, to detect and address conditions that may lead to financial loss for the company’s policyholders.
Duties And Responsibilities
Conducts review and analyses of business plans and pro-forma financial statements submitted by captive insurers to assess the reasonableness of the business plan and ensure financial solvency of the captive insurer. Conducts financial analyses to categorize insurers for priority analysis, including on-site audits and regulatory controls.Reviews documentation such as examination reports, ratings from AM Best, Moody's, and Standard & Poor’s, state deposit requirements, actuarial reserve opinions, independent accountant reports, and financial statements to assess the insurer's financial health. Maintains ongoing surveillance and submits recommendations for regulatory action based on these findings.
Reviews and evaluates annual and quarterly statements of licensed captive insurers and makes recommendations on new applications for licensures to do business in the District of Columbia. Conducts analyses of documentation submitted with annual and quarterly reports lo ascertain the financial condition and solvency of the captive insurer. Documentation submitted includes such records as certificates of compliance, deposit and valuation, capital and surplus balances, net income and losses.
Qualifications And Education
Undergraduate and Graduate Education: Major study -- finance, business administration, economics, accounting, insurance, engineering, mathematics, banking and credit, law, real estate operations, statistics, or other fields related to the position, such as agriculture, agricultural economics, farm, livestock, or ranch management, or rural sociology.
OR
Specialized experience such as performing financial analysis and evaluation work requiring a comprehensive knowledge of (1) corporate finance and any specialized fields of finance required, such as public finance, securities, international finance, money and securities markets, investments, and banking, and (2) the financial and management structure, operations, and practices of corporate and other organizations.
AND
Specialized experience must have equipped the applicant with the particular knowledge, skills, and abilities to perform successfully the duties of the position to be filled. To be creditable, one (1) year of specialized experience is equivalent to at least the next lower grade level in the normal line of progression.
Licenses and Certifications
None.
It is desired that the incumbent shall possess one or more of the following: Certified Financial Examiner (CFE) designation from the Society of Financial Examiners (SOFE); Certified Public Accountant (CPA) certification; or any of the NAIC professional designations (APIR - Associate Professional in Insurance Regulation, PIR (Professional in Insurance Regulation), or SPIR (Senior Professional in Insurance Regulation).
Working Conditions/Environment
The work is primarily sedentary, although some slight physical effort may be required. The work may involve visits to work sites, and requires periods of standing, bending, stooping, and carrying of light items.
Other Significant Facts
Tour of Duty: Monday - Friday - 8:15 am to 4:45 pm
Pay Plan, Series, Grade: CS-1160-13
Promotion Potential: No Known promotion potential.
Duration of Appointment: Career Services - Regular Appointment.
Collective Bargaining Unit (Union): This position is in a collective bargaining unit, and you may be required to pay an agency service fee through direct payroll deduction.
Position Designation: Position Designation: This position has been deemed Security Sensitive under the guideline of the DC Personnel Manual. Incumbents of this position are subject to enhanced suitability screening pursuant to Chapter 4 of DC personnel regulations. Accordingly, incumbents must successfully pass a criminal background and consumer credit check as a condition of employment and will be subject to periodic criminal background checks for the duration of their tenure.
Residency Preference: Applicants claiming “Residency Preference” will be required to maintain residency in the District of Columbia for a minimum of seven (7) years. Failure to do so may result in forfeiture of employment.
EEO Statement: The District of Columbia Government does not discriminate or retaliate in employment on the basis of race, color, religion, sex, pregnancy, gender identity and expression, national origin, family responsibilities, political affiliation, sexual orientation, marital status, homeless status, disability, genetic information, age, membership in an employee organization, participation in a legally protected activity, parental status, matriculation, personal appearance, credit information, status as a victim or family member of a victim of domestic violence, sexual offense, or stalking, military service, or other non-merit factor.
This position is located in the Department of Insurance, Securities and Banking, Risk Finance Bureau (DISB). The mission of DISB is to create a protective regulatory environment, attract, and retain financial services firms, empower, and educate residents on financial matters and provide financing support for small businesses in the District of Columbia.
The incumbent is responsible for conducting surveillance analysis of Captive Insurance Companies, including Risk Retention Groups, licensed by the District of Columbia, to detect and address conditions that may lead to financial loss for the company’s policyholders.
Duties And Responsibilities
Conducts review and analyses of business plans and pro-forma financial statements submitted by captive insurers to assess the reasonableness of the business plan and ensure financial solvency of the captive insurer. Conducts financial analyses to categorize insurers for priority analysis, including on-site audits and regulatory controls.Reviews documentation such as examination reports, ratings from AM Best, Moody's, and Standard & Poor’s, state deposit requirements, actuarial reserve opinions, independent accountant reports, and financial statements to assess the insurer's financial health. Maintains ongoing surveillance and submits recommendations for regulatory action based on these findings.
Reviews and evaluates annual and quarterly statements of licensed captive insurers and makes recommendations on new applications for licensures to do business in the District of Columbia. Conducts analyses of documentation submitted with annual and quarterly reports lo ascertain the financial condition and solvency of the captive insurer. Documentation submitted includes such records as certificates of compliance, deposit and valuation, capital and surplus balances, net income and losses.
Qualifications And Education
Undergraduate and Graduate Education: Major study -- finance, business administration, economics, accounting, insurance, engineering, mathematics, banking and credit, law, real estate operations, statistics, or other fields related to the position, such as agriculture, agricultural economics, farm, livestock, or ranch management, or rural sociology.
OR
Specialized experience such as performing financial analysis and evaluation work requiring a comprehensive knowledge of (1) corporate finance and any specialized fields of finance required, such as public finance, securities, international finance, money and securities markets, investments, and banking, and (2) the financial and management structure, operations, and practices of corporate and other organizations.
AND
Specialized experience must have equipped the applicant with the particular knowledge, skills, and abilities to perform successfully the duties of the position to be filled. To be creditable, one (1) year of specialized experience is equivalent to at least the next lower grade level in the normal line of progression.
Licenses and Certifications
None.
It is desired that the incumbent shall possess one or more of the following: Certified Financial Examiner (CFE) designation from the Society of Financial Examiners (SOFE); Certified Public Accountant (CPA) certification; or any of the NAIC professional designations (APIR - Associate Professional in Insurance Regulation, PIR (Professional in Insurance Regulation), or SPIR (Senior Professional in Insurance Regulation).
Working Conditions/Environment
The work is primarily sedentary, although some slight physical effort may be required. The work may involve visits to work sites, and requires periods of standing, bending, stooping, and carrying of light items.
Other Significant Facts
Tour of Duty: Monday - Friday - 8:15 am to 4:45 pm
Pay Plan, Series, Grade: CS-1160-13
Promotion Potential: No Known promotion potential.
Duration of Appointment: Career Services - Regular Appointment.
Collective Bargaining Unit (Union): This position is in a collective bargaining unit, and you may be required to pay an agency service fee through direct payroll deduction.
Position Designation: Position Designation: This position has been deemed Security Sensitive under the guideline of the DC Personnel Manual. Incumbents of this position are subject to enhanced suitability screening pursuant to Chapter 4 of DC personnel regulations. Accordingly, incumbents must successfully pass a criminal background and consumer credit check as a condition of employment and will be subject to periodic criminal background checks for the duration of their tenure.
Residency Preference: Applicants claiming “Residency Preference” will be required to maintain residency in the District of Columbia for a minimum of seven (7) years. Failure to do so may result in forfeiture of employment.
EEO Statement: The District of Columbia Government does not discriminate or retaliate in employment on the basis of race, color, religion, sex, pregnancy, gender identity and expression, national origin, family responsibilities, political affiliation, sexual orientation, marital status, homeless status, disability, genetic information, age, membership in an employee organization, participation in a legally protected activity, parental status, matriculation, personal appearance, credit information, status as a victim or family member of a victim of domestic violence, sexual offense, or stalking, military service, or other non-merit factor.