Job Description

Description and Functions

Open Until Filled

GENERAL DESCRIPTION:

The Financial Examiner position monitors the solvency of Wyoming insurance companies by performing risk-focused examinations and financial analysis of insurance companies\' annual and quarterly statements.

Human Resource Contact: Aiice Saldana - 307-777-7667 - alice.saldana2@wyo.gov

ESSENTIAL FUNCTIONS: The listed functions are illustrative only and are not intended to describe every function which may be performed at the job level.

• Plans perform, and issues reports of examination of all Wyoming domestic insurance companies in accordance with Wyoming Statutes and NAIC standards for the purpose of monitoring financial solvency and statutory compliance.
• Reviews and gains an understanding of insurer operations, including its corporate governance structure and its enterprise risk management framework through a review of regulatory filings, discussions with Department staff, discussions with company personnel, review of public information, review of industry trends and other sources of information as applicable
• Exercises judgment to identify and assess financial solvency risks facing the company, from both a current and prospective risk perspective.
• Identify relevant controls and/or risk mitigation strategies to address risks identified and perform tests of controls to evaluate their effectiveness, as appropriate.
• Performs and documents the financial analysis of domestic insurance companies in accordance with Wyoming Statutes and NAIC standards for the purpose of monitoring financial solvency.
• Summarizes and documents results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators.
• Corresponds with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses, and propose additional regulatory actions if warranted.
• Investigates and determine if the company is in compliance with state laws, rules, regulations, and NAIC standards and guidelines.
• Coordinates and meets with consulting actuaries and insurers\' CPA firms.
• Reviews applications of insurance companies applying for a license in Wyoming for compliance with statutory requirements; make recommendations to approve or deny applications.
• Reviews financial statements, plans of operation, actuarial opinions, CPA reports, contracts, corporate documents, complaints, regulatory actions, holding company act filings, and biographical affidavits.
• Performs annual reviews on insurance companies\' premium tax returns to determine proper calculations and payments to the State of Wyoming.
• Performs examinations on pre-need funeral homes and perpetual care cemeteries.
• Responsible for maintaining the Certified Financial Examiner (CFE) designation and/or Certified Public Accountant (CPA) license by attending the appropriate amount of continuing education required.

Qualifications

PREFERENCES:

Preference may be given to applicants who have knowledge of and work experience in insurance regulation.

KNOWLEDGE:

• Knowledge of Generally Accepted Accounting Principles (GAAP) and Statements of Statutory Accounting Principles (SSAP).
• Knowledge of the National Association of Insurance Commissioners (NAIC) Financial Examiners Handbook and Financial Analysis Handbook.
• Knowledge of Wyoming insurance laws and regulations.
• Ability to research and consistently apply state laws, insurance department regulations, and NAIC statutory accounting practices.
• Knowledge of exam planning procedures, internal controls, sampling techniques, testing procedures, work paper preparation/documentation, review procedures and report writing.
• Knowledge of financial analysis techniques and ratios.
• Ability to understand and evaluate the enterprise risk management functions of insurers.
• Ability to think critically and make decisions based on reasonable and timely analysis.
• Ability to understand and evaluate risks, as well as risk mitigation strategies and controls.
• Ability to see the big picture of the organization.
• Ability to multi-task and manage time effectively
• Ability to work in and contribute to a team environment.
• Strong communication skills (both written and verbal).
• Ability to participate in presentations and discussions of examination findings.
• Ability to adapt to changing expectations and environments.
• Proficient with MS Office and other software.

MINIMUM QUALIFICATIONS:

Education:

Bachelor\'s Degree (typically in Accounting or Finance)

Experience:

1-2 years of progressive work experience (typically in Accounting or Finance)

Certificates, Licenses, Registrations:

Certification as a Certified Financial Examiner (CFE) or Certified Public Accountant (CPA)

OR

Education & Experience Substitution:

4-6 years of progressive work experience (typically in Accounting or Finance)

Certificates, Licenses, Registrations:

Certification as a Certified Financial Examiner (CFE) or Certified Public Accountant (CPA)

Necessary Special Requirements

PHYSICAL WORKING CONDITIONS:

• Work is performed in an office setting.
• Travel is required to complete examinations and to attend conferences.

NOTES:

• FLSA: Exempt
• Must possess a valid driver\'s license.

Supplemental Information

044-Department of Insurance - Examination Section

Click to view the State of Wyoming Classification and Pay Structure.

URL:

The State of Wyoming is an Equal Opportunity Employer and actively supports the ADA and reasonably accommodates qualified applicants with disabilities.

Class Specifications are subject to change, please refer to the A & I HRD Website to ensure that you have the most recent version.

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