Insurance Examiner II

Position Summary

The Insurance Examiner II investigates and examines activities of institutions to enforce laws and regulations and ensure legality of transactions and operations or financial solvency. Reviews and analyze new, proposed, or revised laws, regulations, policies, and procedures in order to secure correct interpretation and intent of language and subsequent impact on examination processes. Examine the minutes of meetings of various business entities in order to investigate specific authority extended at various levels of management. Prepares reports, exhibits, and other supporting schedules detailing an institution's safety and soundness, compliance with laws and regulations, and recommends solutions to questionable financial conditions. Reviews balance sheets, operating income, expense accounts, and loan documentation to confirm institutional assets and liabilities. Reviews audit reports of internal and external auditors to monitor the adequacy of scope of reports or to discover specific weaknesses in internal routine

This position requires on-site employment with no remote or hybrid options available.

Preferred Qualification

Experience of financial analysis work in insurance department, insurance companies or CPA firms.

Job Responsibilities and Expected Results

Key Business Processes/ Duties

• Examining assets, liabilities, income, and expense items contained in insurance entities financial statements. Insurance Examiner II performs highly complex financial reviews and surveillance techniques on the approximately 77 Arkansas domiciled (domestic) and 1635 non-domiciled (foreign) insurance entities that conduct business in the state of Arkansas.

These entities include:

Property and Casualty Insurance Companies

Title Insurance Companies

Reciprocals

Risk Retention Groups

Farm Mutual Insurance Companies

Surplus Lines Insurance Companies

Life & Health Insurance Companies

Health Maintenance Organizations

Limited-Service Health Maintenance Organizations

Fraternal Benefit Societies

• Responsibilities of Examiners assigned to the field include:
• Examining assets, liabilities, income, and expense items contained in insurance entities financial statements.
• Reviews audit reports of internal and external auditors to monitor the adequacy of scope of reports or to discover specific weaknesses in internal routines.
• Reviewing company business practices for compliance with laws, regulations and bulletins.
• Examine the minutes of meetings of various business entities in order to investigate specific authority extended at various levels of management.
• Communicates with officers of insurance entities concerning company operations and questions/issues raised during the examination process.
• Make recommendations to Examiners-in-Charge regarding follow-up needed to address outstanding issues.
• Interacts with other divisions within the Arkansas Insurance Department ("Department")in obtaining information to assist in the evaluation of insurance entities.
• Completes examination procedures and objectives in accordance with the NAIC Financial Condition Examiners Handbook.
• Prepares reports, exhibits, and other supporting schedules detailing an institution's safety and soundness, compliance with laws and regulations, and recommends solutions to questionable financial conditions.
• Assists in the drafting and revision of procedures for the finance division so that accreditation goals can be met.
• Travels to companies to conduct on-site examinations.
• Performs other duties and special projects as required or assigned which are reasonably within the scope as the duties enumerated above.

Position Information

Job Series: Financial - Insurance Financial Examiners

Classification: Insurance Examiner II

Class Code: FIF04P

Pay Grade: SPC03

Salary Range: $71,027 - $105,120

Job Summary

The Insurance Examiner II evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. This role involves conducting audits, analyzing financial records, and ensuring that insurers adhere to pre-determined state and federal regulations. The Insurance Examiner II plays a vital role in protecting policyholders and maintaining public confidence in the insurance industry by identifying risks and recommending corrective actions.

Primary Responsibilities

Perform on-site and off-site examinations of insurance companies to assess their financial condition and regulatory compliance. Analyze financial statements, reserves, claims practices, and underwriting procedures to identify abnormalities, irregularities, or risks. Review company operations to ensure adherence to legal and regulatory requirements. Evaluate the adequacy of reserves and reinsurance programs to protect policyholder interests. Prepare comprehensive examination reports, summarizing findings and recommendations for corrective actions. Collaborate with insurance company managerial personnel to address identified issues and monitor progress on corrective measures. Stay informed about changes in insurance laws, regulations, and industry trends. Participate in training programs to stay updated on examination best practices and methodologies.

Knowledge and Skills

Strong analytical and problem-solving skills. Knowledge of insurance laws, regulations, and financial principles. Excellent communication and report-writing skills for presenting findings and recommendations. Attention to detail and the ability to interpret complex financial data. Proficiency in software tools for financial analysis and reporting. Willingness to travel for on-site examinations.

Minimum Qualifications

A bachelor's degree in accounting, finance, business administration, economics, or a related field.

Minimum of 6 years of experience in accounting, auditing, or financial analysis, such as reviewing financial records or analyzing budgets.

Specialized experience in insurance operations, regulatory compliance, or financial examinations.

Professional certifications such as Certified Public Accountant (CPA), Accredited Insurance Examiner (AIE), or Certified Financial Examiner (CFE) may substitute for some experience requirements.

Satisfaction of the minimum qualifications, including years of experience and service, does not entitle employees to automatic progression within the job series. Promotion to the next classification level is at the discretion of the department and the Office of Personnel Management, taking into consideration the employee's demonstrated skills, competencies, performance, workload responsibilities, and organizational needs.

Licensure/Certifications

N/A OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.

Nearest Major Market: Little Rock