DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS

100 North 15th Avenue

Phoenix, Arizona 85007

Annual Salary Range: $44,500 - $52,000

Grade: 19  

The ideal candidate will have strong discipline and execution abilities. They will also be well organized, and can produce thorough and high-quality work culminating with financial risk assessments based upon review of multiple information and data sources.

This position obtains, reviews, analyzes, and audits annual and quarterly traditional insurer and captive insurer records reports, financial statements, and all related supplemental regulatory filings including, but not limited to, audited financial records, actuarial opinions, management's discussion, and analysis, holding company filings, Enterprise Risk Reports, and ORSA Summary Reports.

The Financial Analyst I will also prepare and update the Insurer Profile Summary and/or Group Profile Summary on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to others.

• Collect and analyze data such as annual and quarterly traditional insurer and captive insurer insurer financial statements and all related supplemental regulatory filings, in accordance with the National Association of Insurance Commissioners (NAIC) Financial Analysis Handbook to detect deficient controls or non-compliance with laws, regulations, and management policies. Ensure compliance with applicable statutes, rules, and the NAIC Accounting Practices and Procedures Manual

• Prepare detailed reports on audit findings. Report to management about audit results and recommended changes in operations and financial activities. Summarize and document results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators. Utilize analysis performed to conclude on insurer's priority level and provides supporting rationale. Prepare and update the Insurer Profile Summary and/or Group Profile Summary

• Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring 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, earnings calls and releases, etc.)

• Organize and maintain analysis files in a logical and efficient manner

• Other duties as assigned as related to the position

Knowledge:

• Applicable solvency regulation standards and requirements, including statutory accounting practices and procedures

• Understanding of insurance operations, risks, risk management techniques, and transaction flows

• Understanding of risks that could emerge from non-insurance operations of an insurance group

• Microsoft Word, Excel and/or similar related software

• Auditing accounting and auditing methods/systems

• General auditing standards and procedures

Skills:

• Accountable for solvency monitoring of Arizona domestic insurers

• Objectiveness, fairness, reasonable and courteous

• Strong written and verbal communication skills

• Accurately analyzing and interpreting data

• Analytical skills

Abilities:

• Research and learn applicable new regulations, guidance, and procedures and practices

• Apply good judgments and draw sound conclusions while setting a good example

• Multi-task, manage multiple projects, and effectively manage own time

• Adapt to changing expectations and environments

• Compose clear and concise audit reports

• Invest in staff development

• Bachelor's Degree in accounting, finance, or economics

• Relevant designations that may enhance the profile, such as AFE, CFE, CPA, PIR

The State of Arizona offers a comprehensive benefits package to include:

• Optional employee benefits include short-term disability insurance, deferred compensation plans, and supplemental life insurance

• Life insurance and long-term disability insurance

• Vacation with 10 paid holidays per year

• Health and dental insurance

• Retirement plan

• Sick leave

For a complete list of benefits provided by The State of Arizona, please visit our benefits page

• Positions in this classification participate in the Arizona State Retirement System (ASRS)

• Note that enrollment eligibility will become effective after 27 weeks of employment

• If you have any questions please feel free to contact Shawn McConnell shawn.mcconnell@azdoa.gov for assistance