Financial Analyst I

The Oklahoma Insurance Department has an opening in the Financial Division for a Financial Analyst I. The vacant position has a salary of $58,151.74. This position is open until filled.

To apply: Go to Financial Analyst and and click “Apply Online” at the bottom of the page. Please read the instructions carefully and include all required documents when you submit your application.

DEFINITION
Under administrative direction of the Chief Financial Analyst, complete financial and statutory review of assigned licensed insurance companies and various other entities. Analysis of annual and quarterly statements for assigned domestic companies within NAIC guidelines, the Oklahoma state statutes and Oklahoma rules and regulations, to ensure financial solvency for the policyholders of the State of Oklahoma.

JOB DUTIES

• Review filings, approve/deny forms, and analyze financial filings for financial stability, solvency, and statutory compliance; use NAIC tools and guidelines to perform the analysis in accordance with the NAIC Financial Regulation Standards and Accreditation Program.
• Create an Insurer Profile Summary (IPS) and Group Profile Summary (GPS) for distribution to other state departments of insurance. Correspond with other state insurance departments regarding Oklahoma companies.
• Identify concerns, recommend resolutions, and forward reports to the Chief Financial Analyst.
• Handle both oral and written correspondence: Collaborate with management, companies, regulators, and examiners to monitor financial condition and other issues.
• Produce material for examinations; attend examination meetings and interviews, ensure corrective action has been taken on examination report exceptions.
• Review initial application, admission documents, and financial reports; review A.M. Best, S&P and reinsurers; analyze company and parent; make recommendations to accept or deny the application.
• Review and approve securities and statutory deposits of insurers.
• Maintain continuing education to meet NAIC accreditation standards. Attend NAIC webinars, ICCIE or other insurance/financial analyst training. Position may include minimal travel for meetings or training.
• Perform related work and special projects as required or assigned by Chief Financial Analyst.

KNOWLEDGE, SKILLS AND ABILITIES

• Basic knowledge of insurance accounting required, including statutory accounting principles as well as generally accepted accounting principles, and applicable state statutes preferred.
• Proficiency in Microsoft Office, specifically: Excel, Word, and Outlook.
• Ability to understand statutes, policies and procedures and apply them to the business of the Department.
• Ability to maintain effective working relationships and the ability to work independently.
• Good time management skills, with strong communication and organizational skills.

EDUCATION AND EXPERIENCE

Financial Analyst I – Bachelor’s degree in accounting, economics, finance, or actuarial science with zero to three years of experience in financial analysis, insurance financial analysis. Preference will be given to applicants holding at least one of the following designations: CPA, CFE, AFE, CIE, AIE, FLMI, CPCU or ICCIE (ACI or CCI).

NOTE:

Upon hire, any applicant who is licensed as a producer/agent, adjuster or is otherwise affiliated with any entity that is regulated by the department must surrender their license and terminate any financial or non-financial affiliation with the entity that is regulated by the department. The selected applicant must pass a background check. Individual may be required to pursue NAIC designations as job duties require.

TELEWORK: 

This position may be eligible for telework each week under OID’s Telework Program after initial training.

Employees of the Oklahoma Insurance Department are unclassified employees of the state. For benefits offered by the State of Oklahoma to employees of the state, please use this link to access the Office of Human Capital Management benefits page at https://omes.ok.gov/services/employee-benefits

Equal Opportunity Employer