Financial Analyst I

#JR55394-The Oklahoma Insurance Department has an opening in the Financial Division for a Financial Analyst I. The salary for this position is $58,151.97. This position is open until filled. To apply: Go to Financial Analyst I and click “Apply” at the top of the posting. Please read the instructions carefully and include all required documents when you submit your application.

DEFINITION

Under the administrative direction of the Chief Financial Analyst, the Financial Analyst I is responsible for the ongoing financial regulatory oversight of insurance companies by conducting risk-focused financial analysis to evaluate and monitor financial condition and prospective solvency in accordance with NAIC guidelines and applicable Oklahoma statutes and regulations.

JOB DUTIES

• Conduct risk assessments of insurance companies through risk-focused analysis of assigned insurance companies.
• Review annual and quarterly insurer financial statements and related supplemental regulatory filings of assigned companies for financial stability, solvency, and statutory compliance.
• Create Insurer Profile Summary reports and Group Profile Summary reports.
• Review applications for Mergers, Acquisitions, and Redomestications.
• Identify concerns, recommend resolutions, and forward the reports to the Chief Financial Analyst.
• Handle oral and written correspondence with management of insurance companies, other state regulators, examiners, etc. to discuss financial condition, statutory compliance and other issues.
• Review and approve administrative changes for assigned companies.
• Meet with various representatives of assigned insurance companies as necessary.
• Produce material for examinations; attend examination meetings and interviews, ensure corrective action has been taken on examination report exceptions.
• Maintain continuing education to meet NAIC accreditation standards, such as NAIC webinars, periodic out of state training/conferences, and specific financial analyst training.
• Perform special projects or additional duties as assigned by the Chief Financial Analyst.

KNOWLEDGE, SKILLS AND ABILITIES

• Strong communication and organizational skills.
• Ability to maintain effective and positive working relationships.
• Strong time management skills and ability to work independently.
• Familiarity with insurance accounting concepts, including statutory accounting principles (SAP), generally accepted accounting principles (GAAP), and applicable state insurance statutes is preferred.
• Ability to interpret and apply statutes, policies, and procedures in the conduct of the Department’s regulatory responsibilities.
• Proficiency in Office 365 environment across a multitude of applications, such as Word, Excel, Outlook, SharePoint, Teams, etc.

EDUCATION AND EXPERIENCE

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:

The selected applicant must pass a background check. Individuals may be required to pursue NAIC designations as job duties require. 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.

TELEWORK

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