Financial Examiner I or II

#JR45995-The Oklahoma Insurance Department has an opening in the Financial Division for a Financial Examiner I or II. The salary for a level I is $56,520 and a level II is $66,285.55. This position is open until filled. To apply: Go to the Examiner I Posting and click “Apply” at the top of the posting. Please read the instructions carefully and include all required documents when you submit your application.

Examiner I

DEFINITION

Conduct pre-paid funeral trust and/or captive insurer examination procedure sets. Complete supervisory review on financial examinations of assigned single state domestic insurance companies. Ensure that financial examinations are performed and documented in accordance with Oklahoma Statutes, Oklahoma regulations, the National Association of Insurance Commissioners (“NAIC”) Financial Regulation Standards and Accreditation Program, Statutory Statements of Accounting Practices and Procedures, and the NAIC Financial Condition Examiners Handbook. Assist the Chief Financial Examiner as directed.

DUTIES AND RESPONSIBILITIES

• Stay current with Oklahoma statute, rules, and regulations. Assist completion of examinations in accordance with State laws, rules, and regulations.
• Identify, Communicate, Research, and Address any pre-paid funeral home trust and/or captive examination issues that may arise.
• Basic knowledge of accounting required. Basic knowledge of statutory accounting principles, generally accepted accounting principles, and applicable State statutes preferred.
• Ability to understand statutes, policies, and procedures and apply them to the business of the Department.
• Identify sampling techniques and sampling sizes of population consisting of pre-paid funeral home service contract owners and/or service recipients.
• Coordinate with funeral home management to fulfill information requests generated by the selected sample. Review provided information including, but not limited to, bank statements, insurance statements, insurance policies, company ledgers, and contracts for pre-paid funeral services for completeness, accuracy, and statutory compliance.
• Critically review examination reports to determine financial solvency performance, make recommendations for revisions, and recommendations for corrective action plans and disciplinary action.
• Manage examination billings and invoicing to ensure compliance with approved budgets and significant variances are justified and pre-approved.
• Handle both oral and written correspondence: collaborate with management, companies, regulators, and examiners to monitor financial condition and statutory compliance.
• Position may include travel consisting of, but not limited to, on-site funeral home visits, funeral home board meetings, funeral directors’ conventions, and limited travel for on-going training.
• Collect and organize all data for scheduled funeral home, cemetery, and/or captive examinations prior to the examination. Communicate this information accordingly with staff prior to the commencement of examinations. Generate notice of examination to be provided to examinees.
• Prepare and send examination orders to selected external examination resources authorizing them to represent the State of Oklahoma.
• Track and report the timely submission of status reports submitted by contract examiners
• Initiate and monitor internal review processing of completed financial examination draft reports. Communicate any identified concerns generated as a result of internal review of financial examination reports
• Provide a final version of examination reports to the examinee along with a 20-day letter as defined by Oklahoma Statute Title 36 O.S. §309.4
• Refer finalized exam reports to Legal Division for adoption and track ongoing examination adoption
• Work closely with Legal Division and other staff to track the resolution of all on-going regulatory concerns identified through the course of an examination. Coordinate with Legal to ensure that entities comply with Adoption Order
• Ensure that use of specialists on assigned single state insurer examinations is effective and appropriate. Specialist may include but are not limited to, IT specialists, actuarial specialists, investment specialists, reinsurance specialists, and tax specialist.
• Complete in-depth and challenging supervisory review on work completed on assigned single state insurance company financial examinations. Ensure that general and detailed supervisory review is completed including, but not limited to, timely signoffs, quality completion of examination procedure sets, quality completion of examination workpapers, review of specialist’s work, appropriate phase & work plan approvals, and amount and quality of coaching notes.
• On all assigned single state insurer financial examinations ensure that all relevant risks are captured and put through the risk focused examination process, that reliance on auditor’s work is utilized and documented, that reliance on existing enterprise risk management and own risk solvency assessment work is utilized and documented, that financial examinations are risk driven, and that all critical risk categories and appropriate risks are addressed through the seven phase risk focused examination process as provided for in the NAIC financial condition examiners handbook.

KNOWLEDGE, SKILLS AND ABILITIES:

• Ability to define problems, collect data, establish facts, and draw valid conclusions
• Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables
• Ability to work with mathematical concepts such as probability and statistical inference and apply concepts such as fractions, percentages, ratios, and proportions to practical situations
• Proficiency in Word and Excel
• Excellent communications skills
• Excellent time management and organizational skills
• Ability to establish and maintain working relationships

EDUCATION AND EXPERIENCE

Bachelor’s degree in accounting, business, finance, actuarial science, or related field with zero to three years of experience with pre-paid funeral home trusts or captive insurers or insurance financial examination. 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).

Examiner II

DUTIES AND RESPONSIBILITIES

• Ability to understand and stay current with Oklahoma statute, rules, and regulations and apply them to the business of the Insurance Department
• Oversee completion of examinations in accordance with State laws, rules, and regulations.
• Assist in the development of on-going policies and procedures. Review and assist in drafting changes to State law, rules, and regulations.
• Review special purpose entity and pre-paid funeral home trust analyst work to identify quality and accuracy of annual report review procedures and work with analyst and management to correct identified errors.
• Identify sampling techniques and sampling sizes of population consisting of pre-paid funeral home service contract owners and/or service recipients.
• Coordinate with funeral home management to fulfill information requests generated by the selected sample. Review provided information including, but not limited to, bank statements, insurance statements, insurance policies, company ledgers, and contracts for pre-paid funeral services for completeness, accuracy, and statutory compliance.
• For pre-paid funeral home trusts that include approximately 10 or less individual trust accounts complete all examination procedures on selected samples and generate a financial examination report to be adopted publicly.
• Assign examination work to examiners. Identify and address any work related or quality issues with examiners’ work. Supervise examiners. Report on any unsatisfactory work to Chief Financial Examiner.
• Critically review examination reports to determine regulated entity’s financial solvency performance, make recommendations for revisions, and recommendations for corrective action plans and disciplinary action.
• Manage examination billings and invoicing to ensure compliance with approved budgets and significant variances are justified and pre-approved.
• Develop and maintain annual schedule for entity examinations. Prioritizing troubled entities for more frequent examinations.
• Handle both oral and written correspondence: collaborate with management, companies, regulators, and examiners to monitor financial condition and statutory compliance.
• Maintain continuing education to meet NAIC accreditation standards. Attend NAIC webinars and other insurer/financial examiner training.
• Train Financial Examination Intern. Report to Chief Financial Examiner on Financial Examination Interns on-going performance.
• Complete the Financial Examination Quality Control Checklist on assigned single and multistate insurer financial examinations.
• Ensure that use of specialists on assigned single and multistate insurer examinations is effective and appropriate. Specialist may include but are not limited to, IT specialists, actuarial specialists, investment specialists, reinsurance specialists, and tax specialist.
• Complete in-depth and challenging supervisory review on work completed on assigned single and multistate insurance company financial examinations. Ensure that general and detailed supervisory review is completed including, but not limited to, timely signoffs, quality completion of examination procedure sets, quality completion of examination workpapers, review of specialist’s work, appropriate phase & work plan approvals, and amount and quality of coaching notes.
• On all assigned single and multistate insurer financial examinations ensure that all relevant risks are captured and put through the risk focused examination process, that reliance on auditor’s work is utilized and documented, that reliance on existing enterprise risk management work is utilized and documented, and that all critical risk categories and appropriate risks are addressed through the seven phase risk focused examination process as provided for in the NAIC financial condition examiners handbook.
• Monitor completion of captive and/or pre-paid funeral home trust examination work performed by contract examiners. Review finalized captive examination for completeness and quality. Work with Chief financial Examiner on any identified concerns or issues.
• Liaison with the OID legal division regarding issues that arise when legal expertise is required.
• Any other duties assigned.

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.
• Ability to define problems, collect data, establish facts, and draw valid conclusions
• Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables
• Ability to work with mathematical concepts such as probability and statistical inference and apply concepts such as fractions, percentages, ratios, and proportions to practical situations
• Proficiency in Word and Excel
• Excellent communication, time management, and organizational skills
• Ability to establish and maintain working relationships

EDUCATION AND EXPERIENCE

Bachelor’s degree in accounting, insurance, finance, actuarial science, or related field and at least 3 years of experience with insurance financial examinations or related job experience, or equivalent combination of education and experience. 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.

To see a complete list of benefits offered by the State of Oklahoma to employees of the state click on the following link. https://oklahoma.gov/omes/services/employee-benefits.html

Equal Opportunity Employer