Financial Specialist II or III

#22-25-The Oklahoma Insurance Department has an opening in the Premium Tax Unit in the Comptroller division for a Financial Specialist II or III. The salary for this position is $51,742.08 for a II or $58,762.03 for a III. This position is open until filled. To apply: Go to https://okgov.wd1.myworkdayjobs.com/en-US/okgovjobs/details/Financial-Specialist-III_JR6198?hiringCompany=7a8d2de4e0861000cc58cd575d510001 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.

Financial Specialist II

DEFINITION:

This position is responsible for full performance level of basic audit processes. The employee will conduct audits of the quarterly and annual filings of admitted insurance carriers and surplus lines insurance brokers and companies for accuracy and completeness, and to ensure compliance with all applicable regulatory provisions. This includes identifying deficiencies and advising on compliance with established requirements or standards. The employee will compile periodic summary reports to be submitted to the Senior Management Analyst. The employee will work independently for assigned audit responsibility and will also serve as a team member by cross-training and assisting when necessary, with oversight of premium tax filings of traditional and surplus lines brokers/companies.

DUTIES AND RESPONSIBILITIES:
  • Daily post of premium tax and surplus lines tax collections received by EFT or check, which may range from a few to dozens per day.
  • Manage and file quarterly and annual filing documents in a digital format in a virtual file system.
  • Conducts audits on annual premium tax filings of approximately 1,700 admitted insurance carriers and quarterly and annual filings of approximately 2,000 surplus lines brokers.
  • Verify, create, and compile documentation for companies’ and brokers’ requested refunds of overpaid premium tax.
  • Advise Senior Management Analyst and make recommendations to resolve problems and discrepancies, which may involve email, letters, and telephone communications with surplus lines brokers’ and companies’ premium tax department staff.
  • Compile audit schedules and work with external audit requests as necessary.
  • Work with two guaranty associations for assuring accuracy of company reported guaranty association credits against premium tax.
KNOWLEDGE AND SKILLS:
  • Knowledge of generally accepted accounting principles and financial reports.
  • Experience with computers and the following programs: Microsoft Excel, Word and Outlook; Adobe Acrobat; experience with AS400, OPTins, and SBS preferred.
  • Ability to review and audit reports and interpret statutes and rules concerning information contained in reports.
  • Effective time management and organizational skills.
  • Proficient typing and ten-key skills.
  • Ability to establish and maintain effective working relationships.
  • Ability to make routine business decisions, with close attention to detail.
  • Excellent verbal and written communication skills.

Financial Specialist III

 

DEFINITION:

Under immediate supervision of the Senior Management Analyst, this position is responsible for advanced level work involving a wide range of audit functions and activities, audits of complex nature, and mentoring and training of team members. The Financial Specialist III duties include, but are not limited to, conducting audits of the quarterly and annual premium tax filings of admitted insurance carriers to ensure reporting accuracy, completeness, and compliance with all applicable statutes and regulatory provisions. This includes identifying deficiencies and advising insurance carriers on actions necessary to be in compliance. The Financial Specialist III must be capable of working independently with minimal oversight to handle all assigned duties, assist in the complete annual process of premium tax audits, and any other specialized and complex projects assigned. The Financial Specialist III cross-trains and assists with oversight of captive insurance company annual premium tax filings and remittances, as well as surplus lines quarterly and annual broker filings and tax remittances. The Financial Specialist III must have good customer service skills and reflect the core values of the Insurance Department by being competent, trustworthy, client focused, a team player, and positive.

DUTIES AND RESPONSIBILITIES:
  • Mentor and help train other audit team members.
  • Compile periodic summary reports and submit same to Senior Management Analyst.
  • Daily post premium tax collections received by EFT or check, which may range from a few to dozens per day.
  • Manage and file quarterly and annual filing documents in a digital format in a virtual file system.
  • Conduct audits on the quarterly and annual premium tax filings of approximately 1,700 admitted insurance carriers, 65 captive companies, and 2,000 surplus lines brokers.
  • Work with two guaranty associations for assuring accuracy of company reported guaranty association credits against premium tax.
  • Maintain knowledge of targeted economic credits available to companies for premium tax offset.
  • Verify, create, and compile documentation for companies’ and brokers’ requested refunds of overpaid premium tax.
  • Advise Senior Management Analyst and make recommendations to resolve problems and discrepancies, which may involve email, letters, and telephone communications with the staff of admitted insurance carriers and surplus lines brokers.
  • Compile audit schedules and work with external audit requests as necessary.
  • Assist with oversight of captive insurance company annual premium tax filings and remittances, surplus lines quarterly and annual broker filings and tax remittances.
  • Participate in progressive levels of formal education and training to gain knowledge of the insurance industry and further enhance skill as a regulator.
  • Other assigned duties.
KNOWLEDGE AND SKILLS:
  • Knowledge of generally accepted accounting principles and financial reports.
  • Experience with computers and the following programs: Microsoft Excel, Word and Outlook; Adobe Acrobat; experience with AS400, OPTins, and SBS preferred.
  • Ability to review and audit reports and interpret statutes and rules concerning information contained in reports.
  • Effective time management and organizational skills.
  • Proficient typing and ten-key skills.
  • Ability to establish and maintain effective working relationships.
  • Ability to make routine business decisions, with close attention to detail.
  • Excellent verbal and written communication skills.
EDUCATION AND EXPERIENCE:

Level II- Bachelor’s degree in accounting, business, finance, or closely related field is desired, plus one year of accounting or financial experience. Or an equivalent combination of education and experience, substituting one year of qualifying experience for each year of college education. A minimum of six hours of college accounting courses are required. Any of the following professional designations will be preferred: CPA, CFE, AIE, CIE, CIE, CPCU, or FLMI.

Level III-Bachelor’s degree in accounting, business, finance, or closely related field is desired, plus two (2) years of accounting or financial experience. Or an equivalent combination of education and experience, substituting one (1) year of qualifying experience for each year of college education. Any of the following professional designations will be preferred: CPA, CFE, ARC, AIAF, AIRC, AINS, ACS, AIE, CIE, CIE, CPCU, FLMI, APIR, or PIR.

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 three days of 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

Location Oklahoma OK
Open Date October 25, 2022
Salary $51,742.08 - $58,762.03
Job Type Full Time