The two positions are listed on the Human Resources website at Mass.gov
The Division of Insurance has announced that it is looking to fill two positions in its Financial Examinations Department. According to the DOI website the Financial Examinations Department is responsible for the following:
The Financial Examination department plays a vital role in monitoring the solvency of insuring organizations chartered in Massachusetts. This role is principally fulfilled by conducting statutorily required on-site audits of domestic licensed insurance companies and other licensed entities. Massachusetts is the domiciliary state for property/casualty insurers, life insurance companies, accident and health insurers, title insurance companies, health maintenance organizations, lodge fraternal organizations, medical service corporations, workers’ compensation self-insured groups, several residual market pools, (e.g., FAIR Plan and Commonwealth Automobile Reinsurers) and over one hundred fifty fraternal benefit and mutual aid societies.
The following is the listings for the two positions available with the Division of Insurance. Please note for more information or to send in your resume you should review the Human Resources website at www.mass.gov for further information. Note to apply for either of these positions, send an email including your resume and cover letter to: doiresume@state.ma.us. Be sure to include the Job Posting Number along with the title of the position you are applying for in the title of the email.
Financial Examiner II Position taken from the DOI Posting IF J44562
Duties:
The Division of Insurance is the state regulatory agency responsible for the oversight of the insurance market in the Commonwealth of Massachusetts. The Division seeks to provide insurers and consumers with a financially healthy insurance market. Our offices are located in downtown Boston, offering easy commuter access from all points. We provide family friendly benefits including generous vacation, sick and personal leave, paid holidays, volunteer and mentor leave, and extended family and medical leave benefits. Employees also enjoy flexible work schedules and tuition remission at state colleges and universities. The Division offers professional development training and career building opportunities including participation in trainings and conferences by the National Association of Insurance Commissioners (NAIC) as well financial assistance for those seeking certain professional designations.
The Insurance Examiner II in the Financial Examinations Unit participates in the financial examination of insurance entities to test for solvency and ensure compliance with Massachusetts general laws. Duties include verifying assets, liabilities, and transactions of the insurance entity by evaluating CPA workpapers, testing controls, transactions and balances. Examinations are performed in accordance with the guidelines and procedures of the NAIC’s Financial Condition Examiners Handbook.
Specific Duties Include:
• Examining the records of insurance companies by reviewing transactions and documents and assessing financial conditions in order to ensure compliance with applicable state and federal laws, rules, regulations, guidelines and procedures and in strict accordance with the NAIC’s Financial Condition Examiners Handbook procedures.
• Conferring with agency personnel, company personnel and others to obtain data and/or supportive documentation.
• Preparing financial reports and statements based on findings of audits/examinations to describe the financial condition of institutions examined, to provide information concerning activities, and to recommend changes in policies and procedures. Completing and organizing workpapers documenting examination work performed to support the examiner’s findings and conclusions; preparing a written description of each assigned account summarizing results, including any adjustment to the Company-reported amounts in addition to any compliance or non-compliance to Mass. General Laws; documenting all communication between the company and the examiner.
• Reviewing new laws, regulations, administrative bulletins, etc. to determine their impact on insurance companies, HMOs and all examined entities.
• Providing documentation on any exceptions found in the verification of company records.
• Performing related duties as assigned.Qualifications:
Minimum Entrance Requirements:
Applicants must have at least (A) three years of full-time, or equivalent part-time, professional experience in accounting, auditing, or in the examination of insurance companies or in the regulation of the insurance industry, or (B) any equivalent combination of the required experience and the substitutions below.
Substitutions:
I. A Bachelor’s degree with a major in accounting, business administration, business management or insurance may be substituted for a maximum of two years of the required experience.*II. A Graduate degree with a major in accounting, business administration, business management or insurance may be substituted for the required experience.*
*Education toward such a degree will be prorated on the basis of the proportion of the requirements actually completed.
Special Requirements: Based on assignment, possession of a current and valid Massachusetts Class D Motor Vehicle Operator’s license may be required.
Preferred Qualifications:
It is preferred that the candidate have a bachelor’s degree in accounting from an accredited college or university.
It additionally is preferred that the candidate have attained an applicable license or certification such as Certified Public Accountant, Certified Financial Examiner, Chartered Property and Casualty Underwriter and/or Chartered Life Underwriter.
Comments:
This is a Grade 10 position within NAGE Unit 6. The starting salary for this position is $45,134.44 (Step 1). Recruitment rates above Step 1 of the salary range are based on years of experience comparable to experience in the classification title. Salaries for internal candidates will be calculated using contract promotional rules.
Insurance Examiner III as listed in the DOI’s Job Posting #J44563
The Insurance Examiner III acts as Examiner-in-Charge (“EIC”) and plans and directs the financial examination of insurance entities to test for solvency and ensure compliance with Massachusetts General Laws and regulations. Duties include overseeing staff or contract examiners in the verification of assets, liabilities, and transactions of the insurance entity. As EIC, the Examiner III evaluates CPA workpapers, tests internal controls, transactions and balances, and conducts the examination in accordance with the guidelines and procedures of the NAIC’s Financial Condition Examiners Handbook and the NAIC’s Accreditation Program Manual. The Examiner III drafts the Statutory Report of Examination for review by the Supervising Examiner and the Chief Examiner.
Specific Duties Include But Are Not Limited To:
• Supervises the examination of the records of insurance companies by reviewing transactions and documents and assessing financial conditions in order to ensure compliance with applicable state and federal laws, rules, regulations, guidelines and procedures. Responsible for the overall quality, accuracy, completeness and timeliness of financial examinations assigned by the Chief Examiner.
• Determines the format to be used in order to conduct a proper financial audit or examination. Performs the examination process in strict accordance with the NAIC Accreditation Program Manual and the NAIC Financial Condition Examiners Handbook procedures and within
the NAIC’s established timeframes.
• Integrates the use of NAIC TeamMate or equivalent electronic workpaper software into the examination process.
• Confers with agency and company personnel and others to obtain data and/or supportive documentation. Prior to the start of the examination, meets with the company’s independent
CPA firm and reviews its annual audit workpapers for the company; works closely with the Computer Audit Specialist in the evaluation of information technology controls and
development of computer database sampling techniques.
• Prepares bi-weekly financial reports and statements based on findings of audits/examinations to describe the financial condition of institutions examined, to provide information concerning activities, and to recommend changes in policies and procedures.
• Performing related duties, as assigned.Qualifications:
Minimum Entrance Requirements:
Applicants must have at least (A) four years of full-time, or equivalent part-time, professional experience in accounting, auditing, or in the examination of insurance companies or in the regulation of the insurance industry, and (B) of which at least one year must have been in a supervisory, administrative or managerial capacity, or (C) any equivalent combination of the required experience and the substitutions below.
I. A Bachelor’s degree with a major in accounting, business administration, business management or insurance may be substituted for a maximum of two years of the required (A) experience.*
II. A Graduate degree with a major in accounting, business administration, business management or insurance may be substituted for a maximum of three years of the required (A) experience.*
*Education toward such a degree will be prorated on the basis of the proportion of the requirements actually completed.
NOTE: No substitutions will be permitted for the required (B) experience.
Special Requirements: Based on assignment, possession of a current and valid Massachusetts Class D Motor Vehicle Operator’s license may be required.
Preferred Qualifications:
It is preferred that the candidate have a bachelor’s degree in accounting from an accredited college or university.
It additionally is preferred that the candidate have attained an applicable license or certification, such as Certified Public Accountant, Certified Financial Examiner, Chartered Property and Casualty Underwriter and/or Chartered Life Underwriter. If the Certified Financial Examiner’s (CFE) designation is not held,
the candidate is expected to obtain their CFE designation.Comments:
This is a Grade 12 position within NAGE Unit 6. The starting salary for this position is $50,014.90 (Step 1). Recruitment rates above Step 1 of the salary range are based on years of experience comparable to experience in the classification title. Salaries for internal candidates will be calculated using contract promotional rules.
