About the Organization: The Division of Insurance ( DOI ), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth's insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division's work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner. The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming. The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens. About the Role: The Supervising Financial Analyst (SFA) is responsible for supervising the work performed by the financial analysts and administrative staff in the Financial Surveillance and Company Licensing Unit (FSU). The SFA ensures that all domestic life, property and casualty and health insurers (including health maintenance organizations [HMOs]) are analyzed in a timely manner, participates in the review of transactions involving insurers and holding company systems, and oversees the review and approval/disapproval of applications from companies seeking to transact insurance business in Massachusetts.
Duties and Responsibilities: (these duties are a general summary and not all inclusive):
- Supervise the financial analysis process, including but not limited to, appropriate depth of review, adequate supporting documentation, resolution of concerns, and compliance with applicable timeliness guidelines.
- Monitor and manage the progress of work by financial analysts, including by ensuring that analysis performed is customized to promote effectiveness and efficiency in accordance with the size, risk and complexity of the insurer and appropriately incorporates information from company filings, internal sources, external sources, and solvency monitoring tools available through the National Association of Insurance Commissioners (NAIC).
- Ensure that each Massachusetts domiciled insurance company or HMO is monitored for compliance with the Commonwealth's statutes and regulations and NAIC standards pertaining to financial solvency, by applying the risk-focused approach outlined in the NAIC Financial Analysis Handbook and in accordance with the NAIC Accreditation Manual. This is carried out by obtaining, reviewing, and analyzing annual and quarterly insurer financial statements and all related supplemental regulatory filings including, but not limited to, audited financial reports, actuarial opinions, management discussions and analysis, holding company filings, Enterprise Risk Reports, Own Risk and Solvency Assessment [ORSA] Summary Reports, Corporate Governance Annual Disclosures [CGAD]) and corresponding with company executives, DOI staff, and other regulators to investigate issues identified, and evaluate whether additional regulatory actions are warranted.
- Review conclusions and supporting rationale related to insurer compliance with state laws, rules, regulations and NAIC standards and guidelines, as well as related to an insurer's priority level, to determine if modifications are necessary.
- Instruct financial analysts in the application of the risk-focused approach and advanced analytical skills, including by encouraging and directing financial analysts to alter their analysis approach and procedures based on results of work performed, information obtained, and facts/circumstances and to exercise professional skepticism and utilize critical thinking in investigating issues and reviewing information provided by the insurer.
- Review, challenge, and, where applicable, revise the Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis, to ensure that significant risks are identified and ongoing monitoring is effectively shared with other regulators.
- Allocate licensing assignments to FSU staff and supervise and monitor the progress of work to ensure timely review of license applications and amendments. Financial analysts determine the status and eligibility of each entity requesting a Certificate of Authority or Company/HMO License to transact business in the Commonwealth of Massachusetts. This also includes those companies seeking to change their license authority through the addition or deletion of license designations. This responsibility includes, but is not limited to, the licensing of insurance companies, HMOs, surplus lines companies, reinsurance companies, fraternal organizations, home warranty companies, as well as accredited reinsurance companies.
- Participate in the review and analysis of financial transactions brought before the DOI for regulatory approval. Provide financial analysis of companies involved, attend and participate at hearings and working group sessions, etc. The transactions include:
- Demutualization of mutual insurance companies.
- Mergers, acquisitions, and consolidation of insurance companies and/or health maintenance organizations.
- Rehabilitation, receivership, insolvency, and liquidation of insurance companies and health maintenance organizations.
- Surplus note issuances and payments.
- Reinsurance treaties.
- Redomestications of insurance companies.
- Support the DOI's continued accreditation by the NAIC, including assisting the Director in implementing the policies and procedures utilized by the FSU in accordance with the criteria established by the NAIC Accreditation Program Manual. This includes:
- Reviewing and implementing NAIC Accreditation Updates, changes to the NAIC Financial Analysis Handbook, and new or amended financial solvency laws or regulations
- Assisting with preparations for and participation in accreditation reviews, including documentation for interim annual reviews and self-evaluation guides, interviews by NAIC Accreditation Review Team, responses to Accreditation Review Team findings or conclusions, and identifying and encouraging participation in relevant training opportunities and providing training to FSU staff as needed.
- Coordinate with Financial Examination staff and other DOI staff (as needed) to plan financial examinations, exchange information about developments in ongoing examinations or risk-focused surveillance and select and implement appropriate corrective measures.
- Prepare reports on the progress of FSU activities, in support of the DOI's operations, or as requested by the Director.
- Participate in the drafting, evaluation and selection process for the procurement of professional services and assist Director in selecting contractors from pre-qualified pool, when appropriate; communicate and negotiate with contractors to determine scope of work, schedule/deadlines, costs and assigned personnel.
- Evaluate FSU staff via EPRS and Mass Achieve systems; assist in the hiring of FSU staff by participating in the interview process.
Preferred Knowledge, Skills, and Abilities:
- Knowledge of all applicable laws, rules, and regulations Statutory Accounting Principles, as detailed in the NAIC Accounting Practices & Procedures Manual; the risk-focused approach to financial analysis (as detailed in the NAIC Financial Analysis Handbook), and the ability to apply same to specific situations.
- Knowledge of the NAIC accreditation standards applicable to financial analysis and the FSU (as detailed in the NAIC Accreditation Program Manual). Must be technically competent in areas most relevant to duties.
- Knowledge of supervisory and management techniques/principles essential, along with ability to plan, coordinate and oversee work processes.
- Ability to analyze and prepare complex financial reports and to make recommendations from these reports.
- Ability to evaluate complex transactions, identify information needed to make regulatory decisions. Communications training and interpersonal skills must be far above average.
- Familiar with all areas of insurer operations and be able to operate successfully at all levels of the financial analysis process. Knowledge of problem-solving methods, and ability to apply those principles to situations encountered, is essential.
- Minimum of 4 years of experience in financial analysis. Preferred experience includes an insurance regulatory background or an insurance specialization in a CPA firm.
- A combination of public sector or insurance company experience will also be considered. This experience should be progressively more responsible and wide-ranging.
- Knowledge of relevant computer applications is essential.
All applicants should attach a cover letter and resume to their online submission for this position. Qualifications:MINIMUM ENTRANCE REQUIREMENTS: Applicants must have at least (A) five (5) years of full-time or, equivalent part-time, professional, administrative, supervisory, or managerial experience in financial management work (i.e. budgeting, accounting, auditing, management analysis, program evaluation, financial reporting of program results), of which (B) at least one (1) year must have been in a project management, supervisory or managerial capacity or (C) any equivalent combination of the required experience and substitutions below. I. A certificate in a relevant or related field may be substituted for one (1) year of the required (A) experience. II. A Bachelor's degree in a related field may be substituted for two (2) years of the required (A) experience. III. A Graduate degree or higher in a related field may be substituted for three (3) years of the required (A) experience. IV. A Doctorate degree in a related field may be substituted for four (4) years of the required (A) experience. Comprehensive Benefits When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future. Want the specifics? Explore our Employee Benefits and Rewards! An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply. The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law. Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don't meet 100% of the job requirements. We encourage individuals who believe they have the skills necessary to thrive to apply for this role.