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Associate Commissioner - Examination and Audit

Recruitment #13-009663-001

Introduction

The Maryland Insurance Administration (“the MIA”) is an independent State agency that regulates Maryland’s insurance industry and protects consumers by monitoring and enforcing insurers’ and insurance professionals’ compliance with State law.  Through the diligence of a highly professional staff of financial analysts, accountants, lawyers, law enforcement officers, actuaries, and others, the MIA works to facilitate a strong insurance marketplace where consumers are well informed and treated fairly.  Staff members are subject matter experts who serve as a resource for lawmakers, consumers, and other public and private entities.

The MIA is charged with a range of responsibilities including the licensure of insurance companies and insurance producers (brokers/agents) operating in Maryland, the conduct of financial examinations of companies to monitor financial solvency, and the review and approval of rates and contract forms.  The MIA investigates reports of consumer fraud and consumer complaints about life, health, automobile, homeowners, and/or property insurance.  Insurance companies are subject to market conduct examinations to monitor compliance with Maryland law.  The MIA has a unit dedicated to consumer education and outreach, which participates in hundreds of events and reaches thousands of individual consumers annually. 

Main Purpose of Job

This position reports directly to the Maryland Insurance Commissioner, and is the MIA’s senior staff authority on all issues pertinent to monitoring and regulating the financial condition of all proposed and authorized insurers and other regulated entities.  Areas of responsibility include analysis of financial statements, proposed transactions, and independent auditor reports, actuarial reports, business plans and risks, operations and systems to monitor solvency, determine compliance with State law and recommend appropriate action. Work may involve supervising troubled, potentially troubled or dissolving insurance entities, including companies operating under a court ordered receivership. Work requires an extensive knowledge and application of the theories and practices of Generally Accepted Accounting Principles (GAAP), Statements of Statutory Accounting Principles (SSAP), Statements on Auditing Standards (SAS), and related information technology.  This position requires business knowledge and expertise of insurance regulation both nationally and internationally.  In addition to advising the Insurance Commissioner on financial and economic issues that include corporate governance, risk management, market stability and health competition, this position works closely with appointed committees of the National Association of Insurance Commissioners (NAIC) to improve and strengthen insurance regulatory examinations and oversight reviewing key solvency areas, capital requirements, international accounting, insurance valuation reinsurance and group regulatory issues.

POSITION DUTIES

This position will:

  • Manage staff and direct the financial analyses and examinations of regulated entities to ensure that financial solvency risk areas, potential troubled companies, and other significant issues are identified and handled as early as possible.
  • Manage, direct and control the admissions of new insurance companies into the state to ensure that financially capable companies are authorized to do business in the State.
  • Serve as a member of the Insurance Commissioner’s senior staff and provide advice in matters relating to the financial solvency and compliance with regulation and laws as appropriate.  Work to coordinate regulatory efforts between the various areas of the Maryland Insurance Administration.
  • Represent the Administration and the Insurance Commissioner or serve as a member on NAIC committees and/or working groups.
  • Represent the Administration and Insurance Commissioner and provide testimony at legislative hearings.
  • Assist in the rehabilitation, conservation or liquidation of financially troubled and insolvent companies and make recommendations to the Commissioner for regulatory actions.

MINIMUM EDUCATION OR GENERAL REQUIREMENTS

  • Possession of a Bachelor's Degree from an accredited four year college or university with a major in accounting, business, finance, economics or related field, with evidence of a Certified Public Accountant (CPA), Certified Financial Examiner (CFE) or Accredited Financial Examiner (AFE) designation.

DESIRED OR PREFERRED QUALIFICATIONS

  • Prior experience as senior level manager of a financial institution or insurance regulatory agency
  • Expertise in corporate financial analysis and substantial experience managing company examiners
  • Public policy experience, drafting economic regulatory legislation
  • Experience as an insurance company financial examiner or knowledge of insurance law or insurance industry financial regulation is a plus

BENEFITS

FURTHER INSTRUCTIONS

For immediate consideration, you MUST upload a single document at the "Resume" tab that contains:

             1) a cover letter stating your interest;

             2) salary history;

             3) specific salary requirements; and

            4) a current professional resume.

If you are unable to apply online, you may submit the requested information via mail.  Please include all items listed above to ensure consideration.  Incomplete submissions will not be considered.

Complete application packets may be mailed to:

Maryland Insurance Administration

Human Resources - Recruitment#: 13-009663-001

200 St. Paul Place, Suite 2700

Baltimore, MD 21202

As an equal opportunity employer Maryland is committed to recruiting, retaining and promoting employees who are reflective of the State’s diversity.


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