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Insurance Financial Analyst I (#MABK01)
$34,142.00 Yearly Min / $42,678.00 Yearly Mid / $51,214.00 Yearly Max


Insurance Financial Analyst II (#MABK02)
$44,755.00 Yearly Min / $55,944.00 Yearly Mid / $67,133.00 Yearly Max


Insurance Financial Analyst III (#MABK03)
$54,827.00 Yearly Min / $68,534.00 Yearly Mid / $82,241.00 Yearly Max


Insurance Financial Analyst IV (#MABK04)
$62,776.00 Yearly Min / $78,470.00 Yearly Mid / $94,164.00 Yearly Max


Chief Insurance Financial Examiner (#MABK05)
$67,168.00 Yearly Min / $83,960.00 Yearly Mid / $100,752.00 Yearly Max




Description of Occupational Work

This class series includes five levels of work in the Administrative Services occupational group, Fiscal Services occupational series and describes professional financial/fiscal and management analysis/interpretation related to regulated products/services. Findings determine/ensure compliance with prescribed accounting/financial principals/practices, federal/state laws, rules, regulations, and legal precedent. The focus of financial/fiscal and management analysis/interpretation is consumer protection through justified rates, uninterrupted service, and continued solvency. Perform financial analysis of insurance companies domiciled and licensed in the State of Delaware.

Note: The career ladder incorporates levels I, II, and III; therefore, all positions allocated into the Insurance Financial Analyst career ladder are classified at the III level (highest level in the career ladder). Level I provides entry for hiring new employees into the class series but does not preclude hiring new employees at higher levels. To implement the career ladder, current employees are assigned to the level for which they meet minimum qualifications and promotional standards. Employees may be promoted through the career ladder in accordance with promotional standards.  The promotional standards, a selection document under separate cover, set forth the criteria that defines and describes the complexity of work required at the various levels. Advancement of employees through the career ladder is dependent on an agency/department's operational needs and distribution of work. Therefore, all employees may not have the opportunity to advance to the III level at a given point in time. The Financial Analyst IV and the Chief Insurance Financial Examiner, although not part of the career ladder, provides competitive opportunity for movement of employees.

Essential Functions

Essential functions are fundamental, core functions common to all positions in the class series and are not intended to be an exhaustive list of all job duties for any one position in the class. Since class specifications are descriptive and not restrictive, incumbents can complete job duties of similar kind not specifically listed here.
  • Review and analyze annual and quarterly financial statements, trend analyses, S.E.C. filings, audit reports and holding company information to include reinsurance agreements, service agreements, tax allocation agreements and other inter-company arrangements.
     
  • Apply SAP accounting principles, practices, methods and techniques in the review of financial and management issues.
     
  • Compute and interpret financial ratios to identify hazardous financial conditions or potential hazardous financial conditions.
     
  • Research and analyze various financial transactions between parent company, affiliates, and subsidiaries.
     
  • Research and analyze various transactions involving acquisitions and mergers.
     
  • Review requests by licensed companies to add lines of business; defend recommendation for approval or disapproval.
     
  • Review applications for re-domestication and applications to conduct business within the State of Delaware; consider financial condition of the company and/or parent company, expertise and size of business.
     
  • Review consumer complaints to identify solvency issues or patterns of regulatory violations.
     
  • Complete analysis for assigned companies; prepare summary reports consisting of NAIC questionnaires for review by Director and Commissioner.
     
  • Provide testimony during public hearings and legal actions.

Levels of Work

Insurance Financial Analyst I

This is the first level of financial analysis work. Positions at this level typically report to a technical superior. Assignments are structured and performed under close supervision.

  • Develops skills in financial analysis and preparation of summary reports.
  • Works on low priority companies requiring the least complex analysis and reporting.
  • Participates in preparing responses to inquiries from the NAIC.
  • Regular contacts are typically with agency staff, assigned company management and other government agencies primarily for the purpose of gathering information and addressing concerns.
  • Contact is performed under close supervision.

Insurance Financial Analyst II

This is financial analysis work at the full performance level. Positions at this level receive less supervisory direction and assistance than at the I level. A technical supervisor does periodic review of progress.

  • Applies financial analysis skills.
  • Works on low and medium priority companies involving more detailed analysis and reporting.
  • Researches new and revised legislation and NAIC practices and procedures.
  • Assists in explaining work processes to lower level analysts.
  • Regular contacts are typically with agency staff, assigned company management and other government agencies primarily for the purpose of gathering information and explaining rules and regulations.  

Insurance Financial Analyst III

This class describes lead level work for the highest priority reviews.  Positions at this level typically report to a technical superior. Work is reviewed after completion.

  • Applies advanced financial analysis skills.
  • Works on medium and high priority companies involving the most detailed analysis and reporting.
  • Writes and defends new or revised state legislation, regulation, policies and procedures and NAIC policies and procedures.
  • Oversees work of lower level analysts.
  • Regular contacts typically consist of attending meetings with company management, other regulatory bodies and NAIC for the purpose of explaining rules, regulations and procedures and responding to concerns.  

Insurance Financial Analyst IV

This level describes first line supervision as well as financial analysis, requiring the highest level of technical expertise at the state, regional and national level. Positions at this level report to a technical superior.

  • Supervision is exercised over at least two merit full-time positions (per the Merit Rules), one of which must be in the Insurance Financial Analyst series and cannot be limited to contractual staff.
  • The elements of supervision include planning, assigning, reviewing, evaluating, coaching, training, and recommending hire, fire and discipline.
  • Supervision must include responsibility, as needed, for providing documentation to support recommended corrective and disciplinary actions, signing performance plans and appraisals, and resolving informal grievances.
  • Conducts review of analyst's conclusions and workfiles; maintains review notes and files on all reviews conducted.  Has signing authority on completed reviews.
  • Develops and implements a work assignment priority system based on Department guidelines.
  • Addresses concerns raised by analyst and company management.
  • Assists contract examiners by providing financial data for onsite examinations.
  • On a regular and continuing basis, represents Commissioner at state, regional and national level on boards, meetings and conferences.

Chief Insurance Financial Examiner

This level describes management level work. Positions at this level report to a technical  superior. 

  • Manages directly, and through subordinate supervisors, the entire financial analysis/field examination function.
  • Develops examination plan; plan includes scope, objectives, and timeframe for triennial and target examinations.
  • Meets with company management to develop solutions and implement corrective action for serious solvency issues.
  • Provides technical assistance in evaluating company proposals to merge, consolidate or acquire a Delaware chartered insurance company.
  • Has final signature authority on analysts' reviews relating to high financial risk companies.
  • Regular contacts are typically with agency staff, Insurance Commissioner, company management, other state agencies and NAIC staff for the purpose of presenting the Departments' procedures/methods for resolving high financial risk situations.

Knowledge, Skills and Abilities

The intent of the listed knowledge, skills and abilities is to give a general indication of the core requirements for all positions in the class series; therefore, the KSA’s listed are not exhaustive or necessarily inclusive of the requirements of every position in the class.
  • Knowledge of state and federal legislation, regulations, rules and codes.
  • Knowledge of principles, practices and theory of management and the methods and techniques used in the analysis of managerial and operational problems.
  • Skill in analyzing and interpreting financial and statistical data.
  • Skill in gathering information, analyzing and evaluating compliance and/or performance.
  • Skill in writing clear, concise working papers, analysis summaries and draft findings.
  • Ability to analyze and interpret financial and statistical data.
  • Ability to communicate effectively.
  • Ability to use computers to retrieve information and record analysis.
  • Ability to recognize deficiencies in accounting, compliance and management controls.
In addition to the above Knowledge, Skills and Abilities, the Insurance Financial Analyst II requires:
  • Knowledge of statutory accounting principles (SAP).
  • Knowledge of financial tools and parameters developed by the National Association of Insurance Commissioners.
  • Ability to apply financial tools and parameters. 
  • Ability to interpret and apply state laws, rules and regulations.
  • Ability to analyze SAP financial statements.
In addition to the above Knowledge, Skills and Abilities, the Insurance Financial Analyst III requires:
  • Ability to effectively recommend a course of action to Department Management.
  • Ability to lead and train lower level analysts. 
  • Ability to participate in committee activities with various levels of personnel.
In addition to the above Knowledge, Skills and Abilities, the Insurance Financial Analyst IV requires:
  • Knowledge of principle and practices of supervision.
  • Skill in planning and coordinating multiple work assignments and schedules.

In addition to the above Knowledge, Skills and Abilities, the Chief Insurance Financial Analyst requires:
  • Knowledge of department goals and objectives.
  • Knowledge of financial parameters established by the National Association of Insurance Commissioners.
  • Skill in identifying and mediating conflicting priorities.
  • Skill in planning, organizing, coordinating and implementing complex target examinations.
  • Skill in applying the principles, practices and theory of management.

Job Requirements

JOB REQUIREMENTS for Insurance Financial Analyst IV
Applicants must have education, training and/or experience demonstrating competence in each of the following areas:

  1. Possession of a Bachelors degree or higher in Accounting, Finance, Business Administration or related field.
  2. Possession of a Accredited Financial Examiners (AFE) certificate.
  3. Three years experience in financial analysis of insurance companies to determine resulting ratios, statistical comparisons, disclosure omissions, misstatements, and other irregularities applicable to insurance operations.
  4. Three years experience in interpreting and analyzing financial reports.
  5. Three years experience in recognizing deficiencies in accounting procedures and management controls.
  6. Three years experience in interpreting insurance industry laws, rules, regulations, standards, policies and procedures.
  7. Six months experience in narrative report writing.
  8. Knowledge of staff supervision acquired through course work, academic training, training provided through an employer, or performing as a lead worker overseeing the work of others; OR supervising staff which may include planning, assigning, reviewing, and evaluating the work of others; OR supervising through subordinate supervisors a group of professional, technical, and clerical employees.

CLASS:
MABK01
EST:
7/1/2000
REV:
1/1/1900
FORMERLY JOB CLASS:
75660

CLASS:
MABK02
EST:
7/1/2000
REV:
1/1/1900
FORMERLY JOB CLASS:
75661

CLASS:
MABK03
EST:
7/1/2000
REV:
1/1/1900
FORMERLY JOB CLASS:
75662

CLASS:
MABK04
EST:
7/1/2000
REV:
1/1/1900
FORMERLY JOB CLASS:
75663

CLASS:
MABK05
EST:
REV:
FORMERLY JOB CLASS:
75297