A class incumbent is responsible for managing multiple functions related to ensuring the solvency of Delaware chartered insurance companies.
200 insurance companies charted in Delaware.
Supervises seven professional and three clerical subordinates.
Annual budget - $6.1 million.
Nature and Scope
Work is performed with limited direction from the State Insurance Commissioner. Work involves coordination and supervision of the triennial financial examinations; management of insurance companies in rehabilitation or liquidation; and, overview of the operations of Delaware Insurance Guarantee Association. The incumbent negotiates and administers the Department's contracts with independent financial examiners and deputy receivers. In addition, the incumbent supervises the actuarial and ratings section, coordinating those activities with Examination and Rehabilitation. A significant aspect of this work involves frequent interaction with insurance regulators nationwide. The incumbent is a leading participant on task forces and committees designated by the National Association of Insurance Commissioners to research and draft model legislation for the protection of the insurance consumer.
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.
Ensures accurate and timely financial examination of insurance companies chartered in Delaware.
Ensures rehabilitation and/or liquidation is accomplished with maximum protection for the insured and Delaware Insurance Guaranty Association.
Identifies and analyzes an insurance company's financial problems and recommends effective action to avoid insolvency.
Participates in establishing, communicating, and implementing Department goals and objectives.
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 insurance principles and practices.
Knowledge of insurance laws, rules, and regulations nationwide.
Knowledge of laws on rehabilitation, liquidation, and bankruptcy.
Knowledge of accounting.
Knowledge of actuarial science.
Skill in budgeting and application of fiscal policies.
Skill in preparation of complex legal and management reports.
Skill in identifying, analyzing, and resolving complex legal and financial problems.
Skill in developing consensus.
JOB REQUIREMENTS for Insurance Examination Rehab. and Guarantee Manager
Applicants must have education, training and/or experience demonstrating competence in each of the following areas:
Possession of a Bachelors degree or higher in Accounting, Finance, Business Administration or related field.
Possession of a Certified Financial Examiners (CFE) certificate.
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.
Three years experience in conducting examinations of insurance companies.
Three years experience in recognizing deficiencies in accounting procedures and management controls.
Three years experience in interpreting insurance industry, rehabilitation, liquidation and bankruptcy laws, rules, regulations, standards, policies, and procedures.
Six months experience in staff supervision of two or more employees which includes to plan, assign, review, discipline, recommend hire, promotion, termination and administer performance plans and reviews.