Job Information
Idaho Division of Human Resources Insurance Financial Examiner in Boise, Idaho
Insurance Financial Examiner
Posting Begin Date: 2024/05/17
Posting End Date: 2024/06/17
Category: Accounting and Finance
Sub Category: Insurance
Work Type: Full Time
Location: Boise, ID, United States
Minimum Salary: 30.38
Maximum Salary: 43.01
Pay Rate Type: Hourly
Description
Idaho Department of Insurance Opportunity
The Idaho Department of Insurance (DOI) (https://doi.idaho.gov/) is seeking an Insurance Financial Examiner (IFE) to join our dynamic team of professionals. An IFE protect s Idaho policyholders by performing financial condition examinations to ensure that insurance companies and other regulated entities remain solvent and compliant with Idaho insurance laws and requirements of the National Association of Insurance Commissioners (NAIC).
Applications will be accepted through 4:59 PM MST on the posting end date.
RESPONSIBILITIES
Review and gain an understanding of insurer operations, including its corporate governance structure and its enterprise risk management framework through a review of regulatory filings, discussions with Department staff, discussions with company personnel, review of public information, review of industry trends and other sources of information as applicable.
Exercise judgment to identify and assess solvency risks facing the company from both a current and prospective risk perspective.
Review and assess the effectiveness of the insurer's audit function (internal and external) as well as the enterprise risk management function to leverage existing work and gain efficiency in conducting examinations, where appropriate .
Identify relevant controls and/or risk mitigation strategies to address risks identified and perform tests of controls to evaluate their effectiveness, as appropriate .
Apply professional skepticism when assessing the strength of controls and/or risk mitigation strategies.
Examine insurer records, practices, and activities to appropriately determine insurer compliance with state laws, rules, and NAIC standards and guidelines.
Research complex issues relating to state law, state rules, statutory accounting principles, etc.
Prepare examination work papers to provide accurate and complete documentation of observations, work performed and examination findings in accordance with Department and NAIC standards and guidelines.
Effectively communicate to the insurer, both verbally and in writing, regarding the details of exam findings through exam reports, management letters, and exit conferences.
At tain and maintain the Certified Financial Examiner (CFE) designation through the Society of Financial Examiners (SOFE).
MINIMUM QUALIFICATIONS
Ability to meet the education requirements within a specified length of time in o rder to at tain a Certified Financial Examiner designation, offered by the Society of Financial Examiners .
O ne or more years of accounting or auditing experience .
O ne or more years of experience writing business documents and reports.
DESIRED QUALIFICATIONS AND ABILITIES (not required )
Bachelor's degree in accounting from an accredited college or university or meet the education requirements to obtain a Certified Financial Examiner certification (https://www.sofe.org/certification/) related to the financial examiner track as offered by the Society of Financial Examiners (SOFE) .
General understanding of G enerally Accepted Accounting P rinciples (GAAP) an d the a bility to quickly learn and implement S tatutory A ccounting P rinciples (SAP) .
Professional experience researching, interpreting, and applying laws and authoritative standards.
Ability to write clear, concise work papers, analysis summaries and draft findings.
Ability to recognize deficiencies in accounting, compliance, and management controls.
At upper levels: the ability to analyze all types of statutory financial statements and effectively recommend legal action and is proficien t in S AP.
How to Apply:
After careful review of this announcement and filling out the associated application, please attach and submit :
A resume - relevant to this position.
A cover letter – detailing your position-related background and experience, including:
A self-rated skill level with GAAP and/or SAP accounting (beginner, proficient or advanced) with an example that demonstrates the reason for your self-rating.
The length of time you have been using GAAP and/or SAP accounting skills professionally.
The qualified educational requirements that you have successfully completed, as listed on the Society of Financial Examiners (SOFE) website: https://www.sofe.org/certification/accredited-financial-examiner.html
Note: If you meet all the position’s expectations and yet lack some of the educational requirements, per SOFE, you are still encouraged to apply. However, please list the names of missing courses in your cover letter.
SUPPLEMENTAL INFORMATION:
The selected candidate s will need to successfully pass a background check.
A copy of school transcript s may be requested during the interview process.
The successful candidates will be hired at a level commensurate with the individual’s qualifications.
Occasional work-related travel may be required throughout the year.
This position is exempt from classified state service and the rules of the Division of Human Resources and the Idaho Personnel Commission.
The Idaho Department of Insurance embraces diversity and equal opportunity in a meaningful way. Our agency is committed to building a team that represents a variety of backgrounds, perspectives, and skills. This includes hiring talented staff members who have bilingual skills, which is an on-going goal for the DOI. We strive to create an inclusive work culture that encourages, supports, and celebrates the diverse voices of our team members. This helps to fuel innovation and a connection to customers and the communities served in Idaho.
The mission of the Department of Insurance is to serve and protect Idahoans by equitably, effectively, and efficiently administering the Idaho Insurance Code and the International Fire Code.
The Department of Insurance is in downtown Boise across the street from the state's Capitol Building. Boise consistently receives top accolades as one of the best places to live in the country! To learn more about Idaho DOI and the important work we do, go to the DOI website (https://doi.idaho.gov/%22%20/t%20%22_blank) , and follow us on Facebook (https://www.facebook.com/people/IdahoDOI-Speaker/pfbid098kwPLukACpEGXMhW3ca4izbhFriKduK4cJhgyQWrgVyd689uZzEcBDQpB7fe3hhl/%22%20/t%20%22_blank) , X (AKA Twitter) (https://twitter.com/IdahoDOI%22%20/t%20%22_blank) and LinkedIn (https://www.linkedin.com/in/doi-boise-618942160/%22%20/t%20%22_blank) .
BENEFITS
This benefited position enjoys:
Excellent medical, dental, and vision health plans
Nationally recognized PERSI retirement benefits
Paid sick and vacation leave accrual upon hire
Parental leave
11 paid holidays annually
A healthy work-life balance
Career growth and professional development opportunities
For additional information related to benefits and/or State programs visit: https://dhr.idaho.gov/StateEmployees/Benefits.html. (https://dhr.idaho.gov/StateEmployees/Benefits.html.%22%20/t%20%22_blank)
EEO/ADA/VETERAN
The State of Idaho is committed to providing equal employment opportunities and prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with disabilities and prohibit discrimination against all individuals based on their race, color, religion, political affiliation or belief, sex, national origin, genetics, or any other status protected under applicable federal, state, or local laws.
The State of Idaho is committed to access and reasonable accommodations for individuals with disabilities, auxiliary aids and services are available upon request. If you require an accommodation at any step in our recruitment process, you are encouraged to contact (208) 334-2263 (TTY/TTD: 711), or email : [email protected] .
Preference may be given to veterans who qualify under state and federal laws and regulations.