INSURANCE EXAMINER III

Evaluates the financial stability, regulatory compliance, and operational integrity of insurance companies. Conducts audits, analyzes financial records, and ensures adherence to state and federal regulations to protect policyholders and maintain public confidence in the insurance industry. This position requires on-site employment with no remote or hybrid options available.

Responsibilities

• Analyze assets, liabilities, income, and expense items in insurance entities' financial statements.
• Perform highly complex financial reviews and surveillance on insurance entities conducting business in Arkansas, including:
  • Property and Casualty Insurance Companies
  • Title Insurance Companies
  • Reciprocals
  • Risk Retention Groups
  • Farm Mutual Insurance Companies
  • Surplus Lines Insurance Companies
  • Life & Health Insurance Companies
  • Health Maintenance Organizations
  • Limited-Service Health Maintenance Organizations
  • Fraternal Benefit Societies
  • Captive Insurance Companies
• Review company business practices for compliance with laws, regulations, and bulletins.
• Communicate with officers of insurance entities concerning operations and examination issues.
• Assist in planning and coordinating analysis processes.
• Review the work of analysts for adequacy and quality assurance.
• Recommend follow-up actions to supervisors for outstanding issues.
• Participate in discussions of findings with company management.
• Interact with other divisions to obtain information for evaluating insurance entities.
• Assist in writing reports on analysis findings.
• Complete analysis procedures in accordance with NAIC and department handbooks.
• Assist in training other analysts.
• Draft and revise procedures for the finance division to meet accreditation goals.
• Supervise the work of other analysts as needed.
• Perform other duties and special projects as assigned.
• Perform on-site and off-site examinations to assess financial condition and regulatory compliance.
• Analyze financial statements, reserves, claims practices, and underwriting procedures to identify risks.
• Evaluate the adequacy of reserves and reinsurance programs to protect policyholder interests.
• Prepare comprehensive examination reports summarizing findings and recommendations.
• Collaborate with insurance company management to address issues and monitor corrective measures.
• Stay informed about changes in insurance laws, regulations, and industry trends.
• Participate in training programs to stay updated on examination best practices.

Requirements

• Bachelor’s degree in accounting, finance, business administration, economics, or a related field.
• Minimum of 12 years of experience in accounting, auditing, or financial analysis, such as reviewing financial records or analyzing budgets.
• Specialized experience in insurance operations, regulatory compliance, or financial examinations.
• Professional certifications such as Certified Public Accountant (CPA), Accredited Insurance Examiner (AIE), or Certified Financial Examiner (CFE) may substitute for some experience requirements.

Skills

• Strong analytical and problem-solving skills.
• Knowledge of insurance laws, regulations, and financial principles.
• Excellent communication and report-writing skills.
• Attention to detail and ability to interpret complex financial data.
• Proficiency in software tools for financial analysis and reporting.
• Willingness to travel for on-site examinations.

Preferred Qualifications

• Experience in financial analysis/examination work in the Insurance Department, insurance companies, or CPA firms.

Pay

Salary range: $94,537 – $139,915