Supervising Financial Examiner

About the Organization:

The Division of Insurance ("DOI"), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division’s work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.

The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.

The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens.

About the Role:

A Supervising Financial Examiner (SE) is assigned to direct the team of Insurance Examiners in their statutory financial examination of an insurance entity. The SE is responsible for the supervision, oversight, and coordination of examinations from inception to completion of tasks. This includes planning work, assuring adherence to laws, rules, procedures (MGL c. 175, 176, et al, compliance with the NAIC Financial Condition Examiners Handbook, other established guidelines, etc.), ensuring timetables are met, communicating status, issues, problems and questions to insurance company personnel and Division of Insurance management, preparing reports, and recommending action to be taken in response to examination findings.

The SE oversees the examination of traditional life, accident and health insurance and property/casualty insurance companies. The SE also oversees the examinations of lodge fraternal organizations, title insurers, health insurers, HMOs, medical service, dental service, vision service corporations and workers' compensation self-insured groups and therefore, must possess the necessary knowledge of the accounting and financial reporting processes of these entities.

Duties and Responsibilities:

• Allocate work assignments and monitor the progress of assigned areas of examination. Prepare and submit bi-weekly progress reports to the Chief Examiner addressing any material adverse findings and listing current assignment of each examiner. Participates with senior examination staff, in the development of examination program, procedures, and standards for all insurers subject to Division of Insurance oversight. These programs, procedures and standards are developed in conjunction with the requirements of the NAIC Examiners Handbook and other NAIC criteria.
• Review preliminary documents, including CPA audit workpapers and establish initial plan and budget.
• Prepare written report of examination of the financial condition of the company addressing the examination findings and compliance with Massachusetts General Laws, NAIC rules and other applicable rules and procedures.
• Plan individualized scope and focus for each insurance company examination by attending pre examination meetings with examination team, financial surveillance staff and company personnel. Attend by-weekly status update meetings.
• Meet with representatives of the company under examination to discuss the examination process, to obtain materials and documentation, to clarify information, and to maintain liaison with company management during examination.
• Apprise other Supervising Examiners of current examination developments and issues. 
• Participates in management staff meetings. 
• Oversee the review of examination workpapers to prepare for re-accreditation of the Division of Insurance by the NAIC. 
• Assist in the hiring of staff by recommending recruitment resources; and panicipating in the interview process.
• Other duties, as assigned.

Preferred Knowledge, Skills, and Abilities:

• Knowledge of all applicable laws, rules, regulations (MGL c. 175 & NAIC procedures) and the ability to apply same to specific situations. 
• Must be technically competent in areas most relevant to duties. 
• Knowledge of supervisory and management techniques/principles essential, along with ability to plan, coordinate and oversee work process. 
• Ability to prepare complex financial reports, and to make recommendations from these reports.
• Must have ability to analyze and evaluate procedures and propose modifications to same.
• Communication and interpersonal skills must be above average. 
• Should be familiar with all areas of insurance company operations and be able to operate successfully at all levels of the examination process. 
• Must have the ability to manage division assigned staff as well as manage and oversee the work of contracted examiners and experts in the areas of investments, reinsurance, actuarial, information technology, etc.
• Must have minimum of 4 years of experience in insurance company financial examination. Experience must include either specific insurance regulatory background or with an insurance specialization in auditing for a CPA firm. One could also consider a combination of public sector or insurance company experience. This experience should be progressively more responsible and wide ranging.  
• Must have a designation as either a CFE or CPA or pursue the challenging coursework and tests to obtain the Certified Financial Examiner designation awarded by the Society of Financial Examiners.
• Knowledge of relevant computer application software is essential (TeamMate, Microsoft Office, ACL for Windows, e.g.).

All applicants should attach a cover letter and resume to their online submission for this position.

MINIMUM ENTRANCE REQUIREMENTS:

Applicants must have at least (A) five (5) years of full-time or, equivalent part-time, professional, administrative, supervisory, or managerial experience in financial management work (i.e. budgeting, accounting, auditing, management analysis, program evaluation, financial reporting of program results), of which (B) at least one (1) year must have been in a project management, supervisory or managerial capacity or (C) any equivalent combination of the required experience and substitutions below.

I. A certificate in a relevant or related field may be substituted for one (1) year of the required (A) experience.

II. A Bachelor's degree in a related field may be substituted for two (2) years of the required (A) experience.

III. A Graduate degree or higher in a related field may be substituted for three (3) years of the required (A) experience.

IV. A Doctorate degree in a related field may be substituted for four (4) years of the required (A) experience.

Comprehensive Benefits

When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.

Want the specifics? Explore our Employee Benefits and Rewards!

An Equal Opportunity / Affirmative Action Employer.  Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply.

The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law.  Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don't meet 100% of the job requirements.  We encourage individuals who believe they have the skills necessary to thrive to apply for this role.

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