INSURANCE EXAMINER 2 DEFINITION:
Under the limited supervision of a Supervising Insurance Examiner, Insurance Examiner 1, or other supervisory official in the Department of Banking and Insurance, reviews, audit and examines and verifies the filings, accounts and records of insurance companies regulated by the Department, and/or independently handles work of considerable complexity and importance; may be assigned to either field or central office locations as required; does other related duties as required.
NOTE: The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this class specification. Conversely, all duties performed on the job may not be listed.
EXAMPLES OF WORK:
May advise or assist one or more subordinate examiners engaged in field or office reviewing and/or examining and verifying accounts and records of insurance companies.
Independently conducts reviews and/or examinations and verifications of accounts and records, including those of insurance holding company systems.
Prepares test data to ensure that systems and programs undergoing audit will accept valid information and reject erroneous information.
Trains personnel in appropriate review procedures and/or examination and verification methods regarding the review of financial statements and related filings, branch offices, syndicates, or joint underwriting activities of groups of risk bearing entities/ insurance companies.
May take the lead over lower level staff.
Interprets insurance statutes and regulations to state government employees, insurance companies, and other concerned individuals.
Assesses the financial stability of regulated entities through the review of filed financial statements and related documents pertaining to the financial, managerial and governance of regulated entities. Considers the N.A.I.C. (National Association of Insurance Commissioners), financial and industry rating assessment criteria and prepares recommendations for steps to address financial solvency concerns and/or regulatory intervention.
Reviews and revises audit reports prepared by examination personnel for format, accuracy, adequate explanations of tax assessments, proposed adjustments, and unusual features.
Reviews and interprets various formal contracts relevant to insurance matters including Reinsurance, Management Agreements and Tax Sharing agreements.
Keeps current with new insurance products marketed and their impact on the financial condition of insurers.
Keeps current with federal income tax laws governing insurance companies.
Prepares clear, technically sound, accurate, and informative reports on reviews and examinations containing findings, conclusions, and recommendations.
Performs the work involved in the calculation and analysis of reserves, liabilities, and tax obligations.
Corresponds with interested officials of insurance companies or their representatives.
Keeps current with legislative changes in New Jersey insurance statutes and regulations, and of court decisions affecting the Department of Banking and Insurance.
Maintains essential records, reports, and files.
Will be required to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
REQUIREMENTS:
NOTE: Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience.
Six (6) years of professional experience in analyzing or examining financial accounts, data, statements, reports or records of corporations, insurance companies or banks; including or supplemented by twenty-one (21) semester hour credits in any one or in combination of the following areas of study: Banking, Insurance, Management, Financial Management, Risk Management, Information Technology, Mathematics, Business Law, Taxation, Accounting, Auditing, Statistics, Finance, Economics or Business Administration.
OR
Possession of a bachelor's degree from an accredited college or university including or supplemented by twenty-one (21) semester hour credits in any one or in combination of the following areas of study: Banking, Insurance, Management, Financial Management, Risk Management, Information Technology, Mathematics, Business Law, Taxation, Accounting, Auditing, Statistics, Finance, Economics or Business Administration; and two (2) years of the above-mentioned professional experience.
OR
Possession of a master's degree in Banking, Insurance, Management, Financial Management, Risk Management, Information Technology, Mathematics, Business Law, Taxation, Accounting, Auditing, Statistics, Finance, Economics, or Business Administration; and one (1) year of the above-mentioned professional experience.
OR
Possession of a valid certificate as a Certified Public Accountant issued by the New Jersey State Board of Accountancy, or a valid certificate as an Accredited Financial Examiner, Insurance Designation, issued by the Society of Financial Examiners; and two (2) years of the above-mentioned professional experience.
NOTE: "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions.
NOTE: Assignments may require travel to insurers' headquarters and possibly travel overnight out-of-state.
LICENSE:
Appointees will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
KNOWLEDGE AND ABILITIES:
Knowledge of the methods used to review, audit, verify, assess solvency and reconcile records.
Knowledge of the financial records and detail operations of insurance companies.
Knowledge of the accounting principles, methods, and practices.
Knowledge of the actuarial aspects of life, health, and/or property, casualty reserve computations, and other actuarial features necessary for the understanding of financial statements of insurers.
Knowledge of the discrepancies in financial records and of the methods used in discovering and correcting errors in financial documents and records.
Knowledge of the varied types of financial records/documents, statements, and audits.
Knowledge of the methods and procedures used to maintain financial statements and audit systems of accounts.
Ability to analyze, interpret, and apply laws, rules, and other regulations of the State of New Jersey governing insurance companies.
Ability to apply auditing, accounting, and statistical principles, methods, and techniques.
Ability to schedule and organize routine and complex audits, and/or examination and verification of internal and external accounts and records.
Ability to check and verify financial entries from various source documents.
Ability to prepare detailed correspondence.
Ability to identify areas of financial statement strengths and weaknesses, inconsistency, non-compliance, downward trends, the risks presented therein, and communication of findings in written and oral presentation.
Ability to review and examine the financial records and detail operations of insurance companies and holding systems.
Ability to review, interpret, and apply information on the actuarial aspect of life, health and/or property, casualty reserve computations, and other features necessary for understanding the financial statements of insurers.
Ability to represent the Department in a professional manner with external and internal parties in the exchanges of data requests and related information. This includes serving as a point person in securing the timely response to follow-up inquiries.
Ability to implement changes or revisions in work procedures and methods required by court decisions, rulings, and/or orders promulgated.
Ability to interpret technical data and procedures to insurance companies, representatives, and interested parties.
Ability to confer with legal representatives of insurance companies, and understand the mechanics of mergers, conglomerates, absorptions, and other actions concerning reorganization of insurance entities and/or holding companies.
Ability to utilize and become fully knowledgeable and proficient in various electronic, computer-based, and manual databases, computer programs, spreadsheets, processing, recording and information systems used by the Department and its offices and related units and sub-units.
Ability to confer with business and trade representatives, attorneys, corporate officers, and other persons concerning audit and related insurance issues.
Ability to train personnel in established auditing and/or examination and verification procedures, and in the effective application of relevant insurance laws, rules, and regulations.
Ability to work effectively with associates, supervisors, and the representatives of insurance companies.
Ability to prepare, clear, technically sound, accurate, and informative statistical, financial, and other reports containing findings, conclusions, and recommendations.
Ability to maintain essential records, reports, and files.
Ability to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
Ability to read, write, speak, understand, and communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication.
Persons with mental or physical disabilities are eligible if they can perform the essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.
