Class Code: 00451
IOWA DEPARTMENT OF ADMINISTRATIVE SERVICES –
HUMAN RESOURCES
DEFINITION
Administers and directs a continuing Insurance Company
Examination program and/or acts as Chief Officer for all companies placed under
the control of the Insurance Commissioner by court action or order; performs
related work as required.
The Work Examples and Competencies
listed are for illustrative purposes only and not intended to be the primary
basis for position classification decisions.
WORK EXAMPLES
Supervises and evaluates the work of a subordinate
staff; effectively recommends personnel actions related to selection;
disciplinary procedures, performance, leaves of absence, grievances, work
schedules and assignments, and administers personnel and related policies and
procedures.
Develops, implements and oversees all investment,
financial and operational plans for companies placed under the Insurance
Commissioner's control.
Oversees and approves all court ordered reports and
documents regarding distressed companies and is responsible for the eventual
transformation, sale, termination or closure of the companies.
Responsible for the
oversight, review and approval of critical operational/structural modifications
to domestic insurer; sale of additional stock or equity by a domestic company;
significant changes in corporate structure; etc.
Oversee the review and approval/disapproval of foreign
or alien insurance company redomestication to the State of
Responsible for the development, implementation and
enforcement of investment laws and regulations governing insurers, including
determining the eligibility of deposits, minimum capital and surplus deposit
compliance, and deposit maintenance.
Identifies insurers whose financial or other
conditions indicate a necessity for rehabilitation and/or liquidation
proceedings. Evaluates such areas as:
general business transactions; possible illegal or unethical situations;
possible willful violations of the company charter, articles of incorporation;
bylaws, etc.
Develops, implements and oversees a program for the
continuous review and action regarding domestic and non-domestic insurers
authorized to do business in the State of
Oversees examination program to assure all
examinations are conducted in accordance with statute.
Reviews current literature
and attends seminars and conferences to maintain current knowledge of
economics, finance, trends in insurance regulation, laws, policies and related
fields impacting on work performed and shares this information with other
staff.
Knowledge of the scope and purposes of laws and
regulations governing insurance companies, and of the practices and operations
of insurance companies.
Knowledge of the principles, methods, and practices of
auditing and accounting.
Knowledge of the principles, methods, practices, and
techniques of a comprehensive market conduct examination which includes the
review of such areas as insurance forms, and rates; classification of risks and
underwriting practices; unfair claims practices; and overall operation and
structure.
Knowledge of the organizational structure, functions,
procedures and applicable regulatory requirements for the organization served.
Knowledge of the principles of business law.
Knowledge of insurance principles and theory.
Knowledge of the principles of supervision.
Ability to analyze and interpret complex accounting
and financial data.
Ability to prepare accurate and complete financial
statements.
Ability to compile and summarize examination findings
into a formal report.
Ability to plan, organize, control and effectively
supervise the work of subordinates.
Ability to meet with, correspond with, and cooperate
effectively with insurance company officials to resolve controversial problems.
Ability to meet customer needs in a consistently
helpful and courteous manner.
Ability to work cooperatively with others as part of a
team.
Ability to apply personal work attitudes such as
honesty, responsibility and trustworthiness required to be a productive
employee.
Displays high standards of ethical conduct. Exhibits honesty and integrity. Refrains from theft-related, dishonest or
unethical behavior.
Works and communicates with internal and external
clients and customers to meet their needs in a polite, courteous, and
cooperative manner. Committed to quality
service.
Displays a high level of initiative, effort and
commitment towards completing assignments efficiently. Works with minimal supervision. Demonstrates responsible behavior and
attention to detail.
Responds appropriately to supervision. Follows policy and cooperates with
supervisors.
Aligns behavior with the needs, priorities and goals
of the organization.
Encourages/facilitates cooperation, pride, trust, and
group identity. Fosters commitment and
team spirit.
Expresses information to individuals or groups
effectively, taking into account the audience and nature of the information. Listens to others and responds appropriately.
EDUCATION, EXPERIENCE, AND SPECIAL REQUIREMENTS
Graduation from an accredited college or university
with a master’s degree in accounting and experience equal to six years of
full-time work in conservation, rehabilitation and/or liquidation of insurance
companies or other complex financial institutions (i.e., court appointed
receiver or transfer) or direct experience interpreting complex financial,
examination or holding company statements;
OR
graduation
from an accredited college or university with a degree in accounting, and
experience equal to eight years of full-time work in conservation,
rehabilitation and/or liquidation of insurance companies or other complex
financial institutions (i.e., court appointed receiver or transfer) or direct
experience interpreting complex financial, examination or holding company
statements.
NECESSARY SPECIAL REQUIREMENTS
Applicants must be Certified Financial Examiners prior
to appointment.
Effective
Date: 11/06 SH