Class Code: 00447
IOWA DEPARTMENT OF ADMINISTRATIVE SERVICES -
HUMAN RESOURCES
INSURANCE COMPANY EXAMINER SPECIALIST
DEFINITION
Acts as an expert/specialist in a specific area of
insurance company examination; trains and advises department staff; provides
technical advice to the department; 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
May act as examiner-in-charge responsible for
coordination/direction of other examiners including the completion of the work;
necessary records and reports.
Provides input in the identification of internal
programs, plans, and procedures necessary to ensure division goals are met.
Directs Information Systems (IS) operations including planning,
selection, coordination, determination and justification of equipment and
software needs;
Directs and/or performs financial and market conduct examinations
and coordinates county mutual regulation to including field examinations and
coordinates county mutual regulation to include field examinations.
Confers/corresponds with insurance company personnel
regarding the contents of examination reports and resolving controversial or
disputed points resulting from examinations.
Evaluates and recognizes regulatory needs based on
trends in unique and specialized segments of the insurance industry; analyzes/prepares
reports of a variety of information/data in response to diverse and unforeseen
problems arising in the course of insurance regulation.
Acts as Insurance Division expert in all aspects of
workers’ compensation self-insurance regulation (i.e., review/analysis of
applicants and establishment of appropriate surety), life insurance, or annuity
product regulation (i.e., product review, training/advising examination staff,
review of insurance company compliance systems for sales practices, advising
consumer affairs/enforcement staff and assisting with field examinations).
Assesses needs/develops computer applications for use
in program area of expertise and directs the collection of data for use in the
establishment of computerized database.
Evaluates/reports on rates, reserve adequacy and
various other aspects of insurance operations; serves as a division expert in
specific examination areas (e.g., Investment, Reinsurance, Informational
Systems, Actuarial, Statutory and International Accounting, County and State Mutual’s
and/or HMOs).
Reviews current literature and attends seminars/conferences
to maintain knowledge of trends in insurance regulation (i.e., life and annuity
insurance regulation, laws, policies, etc.) and shares information with staff.
COMPETENCIES REQUIRED
Knowledge of methods and procedures used
to lead staff including instructing employees about tasks, answering questions
about policies and procedures, assigning work, accepting, modifying, or
rejecting work products.
Knowledge of Division rules, regulatory procedures and
precedents.
Knowledge of data retrieval methods to access computer
information relative to databases within insurance companies.
Knowledge of basic computer programming.
Knowledge of the principles, methods, practices and
techniques of a comprehensive examination which may include such areas as
insurance forms and rates; classification of risks and underwriting practices;
unfair claims practices; and overall operation and structure.
Knowledge of the principles, methods, and practices of
auditing and accounting.
Knowledge of the scope and purposes of laws and
regulations, governing insurance companies, and of the practices and operations
of insurance companies.
Knowledge of insurance principles and theory.
Knowledge of property/casualty insurance principles
and product design.
Knowledge of advanced life insurance and annuity
product design.
Knowledge of Federal income tax principles as related
to life insurance and annuities.
Ability to plan, organize, and oversee the
work of others.
Ability to perform actuarial analysis in relation to
insurance company reserving practices/rates.
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 meet with, correspond with, and cooperate
effectively with insurance company officials to resolve controversial problems.
Ability to analyze filing, data and exhibits submitted
by insurance companies and workers’ compensation self-insurers for Insurance
Division consideration.
Ability to communicate complex, technical information
to insurance industry, consultants, consumers and Insurance Division staff.
Ability to make objective recommendations/decisions
concerning regulatory issues based on applicable laws, policies and precedents.
Displays high standards of ethical conduct by refraining from dishonest
behavior.
Works and communicates with all clients and customers providing polite,
quality professional service.
Displays a high level of initiative, effort, attention to detail and
commitment by completing assignments efficiently with minimal supervision.
Follows policy, cooperates with supervisors and aligns behavior with the
goals of the organization.
Fosters and facilitates cooperation, pride, trust, group identity and
team spirit throughout the organization.
Exchanges information with
individuals or groups effectively by listening and responding appropriately.
EDUCATION,
EXPERIENCE, AND SPECIAL REQUIREMENTS
Graduation from an accredited college or university
with a Bachelor’s Degree in Insurance, Accounting or Finance and forty-two
months of full-time experience in insurance company examination or financial
auditing;
OR
graduation from an accredited college or university
with a Bachelor’s Degree in Insurance, Accounting or Finance and two years of
full-time experience as an investment analyst;
OR
graduation from an accredited law school with a Juris
Doctor Degree, a license to practice law in
OR
one year of full-time experience in insurance product
design, compliance, adjusting insurance claims, financial auditing or professional
accounting may be substituted for each (30 semester hours) of the education;
OR
employees with current continuous experience in
the state executive branch that includes one year of full-time work as an
Insurance Company Examiner Senior.
NOTE:
Incumbents in many of these positions will be required
to travel and stay out overnight.
Incumbents will be required to make arrangements on their own regarding
transportation to and from assigned work areas.
Positions will require statewide travel.
Some out of state travel may be required as assigned by the agency of
employment. Incumbents will provide
their own means of transportation in order to conduct state business.
Effective
Date: 08/09 JH