This is entry-level professional financial analysis work of limited complexity reviewing, evaluating and monitoring the solvency of insurance companies or regular/group self-insurers.
An employee in this class is responsible for analyzing and monitoring the assets and liabilities, management practices and company operations of assigned insurers and/or companies and groups applying to become self-insurers. In addition, the employee makes determinations as to the insurers' solvency and security deposit requirement based on a review of financial statements, quarterly loss run reports, legal documents and other technical data. Initial training is received from a higher-level Insurance Financial Analyst or other designee, and the employee works under the close supervision of a designated administrative superior.
Reviews and analyzes operational and financial data provided by insurers or self-insurer applicants to evaluate a company's financial condition; utilizes established financial ratios for the rapid detection of financially distressed or insolvent companies.
Recommends the approval or disapproval of proposed business transactions by Missouri-domiciled companies; evaluates simple mergers and acquisitions, payment of extraordinary dividends and other proposed transactions for their financial and operational impact.
Assesses company compliance with statutory and regulatory standards for financial stability.
Evaluates the stability of company management officials through an assessment of their experience, work history, and the amount of fees, loans and compensation received in excess of salaries.
Performs ratio analysis of company records emphasizing financial stability, solvency, loss reserves and liquidity; utilizes mainframe terminal and personal computer to extract and evaluate data.
Communicates with companies regarding proposed business transactions and issues of non-compliance.
Recommends audit priority and comprehensive or limited-scope financial examination of monitored companies; compiles pre-examination packets for field staff containing financial data and ratio analyses, company correspondence, holding company statements and other related information.
Analyzes company financial data submitted in support of their request for a certificate of authority to conduct business in Missouri.
Approves securities selected for deposit by insurance or self-insurance companies and groups to fulfill statutory requirements; serves as liaison between the Department, companies and banks of deposit; maintains necessary deposit records.
Investigates the background and financial status of companies purchasing Missouri insurers.
Performs other related work as assigned.
Working knowledge of financial management, accounting and auditing principles and procedures.
Some knowledge of Missouri insurance, workers' compensation and/or self-insurance statutes and regulations.
Some knowledge of the insurance industry and its operations and practices.
Some knowledge of workers' compensation rate structure, reporting procedures, classifications, reserve requirements and claims administration.
Ability to utilize personal computers and mainframe terminals.
Ability to interpret and analyze financial, operational and related company information.
Ability to develop comprehensive reports on the financial condition of insurance companies or companies/groups applying to become self-insurers.
Ability to establish and maintain effective working relationships with other employees, company representatives and the general public.
Ability to communicate effectively and to prepare clear and concise reports.
(The following entrance requirements are used to admit or reject applicants for merit system examinations, or may be used to evaluate applicants for employment in positions not requiring selection from merit system registers. When applicable, equivalent substitution will be allowed for deficiencies in experience or education.)
Graduation from an accredited four-year college or university with specialization in finance, accounting, auditing, risk management, business administration or closely related areas, including or supplemented by a minimum of fifteen semester hours in accounting. (Professional or technical experience in accounting, finance or the insurance/workers' compensation industry which affords a knowledge of financial management and analysis may be substituted on a year-for-year basis for deficiencies in the required education.)