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State of Montana Financial Examiner in Helena, Montana

Why Montana?

Montana, the Treasure State, fondly known as Big Sky Country, is the 4th largest state in the U.S., populated by 1,070,000 people and 2,600,000 cows. Montana’s state animal is the grizzly bear and the state tree is the Ponderosa Pine. Magnificent Glacier National Park resides in Montana, along with the northern corner of Yellowstone National Park. Twenty-eight million acres of public land are found in Montana waiting for you to explore and enjoy; including 10 national forests, 16 wilderness areas, 54 state parks, the mighty Missouri River, and numerous other blue-ribbon trout streams. Natural beauty, skiing, snowboarding, snowshoeing, fishing, hunting, camping, boating, wildlife, birds – these set the backdrop for the culture. But Montana also offers strong universities, friendly neighbors, and has recently held the title as the state with the strongest entrepreneurial climate with the most small-business start-ups and a huge presence in the high-tech arena.

Why Helena?

Helena is the capital city of Big Sky Country, and the county seat of Lewis & Clark County. With 32,000 people in the city limits and 68,000 people in the county, all within 3,498 square miles, you will be surrounded by a whopping 19 people per square mile. In other words, your commute time will be amazing – even if you live 30 miles from the office! For a small city, grown up from its days as a gold-miner camp, Helena offers much culture. A grand civic center, several theatre, ballet, and dance companies, the massive Cathedral of St. Helena, natural hot spring spas, a walking mall on the historic downtown Last Chance Gulch, the Montana State Historical Society and Museum, and the state capitol building itself are all nestled in the Prickly Pear Valley in the foothills of the Rocky Mountains.

Learn more about moving to and living in Helena, Montana here

The Montana State Auditor (the department) is responsible for the enforcement and administration of the Montana Insurance Code, Title 33, MCA. Title 33 governs insurance transactions by insurance companies and producers, as well as adjusters, consultants, administrators, risk retention groups, purchasing groups, and title companies operating in the state of Montana. Insurance companies must have a certificate of authority before operating in the state of Montana and producers, adjusters, consultants and other individuals must be properly licensed by the department. The primary purpose of the State Auditor's Office is to protect the public and consumers.

The Examinations Bureau of the Insurance Division is responsible for the financial oversight of approximately 1,400 licensed insurers, including 292 captive insurance companies domiciled in Montana. Solvency determination and monitoring is achieved primarily through financial analysis and financial examination conducted in accordance with strict guideline promulgated by the National Association of Insurance Commissioners (NAIC). The bureau also performs the company licensing function of the Insurance Division, which includes detailed review of company applications to determine that insurance companies seeking to be authorized to conduct the business of insurance in Montana are financially sound and comply with all applicable state insurance laws. The bureau establishes and maintains a database on all insurance companies authorized to conduct business in Montana. Insurance-related entities such as third-party administrators, motor clubs, rating organizations, and medical care discount cards are also licensed or registered by the Examinations Bureau. The bureau is also responsible for the collection of premium taxes and the associated audits of premium tax returns to ensure that companies have met their statutory obligations. The Examination’s Bureau is primarily responsible for the Insurance Division’s accreditation with the NAIC.

Your service is rewarded with competitive compensation and generous benefits:

  • Work/life balance

  • Medical, Dental, and Vision Coverage

  • Retirement Plans

  • Generous paid vacation, sick leave, and holidays

  • Pre-tax flexibility spending accounts

  • A vibrant Employee Assistance Program

  • State of Montana employment may qualify you to receive student loan forgiveness under the Public Service Loan Forgiveness. Look_here _to learn more and understand whether or not you may qualify.

Additional benefit package information is available here.

*Duties:*

The duties associated with this position are included, but not limited to the following:

*Financial Analysis - Analyze the Financial Solvency of Assigned Insurers:*

  • Obtain, review, and analyze annual and quarterly insurer financial statements and all related supplemental regulatory filings (including, but not limited to audited financial reports, actuarial opinions, management’s discussion and analysis, holding company filings, Enterprise Risk Reports, ORSA Summary Reports, etc.)

  • Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring System, Analyst Team System, Financial Profile, etc.

  • Obtain, review, and analyze information from other sources relevant to the current and prospective financial solvency of insurers and/or groups (including but not limited to public news reports, rating agency reports, SEC filings, earning calls and releases, etc.)

  • Customize the nature and extent of analysis procedures performed to ensure effectiveness and efficiency in accordance with the size, risk and complexity of the insurer

  • Summarize and document results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators

  • Correspond with company executives, department staff, and other state, federal, or international regulators to investigate issues identified, evaluate company responses and propose additional regulatory actions if warranted

  • Follow up on issues identified by other regulators, evaluate responses received, and ensure issues are properly addressed

  • Utilize analysis performed to conclude on the insurer’s priority level and provide supporting rationale

  • Prepare and update the Insurer Profile Summary (IPS) and/or Group Profile Summary (GPS) on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively communicated to other regulators

  • Coordinate work performed with other regulatory functions and States to avoid duplication of efforts and/or requests

  • Distribute and present results of analysis to other regulators and coordinate update calls with both regulators and company personnel as appropriate

  • Research complex issues including State law, State regulations, accounting standards, etc.

  • Investigate and determine if company is in compliance with state laws, rules, regulations and NAIC standards and guidelines

  • Organize and maintain analysis files in a logical and efficient manner

*Financial Examinations - Perform Risk-Focused Examinations:*

  • Review and gain an understanding of insurer operations, including its corporate governance structure and its enterprise risk management framework through a review of regulatory filings, discussions with Department staff, discussions with company personnel, review of public information, review of industry trends and other sources of information as applicable.

o Exercise judgment in scaling extent of review based on size, risk and complexity of the insurer.

  • Exercise judgment to identify and assess solvency risks facing the company, from both a current and prospective risk perspective.

o Exercise judgment to ensure that risk is properly tailored to the insurer under examination.

  • Review and assess the effectiveness of the insurer’s audit function (internal and external) as well as the enterprise risk management function to leverage existing work and gain efficiency in conducting examinations, where appropriate.

  • Identify relevant controls and/or risk mitigation strategies to address risks identified and perform tests of controls to evaluate their effectiveness, as appropriate.

  • Apply professional skepticism when assessing the strength of controls and/or risk mitigation strategies

  • Based on the residual risk determinations, develop and perform independent detail test procedures to address risks as appropriate.

  • Verify insurer records to determine accuracy of financial reporting and to evaluate the propriety of insurer operations.

  • Utilize the work performed to reach conclusions and assess an insurer’s current financial condition and prospective solvency for assigned areas.

  • Examine insurer records, practices and activities to appropriately determine insurer compliance with state laws, rules, regulations and NAIC standards and guidelines.

  • Research complex issues relating to state law, state regulations, statutory accounting principles, etc.

  • Coordinate work performed with other regulatory functions to avoid duplication of efforts and/or requests.

*Prepare Supporting Documentation, Report on Findings and Communicate Results of Work Performed:*

  • Prepare examination work papers to provide accurate and complete documentation of observations, work performed and examination findings in accordance with Department and NAIC standards and guidelines.

  • Effectively communicate to the insurer, both verbally and in writing, regarding the details of exam findings through exam reports, management letters, and exit conferences.

*Develop Industry Knowledge and Skills:*

  • Obtain relevant designations that enhance examiner’s ability to perform and lead examinations (e.g. CFE, PIR, CPCU, etc.).

  • Participate in training courses that enhance examiner’s ability to perform and lead examinations (e.g. NAIC, SOFE, etc.).

  • Stay apprised of industry trends through review of business journals, industry publications, etc. to identify implications for examinations.

  • Develop understanding of insurance operations, risks, risk management techniques, and transactions flows to enhance an examiner’s ability to perform and lead examinations

*Customer service:*

  • Respond to consumer, insurer, and other state and federal regulatory agencies inquires for information regarding financial status of insurers, authority of insurers to conduct business, application procedures, etc;

Assume other miscellaneous tasks as may be assigned by the Deputy Chief Financial examiner and/or Chief Financial Examiner.

_Competencies_

The successful candidate should possess:

  • Strong communications skills (both written and oral)

  • Knowledge of audit skills (understanding of financial assertions, documentation standards, etc.)

  • Strong analytical skills with the ability to aggregate and summarize information from a wide range of available source

  • Objective, fair, reasonable and courteous with the ability to apply professional judgment and draw sound conclusions

  • Ability to prioritize assignments and set prioritizations for team members under direct supervision

  • Ability to research and consistently apply state laws, insurance departments’ regulations, and NAIC statutory accounting practices

  • Ability to understand and evaluate the enterprise risk management functions of insurers

  • Ability to think critically and make decisions based on reasonable and timely analysis

  • Ability to understand and evaluate risks, as well as risk mitigation strategies and controls

  • Ability to identify solutions to complex problems

  • Ability to adapt to changing expectations and environments

  • Ability to evaluate and challenge information provided by company

  • Ability to see big picture of organization

  • Ability to participate in presentations discussing examination findings

  • Ability to communicate and interact with C-level executives

  • Ability to work in and contribute to a team environment

  • Ability to receive and effectively respond to coaching and feedback

  • Ability to multi-task and manage time effectively

  • Ability to adapt to changing expectations and environments

  • Ability to follow ad hoc instructions on occasional and unfamiliar projects

  • Proficient with MS Word, Excel, and other related tools

  • Ability to use electronic workpaper documentation tools

_Education and Experience Required:_

  • Bachelor’s degree in Accounting

  • Must have minimum of two years of financial examination, public accounting, or similar experience with specialization in the insurance industry.

  • Certified Public Accountant (CPA) or Certified Financial Examiner (CFE) is required.

_Preferred Experience:_

  • 5-8 years of financial examination, public accounting or similar experience with specialization in the insurance industry.

_Special Instructions:_

If you believe you have the qualifications for this position and have an interest in protecting Montana Consumers, please submit your Cover Letter, Resume, College Transcriptions, and References as noted in the required application materials section below. You will NOT be considered without these required items.

Applicants claiming employment preference are required to provide proper documentation, i.e. Vet Preference (DD214), Disabled Vet document from U.S. Veterans Administration certifying service-connected disability or purpose heart medal, disabled (DPHHS Disability Certification), by the closing date. The State of Montana Careers system will generate an email with instructions on how to submit preference documents.

Be sure to mark your attachments as "relevant" or we will be unable to view your documents. Only electronic materials will be accepted. If you need assistance or an accommodation, please contact Human Resources. Failure to attach cover letter, resume, transcripts, and professional references will result in your application being incomplete and will not be considered further.

Job: *Accounting/Finance

Title: *Financial Examiner *

Location: Helena

Requisition ID: 20142269

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