The Department of Insurance and Financial Institutions supports an innovative and flexible workplace by offering work from home as an alternative work schedule arrangement whereby an employee is approved to work at home for part of that employee’s regular workweek. Most DIFI employees do not have an assigned physical workspace or work location and will work from home a majority of the time and only come into the office as needed.
This position obtains, reviews, analyzes, and audits annual and quarterly traditional insurer records, reports, financial statements, and related supplemental regulatory filings.
The ideal candidate will have strong discipline and execution abilities. They are also organized, can produce thorough and high-quality work and decisions based on solidly quantifiable data.
We are looking for someone who has wide-ranging experience conducting audits of financial records and must have demonstrated experience in this area. This person will be able to evaluate various reports such as actuarial opinions, management's discussion and analysis, holding company filings, and Enterprise Risk Reports in order to produce a finalized report.
This position also may perform similar duties associated with traditional insurers to also include ORSA Summary Reports and other filings. The candidate selected for this role must have confidence when preparing and updating the Insurer Profile Summary and/or Group Profile Summary on a timely basis to ensure that significant risks identified and ongoing monitoring plans are effectively executed and communicated to others.
• Collect and analyze data such as annual and quarterly traditional insurer financial statements and all related supplemental regulatory filings, in accordance with internal standards and, to the extent applicable, the National Association of Insurance Commissioners (NAIC) Financial Analysis Handbook to detect deficient controls or non-compliance with laws, regulations, and management policies. Ensure compliance with applicable statutes, rules and the NAIC Accounting Practices and Procedures Manual.
• Prepare detailed reports on audit findings. Report to management about audit results and recommended changes in operations and financial activities. Summarize and document results of analysis and assessment of risks based on information reviewed as well as communications with the insurer and other regulators. Utilize analysis performed to conclude on insurer's priority level and provides supporting rationale. Prepare and update the Insurer Profile Summary and/or Group Profile Summary.
• Obtain, review, and analyze information and results presented in NAIC FAST tools, including IRIS ratios, Scoring 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.). When NAIC tools are not available, apply similar financial analysis ratios and other metrics as necessary, including those internally-developed.
• Organize and maintain analysis files in a logical and efficient manner.
• Knowledge in auditing accounting and auditing methods/systems;
• Knowledge in general auditing standards and procedures;
• Knowledge in applicable solvency regulation standards and requirements, including statutory accounting practices and procedures;
• Understanding of insurance operations, risks, risk management techniques, and transaction flows;
• Understanding of risks that could emerge from non-insurance operations of an insurance group;
• Knowledge in Microsoft Word, Excel and/or similar related software, e.g. Google Sheets.
• Strong written and verbal communication skills;
• Skills in accurately analyzing and interpreting data;
• Strong analytical skills;
• Being accountable for solvency monitoring of Arizona domestic insurers;
• Skills in being objective, fair, reasonable and courteous.
• Ability to apply good judgments and draw sound conclusions while setting a good example;
• Ability to research and learn applicable new regulations, guidance, and procedures and practices;
• Ability to invest in staff development;
• Ability to multi-task, manage multiple projects, and effectively manage own time;
• Ability to adapt to changing expectations and environments;
• Ability to compose clear and concise audit reports.
Bachelor's degree in accounting, finance or economics. Relevant designations that may enhance profile, such as AFE, CFE, CPA, PIR.
The State of Arizona provides an excellent comprehensive benefits package including:
− Affordable medical and dental insurance plans
− Paid vacation and sick time
− 10 paid holidays per year
− Wellness program and plans
− Life insurance
− Short/long-term disability insurance
− Defined retirement plan
− Credit union membership
− Transit subsidy
For a complete list of benefits provided by The State of Arizona, please visit our benefits page
• Positions in this classification participate in the Arizona State Retirement System (ASRS).
• Please note that enrollment eligibility will become effective after 27 weeks of employment.
Arizona State Government is an EOE/ADA Reasonable Accommodation Employer. Persons with a disability may request a reasonable accommodation such as a sign language interpreter or an alternative format by calling (602) 364-0108. Requests should be made as early as possible to allow sufficient time to arrange the accommodation. DIFI is an Equal Employment Opportunity Employer. All newly hired employees will be subject to E-Verify Employment Eligibility Verification.
ARIZONA MANAGEMENT SYSTEM (AMS)
All Arizona state employees operate within the Arizona Management System (AMS), an intentional, results-driven approach for doing the work of state government whereby every employee reflects on performance, reduces waste, and commits to continuous improvement with sustainable progress. Through AMS, every state employee seeks to understand customer needs, identify problems, improve processes, and measure results.
State employees are highly engaged, collaborative and embrace a culture of public service.
The State of Arizona is an Equal Employment Opportunity Employer.