Financial Analyst-Captives

Position Overview

The Financial Analyst position within the Captives Division of the South Carolina Department of Insurance is a critical role focused on ensuring the financial health and regulatory compliance of captive insurance companies. Under the general supervision of the Supervising Financial Analyst, the Analyst will develop a comprehensive understanding of captive insurance operations, including their risks, risk management techniques, and transaction flows. This knowledge is essential for assessing the financial condition of assigned companies and determining if any corrective actions are necessary in accordance with established Department policies and procedures. The Analyst will be responsible for reviewing and analyzing annual and quarterly financial statements of captive insurance companies, along with related regulatory filings and reports. This includes customizing the analysis procedures based on the size, risk, and complexity of the insurer to ensure effective and efficient reviews. The Analyst must prepare detailed documentation, including the Risk Assessment Worksheet (RAW) and Insurer Profile Summary (IPS), to communicate significant risks and ongoing monitoring plans to management and other regulators. Additionally, the role involves researching complex issues related to state laws, regulations, and accounting standards to ensure compliance and proper regulatory actions. In this position, the Analyst will also engage with company executives and other regulatory bodies to investigate identified issues, evaluate responses, and propose further regulatory actions if necessary. The role requires timely completion of project assignments, detailed financial analysis checklists, and participation in examination meetings to present findings and risks associated with assigned companies. The Analyst must maintain organized analysis files and ensure all relevant documentation is properly saved and accessible. Professional development is a key aspect of this role, with the expectation that the Analyst will complete an Individual Development Plan (IDP) annually and engage in ongoing discussions about professional growth with their supervisor. This position is essential for the Department's mission to protect insurance consumers and maintain the integrity of the insurance marketplace in South Carolina.

Key Responsibilities

• Review and analyze captive insurance companies' annual and quarterly financial statements and related regulatory filings.
• Customize analysis procedures based on the size, risk, and complexity of the insurer.
• Prepare and update the Risk Assessment Worksheet (RAW), Insurer Profile Summary (IPS), and other required workpapers.
• Research complex issues including state law, regulations, and accounting standards.
• Correspond with company executives and other regulators to investigate issues and evaluate responses.
• Complete project assignments within deadlines established by supervisors.
• Complete detailed financial analysis checklists for non-RRG captive insurance companies.
• Participate in examination meetings and present overviews of assigned companies.
• Organize and maintain analysis files in a logical and efficient manner.
• Complete and review Individual Development Plan (IDP) annually.

Required Qualifications

• A bachelor's degree in accounting, auditing, finance, insurance, or tax preparation and/or analysis.
• Professional experience in accounting, auditing, finance, insurance, or tax preparation and/or analysis.
• Strong communication skills (both written and oral).
• Analytical skills with the ability to aggregate and summarize information from various sources.
• Ability to research and apply state laws, insurance department regulations, and accounting practices.
• Critical thinking skills to make decisions based on timely analysis.
• Ability to identify solutions to complex problems and evaluate information provided by assigned companies.

Preferred Qualifications

• 1-3 years of financial analysis related experience.
• Insurance designation(s) or progress towards their attainment.
• Proficient with MS Word, Excel, and other related tools.

Benefits & Perks

• Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
• 15 days annual (vacation) leave per year
• 15 days sick leave per year
• 13 paid holidays
• State Retirement Plan (pension plan option) and Deferred Compensation Programs
• Employee Assistance Program
• Free counseling sessions for employees and household members
• Free legal counseling
• Free financial counseling
• Flexible Work Schedules
• Compressed work weeks
• Part-time telecommuting
• Flex-time
• Free Gym Access
• Growth Opportunities
• Certifications/designation program allowing for salary increases and bonuses
• Infants at Work Program
• Free Parking