Financial Examiner 2 - Company Licensing & Compliance Unit



Financial Examiner 2 - Company Licensing & Compliance Unit

Salary

$61,224.00 - $80,292.00 Annually

Location

Thurston County – Tumwater, WA

Job Type

Full Time - Permanent

Remote Employment

Flexible/Hybrid

Job Number

2022-08687

Department

Office of the Insurance Commissioner

Division

Company Supervision

Opening Date

06/14/2022

Closing Date

12/6/2022 2:29 PM Pacific

Description


All staff employed by the OIC must be fully vaccinated against COVID-19 as a condition of employment. Staff precluded from vaccinations due to medical conditions and/or sincerely held religious beliefs will have opportunity to engage with Human Resources to explore reasonable accommodation. Applicants or candidates being considered for employment shall not share their vaccination status with hiring managers or interview panels. Proof of vaccination will be verified prior to your first day of employment by a member of the Human Resources Department.


This recruitment will remain open until the position is filled. The agency reserves the right to make a hiring decision at any time after the initial screening date on June 29, 2022. It is in the applicant’s best interest to submit materials as soon as possible.

 

OIC CAREER OPPORTUNITY

 

The Office of the Insurance Commissioner’s (OIC)  Company Licensing & Compliance Unit is seeking a motivated and qualified individual to fill a permanent Financial Examiner 2 position.  This position is assigned to the Company Supervision Division, located in our Tumwater office.


As a Financial Examiner, you will be responsible for conducting the most complex and highly technical compliance reviews and financial analyses of complex company licensing application filings for insurance companies. This work is done in accordance with the National Association of Insurance Commissioners (NAIC) accreditation standards, Washington State laws and statutes, as well as our agency policies.  

 

If you enjoy auditing and accounting and like to research financial books, and you're interested in a dynamic career that protects consumers' interests and promotes a healthy business environment in this state, please apply and become part of our dynamic team.


This recruitment may be used to establish a qualified pool of candidates for Financial Examiner 2 vacancies in the next sixty days.

 

AGENCY PROFILE AND VALUES

 

The Office of the Insurance Commissioner (OIC) operates under the direction of the state's Insurance Commissioner, a statewide elected official.  Our mission is to provide consumer protection and regulation of the state's insurance industry.
 
With a workforce of approximately 265 employees, we are one of the smaller state agencies in Washington state government and are fortunate to have a stable funding source that does not rely on the state's general fund.
 
Because we are a small agency, you will truly get a chance to understand the 'big picture' of what we do and why we do it.  You will also have a chance to get to know your co-workers.

 

We challenge our employees to continuously improve the way we do business and to meet and exceed the needs of our customers.
 
To learn more about this agency, we invite you to visit our website at http://www.insurance.wa.gov/ and listen to our employees talk about why they love working here. 

 

BENEFITS OF WORKING FOR OIC

As an eligible state employee, Washington State offers:

 

  • An outstanding benefits package and retirement plans.
  • Training and development opportunities, including tuition reimbursement.
  • Program for Public Service Loan Forgiveness (if applicable)
  • Free parking at our main office in Tumwater.
  • A stable funding source that does not rely on the state's general fund.
  • The fulfillment of public service.
  • Excellent work-life balance.
  • Flexible work schedules and telework opportunities.
  • Commitment to diversity in the workplace and support one another with respect and trust.
  • Free Thurston County InterCity Transit STAR pass for public transportation.

Duties

Reporting to the Company Licensing and Compliance Manager, you will be responsible for performing the following duties to include, but not limited to:

  • Reads, researches, and interprets applicable laws, regulations, and Insurance Commissioner rulings, to ensure licensing application filings for insurers meet all requirements for licensure or registration
    1. Assesses and examines insurer solicitation, primary, expansion, and corporate amendment applications.
    2. Ensure applications are in compliance with state, federal, and NAIC standards.
    3. Obtain, prepare, and maintain required filings, documents, and work papers. 
    4. Review financial capitalization requirements for capital and surplus, review financial and debt-to-equity statements, review financial examination reports, financial solvency determinations, review company investment policies, statutory deposit requirements, proforma income/loss projections, review of risk based capital (RBC) projections and other licensing requirements.
    5. Communicate with Manager, and co-workers to provide or obtain information regarding analysis issues or work products.
    6. Writes correspondence, develops analysis-examination plans, prepare analyst notes and makes recommendations.
  • Prepare and complete analysis procedures in accordance with NAIC accreditation standards. 
  • Read, interpret, and apply applicable laws, regulations, and standards to analyses.
  • Communicate with regulated entities and other regulators regarding enforcement, analysis, examination, obtaining information, and explaining determinations.
  • Conduct detailed, complex compliance review of insurer operations for compliance with RCW's and WAC's.
  • Responds to insurer licensing and compliance inquiries.
  • Acts as a subject matter expert on company licensing requirements and represents Company Supervision on rules committees and the OIC at hearings and other legal proceedings.
  • Identifies unlawful insurance practices for referral of enforcement action.

Qualifications

Required Qualifications

 

A Bachelor’s degree from an accredited college or university whose accreditation is recognized by the U.S. Department of Education and the Council for Higher Education Accreditation (CHEA), or foreign equivalent, involving major study in accounting, business administration, economics, or finance, with a minimum of 36 quarter or 24 semester hours of accounting.

AND

Two years of qualifying professional experience* in accounting or auditing.

*"Qualifying professional experience” is defined as financial statement experience as an accountant, analyst, auditor, or examiner with a government entity, public accounting firm, private entity, regulated entity, insurance company, or financial institution. “Financial statement” means balance sheet, income statement, changes in equity, cash flow statement, and notes thereto.

A fifth-year bachelor’s degree (225 quarter or 150 semester hours) or a master’s in accounting or business administration with a minimum of 36 quarter or 24 semester hours in accounting may substitute for one year of the required experience


Additionally, after qualifying by a method above: 

  • Intermediate computer skills in Microsoft Excel and Word.

  • Basic computer skills in Microsoft Outlook.
  • Basic skills and experience with Adobe Acrobat, which includes converting Microsoft Office files to PDF files, using commenting tools, and changing PDF file security settings.

Preferred/Desired Qualifications of this position include:
  • An active Certified Public Accountant (CPA) license granted by Washington State or another state that has reciprocity with Washington State.
  • A designation of Accredited Financial Examiner (AFE) or Certified Financial Examiner (CFE) in insurance as granted by the Society of Financial Examiners (SOFE).
  • Experience in the Insurance Industry.

Supplemental Information

How to Apply: Applications for this recruitment will be accepted electronically. Please select the large green "apply" button at the top of this announcement. If you have not done so previously, you will need to set up an account profile.

 

Please provide three (3) professional references on your application. A professional reference is defined as an individual who has been paid to supervise your work and can attest to your work performance, technical skills, and job competencies.  If you do not have any or sufficient professional references, please include non-related professionals, such as educators or other professional associates.

 

The initial screening will be based on the content and completeness of your application and the materials submitted. All information may be verified and documentation may be required. Your letter of interest should describe how your experience, training and education make you a viable and competitive candidate for this position. Applications with comments such as "see attachments" or "see resume" in the supplemental question responses will be considered incomplete.

General suggestions for creating a good application:

  • Read the job posting very carefully. Find out as much as you can about the position.
  • Make sure you are very diligent in following all the application instructions.  Include all requested documentation. 
  • Make sure your application and supplemental question responses address how you meet each of the required and desired qualifications. 
  • Carefully read each of the supplemental questions and respond completely to each one.  Pay attention to each component of the question, providing examples, and thoroughly describing when and where you achieved the experience. Detail the types of work you performed, the work products, etc., to demonstrate 'how'. 
  • Specifically include all of your work experiences doing the same or similar work, especially if you reference work in these jobs in describing when/where you gained experience or skills. 
  • Make sure your application reflects your best writing.
  • Wage/salary depends on qualifications or state rules of compensation (if currently a state employee).

 

Contact us: For inquiries about this position, please contact Phyllis.Gratis@oic.wa.gov.

 

Other Information:

  • This position is represented by the Washington Federation of State Employees (WFSE).
  • If a degree or other credentials are listed by the candidate, proof will be required at the finalist stage. Candidates are encouraged to pre-plan for this.  University degrees must be recognized by the U.S. Department of Education and the Council for Higher Education Accreditation (CHEA) or foreign equivalent
  • Prior to a new hire, a background check including criminal record history will be conducted.  Information from the background check will not necessarily preclude employment but will be considered in determining the applicant’s suitability and competence to perform in the position. 
  • If claiming veteran status, please send your DD 214 to recruitment@oic.wa.gov with FE2 - Tumwater in the subject line. Please do not attach the DD 214 to your application materials.   Please black out personally identifiable data such as social security numbers. 
  • The Office of Insurance Commissioner is an equal opportunity employer. Auxiliary aides and services are available upon request to individuals with disabilities.  Please contact the recruiter listed above.  
  • If you are having technical difficulties creating, accessing (log in, password or email issues) or completing your application (error messages), please call toll-free at (855) 524-5627.
  • For general questions regarding applying for jobs, contact the recruiter or careershelp@des.wa.gov.

More than Just a Paycheck!
Employee benefits are not just about the kind of services you get, they are also about how much you may have to pay out of pocket. Washington State offers one of the most competitive benefits packages in the nation.

We understand that your life revolves around more than just your career. Like everyone, your first priority is ensuring that you and your family will maintain health and financial security. That's why choice is a key component of our benefits package. We have a selection of health and retirement plans, paid leave, staff training and other compensation benefits that you can mix and match to meet your current and future needs.

Read about our benefits:
The following information describes typical benefits available for full-time employees who are expected to work more than six months. Actual benefits may vary by appointment type or be prorated for other than full-time work (e.g. part-time); view the job posting for benefits details for job types other than full-time.

Note:  If the position offers benefits which differ from the following, the job posting should include the specific benefits.

Insurance Benefits
Employees and their families are covered by medical (including vision), dental and basic life insurance. There are multiple medical plans with affordable monthly premiums that offer coverage throughout the state.

Staff are eligible to enroll each year in a medical flexible spending account which enables them to use tax-deferred dollars toward their health care expenses. Employees are also covered by basic life and long-term disability insurance, with the option to purchase additional coverage amounts.

To view premium rates, coverage choice in your area and how to enroll, please visit the
Public Employees Benefits Board (PEBB) website. The Washington Wellness program from the Health Care Authority works with PEBB to support our workplace wellness programs.


Dependent care assistance allows the employee to save pre-tax dollars for a child or elder care expenses.

Other insurance coverage for auto, boat, home, and renter insurance is available through payroll deduction.

The Washington State Employee Assistance Program promotes the health and well-being of employees.

Retirement and Deferred Compensation
State Employees are members of the Washington Public Employees' Retirement System (PERS).  New employees have the option of two employer contributed retirement programs.  For additional information, check out the Department of Retirement Systems' web site.

Employees also have the ability to participate in the Deferred Compensation Program (DCP).  This is a supplemental retirement savings program (similar to an IRA) that allows you control over the amount of pre-tax salary dollars you defer as well as the flexibility to choose between multiple investment options.

Social Security
All state employees are covered by the federal Social Security and Medicare systems. The state and the employee pay an equal amount into the system.

Public Service Loan Forgiveness
If you are employed by a government or not-for-profit organization, and meet the qualifying criteria, you may be eligible to receive student loan forgiveness under the Public Service Loan Forgiveness Program.

Holidays
Full-time and part-time employees are entitled to paid holidays and one paid personal holiday per calendar year.

Note: Employees who are members of certain Unions may be entitled to additional personal leave day(s), please refer to position specific Collective Bargaining Agreements for more information.

Full-time employees who work full monthly schedules qualify for holiday compensation if they are employed before the holiday and are in pay status for at least 80 nonovertime hours during the month of the holiday; or for the entire work shift preceding the holiday.

Part-time employees who are in pay status during the month of the holiday qualify for the holiday on a pro-rata basis. Compensation for holidays (including personal holiday) will be proportionate to the number of hours in pay status in the month to that required for full-time employment, excluding all holiday hours. Pay status includes hours worked and time on paid leave.

Sick Leave
Full-time employees earn eight hours of sick leave per month. Overtime eligible employees who are in pay status for less than 80 hours per month, earn a monthly proportionate to the number of hours in pay status, in the month to that required for full-time employment. Overtime exempt employees who are in pay status for less than 80 hours per month do not earn a monthly accrual of sick leave.

Sick leave accruals for part-time employees will be proportionate to the number of hours in pay status, in the month to that required for full-time employment. Pay status includes hours worked, time on paid leave and paid holiday.

Vacation (Annual Leave)
Full-time employees accrue vacation leave at the rates specified in WAC 357-31-165(1) or the applicable collective bargaining agreement (CBA). Full-time employees who are in pay status for less than 80 nonovertime hours in a month do not earn a monthly accrual of vacation leave.

Part-time employees accrue vacation leave hours in accordance with WAC 357-31-165(1) or the applicable collective bargaining agreement (CBA) on a pro rata basis. Vacation leave accrual will be proportionate to the number of hours in pay status, in the month to that required for full-time employment.

Pay status includes hours worked, time on paid leave and paid holiday.


As provided in WAC 357-58-175, an employer may authorize a lump-sum accrual of vacation leave or accelerate the vacation leave accrual rate to support the recruitment and/or retention of a candidate or employee for a Washington Management Service position. Vacation leave accrual rates may only be accelerated using the rates established WAC 357-31-165. 

Note: Most agencies follow the civil service rules covering leave and holidays for exempt employees even though there is no requirement for them to do so. However, agencies are required to adhere to the applicable RCWs pertaining holidays and leave.

Military Leave
Washington State supports members of the armed forces with 21 days paid military leave per year.

Bereavement Leave
Most employees whose family member or household member dies, are entitled to three (3) days of paid bereavement leave. In addition, the employer may approve other available leave types for the purpose of bereavement leave.

Additional Leave
Leave Sharing
Parental Leave
Family and Medical Leave Act (FMLA)
Leave Without Pay

Please visit the State HR Website for more detailed information regarding benefits.

Updated 12-31-2022

01
Which of the following best describes your highest level of education? Post high school education must be from an accredited college or university, recognized by CHEA (Council for Higher Education Accreditation) or foreign equivalent. If a degree is listed by the candidate, proof of degree will be required at the finalist stage; therefore, candidates are encouraged to pre-plan for this.
  • High school diploma or GED
  • Associate's degree
  • Bachelor's degree
  • Master's degree
  • Above a Master's degree
02
Which of the following best describes the focus of your degree?
  • Finance
  • Business Administration
  • Economics
  • Accounting
  • Closely Related Field
  • Non-Related Field
  • I do not have a degree
03
If you selected "Closely Related Field" or "Non-Related Field" in the above question, please identify the focus of your degree. If you identified your degree as one listed, OR selected "I do not have a degree" please enter N/A.
04
Do you have at least 24 semester or 36 quarter hours of accounting? (If yes, please ensure you have attached unofficial transcripts showing credit hours awarded to your application).
  • Yes
  • No
05
Which of the following best describes your qualifying experience in accounting or auditing? Qualifying professional experience is defined as experience [auditing, analyzing, or preparing financial statements: balance sheet, income statement, cash flow statement, and notes thereto] as an accountant, auditor, or examiner with a public accounting firm or as an accountant, internal auditor or external auditor or examiner of insurance companies, banks, savings and loan associations, municipalities, etc., state or federal or private entities.
  • I do not have this experience.
  • 1 - 11 months of qualifying professional experience.
  • 12 - 23 months of qualifying professional experience.
  • 24 - 35 months of qualifying professional experience.
  • 36 months or more of qualifying professional experience.
06
In which industry is your qualifying professional experience, as defined in the question above?
  • I do not have this experience.
  • Accounting.
  • Accounting or auditing for a public accounting firm.
  • Analyzing, auditing, or examining regulated entities.
  • Working for a regulated entity in the areas of: financial statement analysis, auditing, accounting, information system reviews, or a combination of these.
  • Other.
07
If you answered "Other" in the question above, please describe the industry. Otherwise enter N/A.
08
Which of the following certification or designation applies to you? (select all that apply)
  • Certified Public Accountant (CPA) license granted by Washington State or a state in the United States having reciprocity with Washington State
  • Certified Financial Examiner (CFE) designation in insurance granted by the Society of Financial Examiners
  • Accredited Financial Examiner (AFE) designation in insurance as granted by the Society of Financial Examiners
  • None of the above
09
Please list any related certification or designations you have obtained that are not listed above.
10
Which one of the following best describes your highest level of Microsoft Excel skills? (To qualify for the Intermediate level, you must also be able to perform the functions at the Basic level; to qualify for the Advanced level, you must also be able to perform the functions at Basic and Intermediate levels; to qualify for the Expert level, you must also be able to perform the functions at the Basic, Intermediate, and Advanced levels.)
  • I do not have enough skills to meet the definition of the Basic level below
  • BASIC: Create basic worksheets; create basic formulas; use basic functions; modify and format a worksheet; print workbooks
  • INTERMEDIATE: Use advanced formulas; organize tables and worksheets; create and modify charts; analyze data using Pivot tables and Pivot Charts; insert and modify graphic objects in a worksheet
  • ADVANCED: Create and edit macros; conditional formatting; apply data validation criteria; able to protect, share and merge files; trace cells and troubleshoot formula errors; uses data list outline; consolidate data and link workbooks; export and import text files and XML data; import data from the Web and create Web queries; analyze data using trend lines, Sparklines and scenarios
  • EXPERT: Able to use and train others in all Excel functions listed above and uses advanced formulas, functions and arrays; uses information, date and time functions; uses advanced editing and formatting; advanced chart formatting; runs solver models and reports; embed and link information; set up customization including automation
11
Which one of the following best describes your highest level of Microsoft Word skills? (To qualify for the Intermediate level, you must also be able to perform the functions at the Basic level; to qualify for the Advanced level, you must also be able to perform the functions at Basic and Intermediate levels; to qualify for the Expert level, you must also be able to perform the functions at the Basic, Intermediate, and Advanced levels.)
  • I do not have enough skills to meet the definition of the Basic level below
  • BASIC: Create, save, preview and print a basic document; edit selected text; change font appearance; highlight text; format paragraphs with tabs, borders, shading and styles; page setup, use auto correct
  • INTERMEDIATE: Insert graphic objects and visual effects to a document; add tables to a document or convert tables to text; add watermarks, borders, headers and footers; use the word look up (thesaurus, dictionary); customize tables and charts; modify pictures in document; create customized graphic elements; use templates
  • ADVANCED: Insert content using quick parts; control text flow; perform mail merge function; uses macros for tasks; insert cover pages and table of contents; track changes and comments; insert bookmarks, footnotes and endnotes; add hyperlinks; cross-references and citations; link documents to excel worksheets; send document to PowerPoint; merge documents; redaction function; hide text; add digital signature, restrict access and use passwords; create, protect and automate forms
  • EXPERT: Able to use and train others in all Word functions listed above
12
Which one of the following best describes your highest level of Microsoft Outlook skills? (To qualify for the Intermediate level, you must also be able to perform the functions at the Basic level; to qualify for the Advanced level, you must also be able to perform the functions at Basic and Intermediate levels; to qualify for the Expert level, you must also be able to perform the functions at the Basic, Intermediate, and Advanced levels.)
  • I do not have enough skills to meet the definition of the Basic level below
  • BASIC: Compose email messages; send and respond to messages; organize email into folders; create contact information; schedule appointments; schedule meetings, manage tasks and notes
  • INTERMEDIATE: Set calendar options; sort, find and filter messages; create distribution lists; share and delegate folder access; customize toolbar, menu bar, quick access tool bar and the To-Do bar; customize message options; use the journal entry to track and record; assign, reply and track tasks; create public folders and send and post information
  • ADVANCED: Personalize with stationary and themes; create signatures; configure email security settings; group items and create search folders; apply conditional formatting; manage data files; create mail merge using contacts; archive messages
  • EXPERT: Able to use and train others in all Outlook functions listed above
13
Please describe your experience using Adobe Acrobat Pro, which includes converting Microsoft Office files to PDF files, using commenting tools, and changing PDF file security settings. If you have none, please enter N/A.
14
In accordance with RCW 48.02.090(5), the Office of Insurance Commissioner employees are prohibited from having any interest, directly or indirectly, in an insurance company other than as a policyholder. This prohibition includes the receipt of renewal commissions and employees may not hold a valid Insurance license. If you have any interest in an insurance company you must forfeit the license prior to the effective date of your appointment. If hired, do you agree to FORFEIT your license and abide by this law?
  • Yes
  • No
15
As part of the pre-employment process, are you willing and able to undergo a criminal history background investigation? This would include a criminal records check.
  • Yes
  • No
  • N/A - I am currently an OIC employee
16
How did you learn of the OIC employment opportunity? (select one from the list)
  • Careers.wa.gov
  • LinkedIn
  • Indeed
  • Job Fair
  • Association of Washington Cities
  • OIC Employee
  • Other
17
If you chose "OIC Employee", "Other" or "Job Fair" as the option for how you heard about this job opportunity, please specify the person or event in the field below

Required Question

Agency
State of Washington
Address
View Job Posting for Agency Information

View Job Posting for Location, Washington, 98504
Phone
View Posting for Agency Contact