Job Summary
This position is located in the Department of Insurance, Securities and Banking, Risk Finance Bureau (DISB). The mission of DISB is to create a protective regulatory environment, attract, and retain financial services firms, empower, and educate residents on financial matters and provide financing support for small businesses in the District of Columbia.
The incumbent is responsible for conducting surveillance analysis of Captive Insurance Companies, including Risk Retention Groups, licensed by the District of Columbia, to detect and address conditions that may lead to financial loss for the company’s policyholders.
Duties And Responsibilities
Conducts review and analyses of business plans and pro-forma financial statements submitted by captive insurers to assess the reasonableness of the business plan and ensure the financial solvency of the captive insurer. Conducts financial analyses to categorize insurers for priority analysis, including on-site audits and regulatory controls. Reviews documentation such as examination reports, ratings from AM Best, Moody's, and Standard & Poor’s, state deposit requirements, actuarial reserve opinions, independent accountant reports, and financial statements to assess the insurer's financial health.
Maintains ongoing surveillance and submits recommendations for regulatory action based on these findings. Reviews and evaluates annual and quarterly statements of licensed captive insurers and makes recommendations on new applications for licensures to do business in the District of Columbia. Conducts analyses of documentation submitted with annual and quarterly reports to ascertain the financial condition and solvency of the captive insurer. Documentation submitted includes such records as certificates of compliance, deposits and valuations, capital and surplus balances, net income, and losses.
Qualifications And Education
Undergraduate and Graduate Education: Major study -- finance, business administration, economics, accounting, insurance, engineering, mathematics, banking and credit, law, real estate operations, statistics, or other fields related to the position, such as agriculture, agricultural economics, farm, livestock or ranch management, or rural sociology.
OR
Specialized experience such as performing financial analysis and evaluation work requiring a comprehensive knowledge of (1) corporate finance and any specialized fields of finance required, such as public finance, securities, international finance, money and securities markets, investments, and banking, and (2) the financial and management structure, operations, and practices of corporate and other organizations. Specialized experience must have equipped the applicant with the particular knowledge, skills, and abilities to perform successfully the duties of the position to be filled. To be creditable, one (1) year of specialized experience is equivalent to at least the next lower grade level in the normal line of progression.
Licenses and Certifications
None.
Working Conditions/Environment
The work is primarily sedentary, although some slight physical effort may be required. The work may involve visits to work sites, and requires periods of standing, bending, stooping, and carrying of light items.
Other Significant Facts
Tour of Duty: Monday - Friday - 8:15 am to 4:45 pm
Pay Plan, Series, Grade: CS-1160-13
Promotion Potential: No known promotion potential.
Duration of Appointment: Career Services - Regular Appointment.
Collective Bargaining Unit (Union): This position is in a collective bargaining unit, and you may be required to pay an agency service fee through direct payroll deduction.
Position Designation: This position has been deemed Security Sensitive under the guideline of the DC Personnel Manual. Incumbents of this position are subject to enhanced suitability screening pursuant to Chapter 4 of DC personnel regulations. Accordingly, incumbents must successfully pass a criminal background and consumer credit check as a condition of employment and will be subject to periodic criminal background checks for the duration of their tenure.
EEO Statement
The District of Columbia Government is an Equal Opportunity Employer. All qualified candidates will receive consideration without regard to race, color, religion, national origin, sex, age, marital status, personal appearance, sexual orientation, family responsibilities, matriculation, physical handicap, or political affiliation.
