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Financial Analyst

Date Posted:  Sep 1, 2021
Requisition ID:  204841
Location: 

Indianapolis, IN, US, 46204

Work for Indiana

Grow your career with the State of Indiana! With more than 50 executive branch agencies, the State of Indiana is a diverse workforce offering employees stimulating and challenging projects across a broad scope of career opportunities. As a State of Indiana employee, you impact the well-being of Indiana’s communities every day.

 

About the Indiana Department of Insurance (IDOI):
The purpose of the Indiana Department of Insurance is to protect Hoosiers as they purchase and use insurance products to keep their assets and their families from loss or harm. Consumers may need assistance with certain claim situations or just help in understanding how their policies work. Our other primary obligation is to monitor the insurance companies' financial solvency domiciled in Indiana so that the legal promises made in insurance policies are honored. To these ends, our Department staff is committed to providing exceptional customer service for both our consumers and our companies and to maintain a fair and objective viewpoint as we examine each issue and circumstance within our jurisdiction.
 

Salary:

The salary for this position traditionally starts at $39,208 per year but may be commensurate with education and/or experience.

About the Job:

The purpose of the Financial Analyst position is to perform a financial analysis of the annual statement, quarterly statements, and all other supplemental filings made by an insurer and other available information to monitor the insurer's statutory compliance solvency on an ongoing basis. 

A Day in the Life:

The essential functions of this role are as follows:

 

  • Perform risk analysis of the annual statement, quarterly statements, and all other supplemental filings made by an insurer within the NAIC accreditation review timing guidelines 
  • Perform an appropriate level or depth of review of the risk analysis and document the risk analysis findings within the NAIC accreditation review standards
  • Perform an appropriate level or depth of the review of the material transactions promptly. 
  • Make recommendations regarding proposed solutions to problems, actions necessary to address outstanding issues, and actions necessary to address troubled insurance companies.
  • Promptly communicate material adverse findings and/or relevant information to the appropriate person(s)
  • Review "troubled" foreign insurance companies as deemed necessary and make a recommendation regarding appropriate regulatory actions  
  • Review changes to Certificate of Authority including but not limited to new formations, adding or deleting lines of business, withdrawal, merger, etc 
  • Review Accredited Reinsurer Applications and subsequent annual filings
  • Prepare various reports or gather specific information requested by the Manager, Chief Examiner, or the Commissioner.
     

The job description is not designed to cover or contain a comprehensive listing of activities, duties, or responsibilities required of the employee. Other duties, responsibilities, and activities may change or be assigned at any time. Reasonable accommodations may be made to enable individuals with disabilities to interview and to perform the essential functions of this role.

What You'll Need for Success:

  • Bachelor's degree from an accredited college or university with a major in accounting, insurance, finance, or actuarial science;
  • Thorough knowledge of general accounting principles;
  • Some knowledge of the organization and practices of various types of insurance companies;
  • Working knowledge of new insurance practices, trends, developments, and techniques;
  • Ability to organize and plan work for oneself;
  • Ability to gather and analyze data and reach sound conclusions;
  • Ability to prepare clear, complete, and concise reports;
  • Effectively communicate, both orally and in writing.
  • The ability to manage multiple projects and deadlines.
  • Working knowledge of Microsoft Word, Excel, and Access.

Supervisory Responsibilities/Direct Reports:

This role does not provide direct supervision to direct reports.

Benefits of Employment with the State of Indiana:

The State of Indiana offers a comprehensive benefit package for full-time employees which includes:

  • Three (3) medical plan options (including RX coverage) and vision/dental coverages
  • Wellness program (offers premiums discount for the medical plan)
  • Health savings account (includes bi-weekly state contribution)
  • Deferred compensation account (similar to 401k plan) with employer match
  • Two (2) fully-funded pension plan options
  • Group life insurance
  • Employee assistance program that allows for covered behavioral health visits
  • Paid vacation, personal and sick time off
  • Competitive leave policies covering a variety of employee needs
  • 12 company paid holidays, 14 on election years
  • Qualified employer for the Public Service Loan Forgiveness Program
  • New Parent Leave
  • Free Parking
  • Free LinkedIn Learning

 

Equal Employment Opportunity:

The State of Indiana is an Equal Opportunity Employer

Current Employee? Click here to apply.


Nearest Major Market: Indianapolis