Financial Regulation Jobs (NOW HIRING)

Introduction

The Maryland Insurance Administration (MIA) is\r\nan independent State agency that regulates Maryland's $49 billion insurance\r\nindustry and protects consumers by monitoring and enforcing insurers' and\r\ninsurance professionals' compliance with State law. Staff members are\r\nsubject matter experts who serve as a resource for lawmakers, consumers, and\r\nother public and private entities.\r\n\r\nThe MIA is charged with a broad range of responsibilities including the\r\nlicensure of insurance carriers and insurance producers (brokers/agents)\r\noperating in Maryland, the conduct of financial examinations of companies to\r\nmonitor financial solvency, and the review and approval of rates and contract\r\nforms. The MIA investigates reports of consumer fraud and consumer\r\ncomplaints about life, health, automobile, homeowners, and/or property\r\ninsurance. Insurance carriers are subject to market conduct examinations\r\nand other actions to monitor compliance with Maryland law. The MIA also\r\nhas a unit dedicated to consumer education and outreach, which participates in\r\nhundreds of events and reaches thousands of individual consumers annually.\r\n\r\nThis is a Management Service position that\r\nserves at the pleasure of the Appointing Authority.\r\n

GRADE

MIA 0026\r\n\r\n

LOCATION OF POSITION

Baltimore CityorHybrid (between office and\r\ntelework)\r\n

Main Purpose of Job

The Maryland Insurance Administration is\r\nrecruiting to fill the position of Associate Commissioner of Financial\r\nRegulation. This position reports\r\ndirectly to the Maryland Insurance Commissioner, and is the MIA's senior staff\r\nauthority on all issues pertinent to the licensing and financial oversight of\r\ninsurance companies in the state, including monitoring and regulating the financial\r\ncondition of all proposed and authorized insurers and other regulated\r\nentities. Areas of responsibility include oversight of financial\r\nexaminations of domestic insurers; analysis of financial statements, proposed\r\ntransactions, independent auditor reports, actuarial reports, business plans\r\nand risks, and operations and systems to monitor solvency; determine compliance\r\nwith State law and recommend appropriate action; and audits of premium tax\r\nreturns for companies licensed to conduct insurance business in Maryland.\r\nResponsibilities may also involve supervising troubled, potentially troubled or\r\ndissolving insurance entities, including companies operating under a court\r\nordered receivership.\r\nThe position requires extensive knowledge and\r\napplication of the theories and practices of Generally Accepted Accounting\r\nPrinciples (GAAP), Statements of Statutory Accounting Principles (SSAP),\r\nStatements on Auditing Standards (SAS), and related information\r\ntechnology. This position requires business knowledge and expertise of\r\ninsurance regulation both nationally and internationally. In addition to\r\nadvising the Insurance Commissioner on financial and economic issues that\r\ninclude corporate governance, risk management, market stability and health\r\ncompetition, this position works closely with appointed committees of the\r\nNational Association of Insurance Commissioners (NAIC) to improve and\r\nstrengthen insurance regulatory examinations and oversight reviewing key\r\nsolvency areas, capital requirements, international accounting, insurance\r\nvaluation reinsurance and group regulatory issues.\r\n

POSITION DUTIES

This position will:\r\n\r\n\r\n Manage staff and\r\n direct the financial analyses and examinations of regulated entities to ensure\r\n that financial solvency risk areas, potential troubled companies, and other\r\n significant issues are identified and handled as early as possible.\r\n Manage, direct and\r\n control the admissions of new insurance companies into the State to ensure that\r\n financially capable companies are authorized to do business in the State.\r\n Serve as a member of\r\n the Insurance Commissioner's senior staff and provide advice in matters\r\n relating to financial solvency and compliance with regulation and laws as\r\n appropriate. Work to coordinate regulatory efforts between the various\r\n areas of the Maryland Insurance Administration.\r\n Provide oversight of\r\n the audits of annual premium tax returns submitted by companies licensed to\r\n conduct business in Maryland.\r\n Represent the\r\n Administration and the Insurance Commissioner or serve as a member on NAIC\r\n committees and/or working groups.\r\n Represent the\r\n Administration and Insurance Commissioner and provide testimony at legislative\r\n hearings.\r\n Assist in the\r\n rehabilitation, conservation or liquidation of financially troubled and\r\n insolvent companies and make recommendations to the Commissioner for regulatory\r\n actions.\r\n\r\n\r\n

MINIMUM QUALIFICATIONS

\r\n\r\n\r\n Possession of a\r\n Bachelor's Degree from an accredited four-year college or university with a\r\n major in accounting, business, finance, economics or related field, with\r\n evidence of a Certified Financial Examiner (CFE) or Certified Public Accountant\r\n (CPA).\r\n At least 10 years of experience with a state\r\n insurance department, public accounting firm, or similar entity, or an\r\n insurance company in a financial or audit-related area of which five years was\r\n in a manager/supervisory capacity.\r\n Knowledge\r\n of Maryland insurance laws and regulations.\r\n Excellent written and verbal communication and organizational\r\n skills.\r\n\r\n\r\n

DESIRED OR PREFERRED QUALIFICATIONS

\r\n\r\n Prior experience as senior-level\r\n manager of a financial institution or insurance regulatory agency.\r\n Expertise in corporate\r\n financial analysis and substantial experience managing company examiners.\r\n Public policy\r\n experience, drafting economic regulatory legislation.\r\n Experience as an\r\n insurance company financial examiner or knowledge of insurance law or insurance\r\n industry financial regulation is a plus.\r\n\r\n\r\n

BENEFITS

Our comprehensive benefits package includes a\r\ngenerous leave package; medical, prescription, dental and vision coverage;\r\nhealthcare and dependent daycare flexible spending accounts; a defined benefit\r\npension plan with optional 457 and 401k supplemental retirement plans; flexible\r\nwork schedules; and service that may qualify the successful candidate for the Federal\r\nPublic Service Loan Forgiveness Program.\r\n\r\nSTATE OF MARYLAND BENEFITS\r\n

FURTHER INSTRUCTIONS

Please contact: charrison@maryland.gov for\r\nadditional information concerning this recruitment. Online applications are\r\nstrongly preferred. For immediate consideration: upload one (1) WORD or PDF\r\nfile, that includes your combined cover letter and resume, to the\r\n'Resume' tab.\r\n\r\nIf you are unable to apply online, you may\r\nsubmit an application packet by mail. Your submission must be received by close\r\nof business, on the closing date for the recruitment. Postmarks will not\r\nbe accepted.\r\n\r\nComplete application packets may be mailed to:\r\nMaryland Insurance Administration\r\nHuman Resources - Recruitment #: 26-009663-0001\r\nSt. Paul Place, Suite 2700\r\nBaltimore, MD 21202\r\n\r\nTTY Users: call via Maryland Relay\r\nWe thank our Veterans for their service to our\r\ncountry, and encourage them to apply.\r\nAs an equal opportunity employer Maryland is\r\ncommitted to recruiting, retaining and promoting employees who are reflective\r\nof the State's diversity.\r\n\r\n