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DEPARTMENT OF INSURANCE AND FINANCIAL INSTITUTIONS The Department of Insurance and Financial Institutions licenses, monitors, investigates, examines, and ensures the safety and soundness of, regulated entities. The Department also helps resolve consumer complaints against financial-services and insurance entities; takes action in response to violations of law; encourages competition, innovation, and economic development; collects taxes and assessments that support State government operations; combats auto theft and insurance fraud through public awareness campaigns, and funding for law enforcement and dedicated prosecutors.
Our mission is to help Arizonans receive the benefits and protections to which they are legally entitled by enforcing insurance and financial institution laws and by providing information and assistance and to combat vehicle theft.

Job Location:

100 North 15th Avenue Phoenix, Arizona 85007

Posting Details:

Annual Salary: Up to $98,000 Depending on Experience
Grade: 26
This position will remain open until business needs are met  

Job Summary:

The Assistant Chief Financial Examiner directs the planning and execution of statutory financial examinations of Arizona domiciled insurance companies and other risk bearing entities in order to assess financial condition, enforce solvency standards, and determine compliance with applicable laws and regulations, in accordance with Department policies and procedures, the NAIC Financial Condition Examiners Handbook and NAIC Accreditation standards.

This position also coordinates with other states before, during and after group examinations where Arizona is either the lead or a participating state. Assistant Chief Financial Examiner assists the Chief Financial Examiner-Analyst and Assistant Director in overseeing the examination supervisors, financial examiners, contract examiners and specialists in a supervisory position.

Job Duties:

Monitor the progress and quality of the examinations, supervise and provide direction to the contracted examiners, specialists and financial examiners. Review and make recommendation for the scope of the financial examinations and approve examination budgets. Reviews and approves/denies/modifies (as applicable) contractor billings, reviewing for compliance with contract provisions and approved budget, submit to Administrative Services Division for payment

Support the contract renewal, RFP and new contract issuance process. Maintain effective communication with examinees, states and with stakeholders throughout the examination process. Evaluate draft examination reports/management letter observations and findings. Work directly with the insurance companies on finalizing Reports of Financial Examination and then present to the Assistant Director for filing

Direct the preparation for and planning of the examinations. Determine the staffing needs (financial examiners, 20+ contracted examiners and specialists - IT, actuarial, reinsurance and/or investment specialists) for each examination and engage them. On insurance company group financial examinations, determine the level of Arizona's participation and coordinate with the Lead/facilitating state(s)

Supervises and trains the Examination Supervisor of Specialty Insurers. Provides direction to the Supervisor on how to determine the scope of the specialty financial examinations and communicate the scope and procedures to be performed to the financial examiners and conduct the appropriate oversight of the financial examinations they are supervising

Supervises and cross trains other Financial Examiners regarding the aspects of the Assistant Chief Financial Examiner duties and functions that do not require considerable amount of judgment and introduce others to the thought processes behind the judgments that need to be made during the preparation for and execution of risk focused examinations

Continuously evaluate and implement new methods to improve quality, efficiency and effectiveness of examinations. Train new financial examiners on Arizona specific financial examination procedures. Support the objective of achieving and maintaining NAIC Accreditation Standards. Prepare the financial examination section of the NAIC annual interim accreditation report ("IAR") and present to the Assistant Director to be included in the full IAR submitted to the NAIC

Other duties as assigned as related to the position

Knowledge, Skills & Abilities (KSAs):

Knowledge:

Extensive knowledge of the NAIC Risk Focused Examination process as outlined in the NAIC Financial Condition Examiners Handbook

Knowledge of AZ and national insurance market, industry concepts and practices and insurance company operations

Knowledge of AZ laws and rules that provide standards for the financial practices of insurance companies

Understanding of state and federal insurance law, rules, regulations, policies, procedures and case law

Knowledge of computerized word processing, spreadsheets, databases and applications

Knowledge of the NAIC Accreditation Standards and the state accreditation process

Familiarity with quality management and quality assurance concepts

Knowledge of the financial practices of insurance companies

Knowledge of supervisory concepts and techniques

Understanding of Statutory Accounting concepts

Skills:

Skill in using Excel, Word, Power Point, Outlook, Access, Adobe Acrobat (PDF), and equivalent Google programs

Superior writing and verbal communication skills, including technical writing, and training/presentation delivery

Skill in diffusing difficult, contentious situations with customers and stakeholders

Skill in time-management, project organization and problem-solving

Skill at managing multiple responsibilities concurrently

Skill in coaching, mentoring and training employees

Ability:

Ability to establish and maintain effective working relationships within the Agency and with other state and national regulators, insurers and industry organizations

Ability to communicate diplomatically, clearly and effectively in writing and verbally at a variety of levels with agency management and staff, contractors, the NAIC, insurers, industry organizations, actuaries, information technology specialists, attorneys, consumers and other persons

Ability to analyze situations and information accurately and to adopt appropriate courses of action

Ability to use computerized word processing, spreadsheet, and database applications

Familiarity with auditing and workpaper storage software and their uses

Ability to supervise professional contractors

Selective Preference(s):

 Professional experience may be considered as an alternative to professional designations

Preferred CFE and/or CPA designations

Pre-Employment Requirements:

Employees who drive on state business are subject to driver's license record checks, must maintain acceptable driving records and must complete any required driver training (see Arizona Administrative Code R2-10-207.12.)

Requires possession of and ability to retain a current, valid state-issued driver's license appropriate to the assignment

If this position requires driving or the use of a vehicle as an essential function of the job to conduct State business, then the following requirements apply: Driver's License Requirements.

All newly hired State employees are subject to and must successfully complete the Electronic Employment Eligibility Verification Program (E-Verify).

Benefits:

The State of Arizona offers a comprehensive benefits package to include:

Optional employee benefits include short-term disability insurance, deferred compensation plans, and supplemental life insurance

Life insurance and long-term disability insurance

  Health and dental insurance

Retirement plan

Sick leave

By providing the option of a full-time or part-time remote work schedule, employees enjoy improved work/life balance, report higher job satisfaction, and are more productive. Remote work is a management option and not an employee entitlement or right. An agency may terminate a remote work agreement at its discretion.

Learn more about the Paid Parental Leave program here. For a complete list of benefits provided by The State of Arizona, please visit our benefits page

Retirement:

Positions in this classification participate in the Arizona State Retirement System (ASRS)

Please note that enrollment eligibility will become effective after 27 weeks of employment

Contact Us:

If you have any questions please feel free to contact Kathy Schmidt at kathy.schmidt@difi.az.gov

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