Financial/Credit Examiner I: DORA/Division of Insurance

Although this position will be designated under the department’s hybrid workplace program, it will still be required to report to the department office on a scheduled basis and at the discretion of the supervisor, based on business need.  

The salary range posted for this position is $5.203 - $5,980/monthly; although a salary range is listed, hiring salary will be set commensurate with the successful candidate's qualifications and in compliance with the Equal Pay for Equal Work Act.

The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado.

Consumer protection is our mission.

DORA values and promotes diversity, supporting a workplace that is inclusive of people from different backgrounds and experiences; creating an environment that is reflective of our communities; promoting positive relationships; and putting forth unique perspectives to fulfill our mission. 

• Employer-sponsored RTD EcoPass, with offices located at Civic Center Plaza, above the RTD Civic Center station and just a few blocks from RTD light rail. 

• Extensive work-life programs such as flexible schedules, training and professional development opportunities on a wide variety of subjects, and more! 

• Employee wellness programs, including the Colorado State Employee Assistance Program (CSEAP), which provides free, confidential counseling services.

• Bike-to-work programs, including access to storage lockers and bike racks.

• Flexible retirement benefits, including a choice of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan, plus optional 401K and 457 plans.

• Medical and Dental Health Insurance for employees and optional coverage for their dependents.

• Life Insurance for employees, and optional coverage for their dependents.

• Paid Time Off, including 11 paid holidays.

• Short- and long-term disability coverage.

• Tuition assistance program.

DORA values and promotes diversity, supporting a workplace that is inclusive of people from different backgrounds and experiences; creating an environment that is reflective of our communities; promoting positive relationships; and putting forth unique perspectives to fulfill our mission. 

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law.

This Financial Team exists to preserve a safe and sound insurance marketplace for Colorado policyholders through periodic audits/examinations of insurance companies and non-traditional entities such as preneed contract sellers to: 

• Detect those insurers that are in financial trouble or engaging in unlawful or improper business practices;
• Determine the financial solvency of insurers and evaluate operating policies and overall performance levels;
• Develop information and documentation necessary to implement regulatory actions against troubled companies;
• Initiate and monitor regulatory actions against entities that are financially troubled or hazardous to the public;
• Review and analyze financial statements and other legally required filings of regulated entities to determine potential and actual financial problems.

Position: SFA 4218

This position analyzes financial filings and other information to monitor the solvency/financial position of insurers and protect policyholders. This position monitors financial trends, solvency risks, and compliance with applicable laws by performing in-depth analyses, identifying risks, developing procedures to monitor risks, and recommending Division decisions/actions. 

The financial analysis process duties include:

• Prioritizing insurers using a risk-focused framework to ensure Division resources are allocated appropriately.
• Insurers are assigned a priority of “1” to”4”. Priority “1” is the highest priority, while priority “4” is the lowest priority.
• Performs review of higher priority insurers before the review of lower priority insurers. 
• Allocates personal time and resources to ensure the Division focuses more financial oversight on higher priority insurers.
• Analysis of quarterly domestic insurer financial statement results.
• Assesses insurer internal controls and accounting practices.
• Assesses insurer governance and risk management. 
• Evaluates financial position/solvency.
• Assesses investment portfolios. 
• Assesses business plan changes.
• Assesses reinsurance programs.
• Assesses and monitors credit, legal, liquidity, market, operational, underwriting, reputation reserving, and strategic solvency risks.
• Analysis of opinions/reports provided by specialists.
• Assesses compliance with statutory accounting practices. 
• Considers the adequacy of internal controls over financial reporting. 
• Assesses the adequacy of loss reserves.
• Acts as the lead regulator for the analysis of single-state groups or acts as a participating regulator for the holding company analysis of multi-state groups. 
• Evaluates the Group’s impact on the domestic insurer. 
• Performs lead regulator functions for groups that have insurers in Colorado but have insurers in no other states. 
  • Evaluates holding company registration filings, prior notification of material transactions, analyzes reinsurance agreements, analyzes enterprise risk management filings, analyzes public financial filings, analyzes press releases, and analyzes corporate governance disclosures. 
  • Gathers information about the group’s organizational structure and operations including its segments, sources of revenue/expenses, distribution network, etc.
  • Assesses group-level credit, legal, liquidity, market, operational, underwriting, reputation reserving, and strategic solvency risks.
  • Assesses group financial position, profitability, liquidity, and leverage  
  • Assesses group governance and risk management. 
  • Prepares a Group Profile Summary that documents the holding company analysis and shares the results with Division management. 
• Analyzes merger/acquisitions to consider the expected impact on the market, the insurer, and policyholders. Coordinates with the lead state when applicable. 
• Acts as the participating regulator for the analysis of groups.
  • Actively participates in calls and meetings arranged by the lead state. 
  • Actively shares pertinent information with the lead state. 
  • Evaluates holding company registration filings, prior notification of material transactions, analyzes reinsurance agreements, analyzes enterprise risk management filings, analyzes public and information provided by the lead state including the GPS.

MINIMUM QUALIFICATIONS (MQs):

There are two ways to qualify for this position: 1) Experience OR 2) A Combination of Education and Experience.
 
Option 1: Experience 

• Five (5) years of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:

• Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
• Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
• Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
• Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
• Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management. 

Option 2: A Combination of Education AND Experience 

Associate’s Degree and Experience: 

• Graduation from an accredited college or university with an associate's degree in accounting, business administration, economics, statistics or finance; AND

• Three (3) years of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:
  • Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
  • Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
  • Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
  • Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
  • Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management. 

OR

• Graduation from an accredited college or university with a bachelor's degree in accounting, business administration, economics, statistics or finance; AND
• One (1) year of professional* experience in the insurance, accounting, or financial services industry. Qualifying experience must include at least two (2) of the following:

• Analyzing financial data, financial performance, investment portfolios, and/or financial projections;
• Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
• Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
• Performing financial statement audits, internal audits, and/or Sarbanes Oxley compliance; AND/OR
• Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management. 

Document this experience in your application IN DETAIL, as your experience will not be inferred or assumed.  Part time experience will be prorated.

SUBSTITUTIONS:

• A combination of professional* work experience as described above, which provided the same kind, amount, and level of knowledge acquired in the required education, may be substituted for the bachelor's degree on a year-for-year basis;
• A master's or doctorate degree from an accredited college or university in a field of study related to the work assignment will substitute for experience on a year-for-year basis.
• A certification, registration, or licensure related to the work assigned to the position will substitute for one year of required experience.

*Professional work involves exercising discretion, analytical skill, judgment and personal accountability and responsibility for creating, developing, integrating, applying, and sharing an organized body of knowledge that characteristically is: uniquely acquired through an intense education or training regimen at a recognized college or university; equivalent to the curriculum requirements for a bachelor's or higher degree with major study in or pertinent to the specialized field; and continuously studied to explore, extend, and use additional discoveries, interpretations, and application and to improve data, materials, equipment, applications and methods. 

Preferred Qualifications:

• Certified as a Public Accountant (CPA), Accredited Financial Examiner (AFE), Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), or Chartered Property Casualty Underwriter (CPCU), Chartered Life Underwriter (CLU), or Fellow Life Management Institute (FLMI);
• Experience conducting investigations and audits, including reviewing, analyzing, and researching financial documents and/or applications, interviewing witnesses, collecting evidence, preparing investigative reports of findings, and making recommendations to management on how a case should be resolved;
• Demonstrated experience analyzing and interpreting Colorado insurance statutes, rules, and policies;
• Experience analyzing insurance operations (marketing, underwriting, administration, investment, and/or regulatory management) and determining factors related to risk management;

• Demonstrated professional experience utilizing GAAP accounting principles when reviewing financial information;
• Demonstrated professional experience identifying process inefficiencies and developing solutions to improve workflow.

Required Competencies: The following knowledge, skills, abilities, and personal characteristics are required competencies and may be considered during the selection process (including examination and/or interview):

• Demonstrated written communication skills, including the ability to convey information to various stakeholders in a clear, accurate, and concise written manner;
• Demonstrated verbal communication skills, including the ability to effectively convey information to audiences in a concise manner;
• Demonstrated attention to detail;
• Demonstrated critical thinking and analytical skills, including having the ability to evaluate information in order to apply knowledge and to decide on the most appropriate course of action;
• Demonstrated prioritization skills, including planning, organizing tasks, and managing work assignments;
• Demonstrated time management skills, including the ability to multi-task to effectively manage competing and constantly changing priorities in order to meet tight deadlines;
• Demonstrated ability to understand and abide by workplace principles, practices and behaviors as internally identified and defined by the division and department;
• Demonstrated ability to read, understand, interpret, apply, and explain laws, rules, policies, and procedures;
• Sound judgement and ability to make decisions, including obtaining and determining the necessary and sufficient amount information to perform audits;
• Problem-solving skills, including the ability to identify problems and apply relevant information in order to develop solutions;
• Ability to develop rationale and methodology for collecting information from varied and conflicting sources;
• Knowledge and familiarity with GAAP Accounting practices;
• Knowledge of and familiarity with preneed contracts and corresponding laws and regulations;
• Interpersonal skills, including the ability to use customer service techniques to bring companies into compliance;
• Flexibility and ability to shift to the needs and circumstances of an examination;
• Ability to adapt to changing work assignments;
• Ability to collaborate with multi-disciplinary stakeholders;
• Accountability for work product and attendance;
• Ability to accept and apply constructive criticism, and take ownership of mistakes and improve from them;
• Self-starter, including the ability to work independently, learn new processes, utilize own knowledge and that of supervisor to complete work;
• Demonstrated professional demeanor;
• Knowledge and understanding in the use of PC software applications including Microsoft Office (Access, Word, Excel, etc.), and Google Suite (Doc’s, Sheets, Slides, etc).

Conditions of Employment: Candidates who fail to meet the conditions of employment will be removed from consideration.

• The successful passing of a reference check and/or, if required, a background check.
• A reference check may include but is not limited to: contacting previous and current supervisors to verify employment and discuss performance, a review of the personnel file, a review of the performance record, etc.
• The type of background check depends on the job duties of the position, and can include a review of any criminal record, credit report, and/or driving record.

Interested individuals must submit the following online:

1. A completed State of Colorado Application (log-in to your current NeoGov account or create a NeoGov account to complete the online application). Note: Incomplete applications, including incomplete work history sections or "see résumé," "see attachment," or "see addendum" statements, will not be accepted in lieu of a completed application form.

2. A current email address on your application, as all communication pertaining to this position will be conducted via email. Please set up your email to accept messages from [email protected] and '@state.co.us' addresses, and check your email often. Note: The department cannot guarantee the successful delivery of email, including incorrect filtering into junk mail folders.

3. A detailed cover letter, explaining how you meet the required competencies and how your accomplishments, qualifications, skills, areas of expertise, personal characteristics, etc. make you a good fit for this position; you may also attach additional documents that demonstrate this.

Comparative Analysis Process: Structured Application Review
Part of, if not the entire, comparative analysis process for this position will involve a review of the information you submit in your application materials; Therefore, it is paramount that in the experience portion of your application and cover letter, you describe the extent to which you possess the education, experience, and competencies outlined in the job announcement as well as the required and/or preferred qualifications/competencies. You are also encouraged to attach additional documents to that effect. Failure to include adequate information or follow instructions may affect your score and prevent you from competing in subsequent measures used to arrive at a top group of applicants.

Veterans' Preference: Candidates who wish to assert Veterans' Preference should attach a copy of their DD-214 to their application. Failure to do so will result in being denied Veterans Preference.

PLEASE NOTE: Former State Personnel System employees who were disciplinarily terminated or resigned in lieu of termination must disclose this information on the application.  Colorado Revised Statutes require that all state employees be hired and promoted through competitive examination of merit and fitness.  Failure to include the required information, failure to follow instructions, and/or failure to submit materials by the application deadline may result in your application not being considered for the position and may affect your score or inclusion in the final pool of qualified candidates.

The State of Colorado strives to create a Colorado for All by building and maintaining workplaces that value and respect all Coloradans through a commitment to equal opportunity and hiring based on merit and fitness.

The State is resolute in non-discriminatory practices in everything we do, including hiring, employment, and advancement opportunities. 

DORA is committed to the full inclusion of all qualified individuals. As part of this commitment, our agency will assist individuals who have a disability with any reasonable
accommodation requests related to employment, including completing the application process, interviewing, completing any pre-employment testing, participating in the
employee selection process, and/or to perform essential job functions where the requested accommodation does not impose an undue hardship. If you have a disability and require reasonable accommodation to ensure you have a positive experience applying or interviewing for this position, please direct your inquiries to our ADAAA Coordinator, at [email protected].

APPEAL RIGHTS: If you receive notice that you have been eliminated from consideration for this position, you may file an appeal with the State Personnel Board or request a review by the State Personnel Director. 

An appeal or review must be submitted on the official appeal form, signed by you or your representative. This form must be delivered to the State Personnel Board by email, US Mail, faxed or hand-delivered within ten (10) calendar days from your receipt of notice or acknowledgment of the department’s action.

For more information about the appeals process, the official appeal form, and how to deliver it to the State Personnel Board go to spb.colorado.gov or refer to 4 Colorado Code of Regulations (CCR) 801-1, State Personnel Board Rules and Personnel Director's Administrative Procedures, Chapter 8, Resolution of Appeals and Disputes, at spb.colorado.gov under Rules.