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Nature of Work
Under general supervision, performs beginning level professional work in
the market analysis of the business practices, polices and rates of insurance
companies, resident agents, brokers, non-resident agents, third-party
administrators, agencies and other regulated entities to ensure compliance
with applicable insurance laws and regulations. Accesses and analyses data
from insurer's annual statement, a variety of regulatory databases and other
sources on marketing materials, advertising practices, claims practices,
underwriting procedures and patterns of consumer complaints; tests for level
of compliance with statutes and regulations. Conducts statistical studies on
underwriting and rating errors and claim handling practices for use in on-site
market examinations by higher level examiners. Uses personal computer or
mainframe computer to input and access data on complaint ratios, trends and
patterns of violations of state insurance laws. Assists in the development of
required documentation for on-site market conduct examinations. Performs
related work as required.
Distinguishing Characteristics
This is the entry level in the Market Conduct Analyst series. Incumbents
provide in-house support for the market conduct program by gathering and
analyzing a variety of data to identify possible violations of West Virginia
insurance laws and regulations and to provide the basis for more detailed and
specific on-site market conduct examinations by higher level Insurance Market
Examiners. Acquires the work specific knowledge, skills and abilities for
proficiency in the market conduct analysis process, statistical analysis
techniques and use of data sources. As technical proficiency is acquired,
incumbent will be expected to demonstrate progress toward Accredited Insurance
Examiner (AIE) designation within a specified time period.
Examples of Work
Essential Job Functions - Any specific position in this class may not include all
of the duties listed, nor do the examples listed cover all of the duties which may be
assigned.
Learns to collect and analyze data from insurance companies, insurance
agencies and other regulated entities to detect unlawful practices and
trends in underwriting practices and advertising and billing procedures.
Learns to use National Association of Insurance Commissioners (NAIC) database
system and agency consumer complaint database to review companies'
volume of complaints by line of business; creates spreadsheets and/or
reports for supervisor review; analyzes regulatory action trends.
Prepares comparison reports on ratio of insurer's complaint volume to overall
premium volume and to number of policies or policyholders.
Identifies data which indicates patterns of complaints or problems as a basis
for more detailed and specific on-site market conduct examinations.
Reviews insurer's annual statement for changes in losses or reserves; reviews
casualty insurer's lost ratio and significant changes in defense costs.
Advises supervisor of need for additional review of insuring companies
financial status or new policies and rates to assure solvency and
compliance with insurance regulations.
Responds to request for data from agency staff and external sources.
Knowledge, Skills and Abilities
Knowledge of the business practices and procedures of insurance companies,
brokers, agents, underwriters and adjusters.
Knowledge of federal and state laws, rules and regulations relating to the
insurance industry.
Knowledge of database and spreadsheet applications.
Knowledge of insurance underwriting and claims procedures.
Ability to compile and analyze data and draw conclusions on insurance
practices, policies and rates of regulated entities.
Ability to maintain effective working relationships with other employees,
industry representatives and the general public.
Ability to use a personal computer.
Ability to convey ideas clearly and concisely in business letters and reports.
Ability to communicate effectively, orally and in writing.
Minimum Qualifications
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Training:
Bachelor's degree from a regionally accredited four-year college or
university.
Substitution:
An insurance designation of Chartered Property Casualty
Underwriter (CPCU), Chartered Life Underwriter (CLU), Fellow Life
Management Institute (FMLI) OR experience as described below may
substitute for the required training on a year-for-year basis.
Experience:
Two years of full-time or equivalent part-time paid experience as
an insurance regulator or in insurance company operations such as
business or program analysis, underwriting, compliance, internal
auditing, rating, claims, insurance company examiner, financial
institution examiner, premium auditor, insurance company analyst or
closely related field.
Established: 12/18/2008
Effective:
02/01/2009