· Personnel Home · MQ’s · Index · Examination Code: R ·
Nature of Work
Under limited supervision, plans, coordinates and performs advanced
level professional work in the market analysis of the business practices,
policies 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 analyzes data on marketing materials, advertising practices,
claims practices, underwriting procedures and patterns of consumer complaints
from insurer's annual statement, a variety of regulatory databases and other
sources; tests for level of compliance with statutes and regulations. Conducts
statistical studies on underwriting and rating errors and claims handling
practices for use in on-site market conduct examinations by market conduct
examiners. Supervises the determination of validity of data used in the
market conduct analysis. Uses personal computer or mainframe computer to
input, manipulate and access data on complaint ratios, trends and patterns of
violations of state insurance laws. Plans and compiles required documentation
for on-site market conduct examinations. Develops and recommends formal
procedures for market analysis. Performs related work as required.
Distinguishing Characteristics
This is advanced level analysis work distinguished from the Market
Conduct Analyst 1 as the candidate possesses the knowledge, skills and
abilities to be capable of functioning independently on more complex
assignments and is required to hold an Accredited Insurance Examiner (AIE)
designation and comply with continuing education requirements for maintaining
the designation. May act as liaison to various NAIC Working Groups and may be
designated as the Offices of the Insurance Commissioner's (OIC) Market
Analysis Chief (MAC). Responsibilities may also include performing as a lead
worker.
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.
Collects and analyzes data from insurance companies, insurance agencies and
other regulated entities to detect unlawful practices and trends in
underwriting practices and advertising and billing procedures.
Accesses National Association of Insurance Commissioner's (NAIC) database
system and agency consumer complaint database to review companies
complaint volume 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 and policyholders.
Conducts statistical studies on underwriting and rating error ratios and
claims handling service times to determine if industry trends are
developing and for use in on-site market conduct examinations.
Identifies data which indicate patterns of complaints or problems as a basis
for more detailed or 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.
Leads and reviews the work of subordinate analysts; approves data entries of
subordinate examiners into the Market Analysis Review System (MARS) and
the Market Information Tracking System (MITS).
Prioritizes regulated entities for analysis using Market Analysis
Prioritization Tool.
Communicates directly with regulated entities in reference to desk audits and
data requests.
Monitors Office of Judges protests to identify trends for self-insured
employers and Workers Compensation carriers; may perform local claims
audits on self-insured employers.
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 the records maintained by insurance companies.
Knowledge of database and spreadsheet applications.
Ability to collect economic and demographic data from a variety of sources.
Ability to compile and analyze data and draw conclusions on insurance
practices, policies and rates of regulated entities.
Ability to interpret and comprehend insurance-related data.
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 correspondence 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. Must hold an Accredited Insurance Examiner (AIE) designation
and comply with the continuing education requirements for maintaining
the designation.
Substitution:
An insurance designation of Chartered Property Casualty
Underwriter (CPCU), Chartered Life Underwriter (CLU), Fellow Life
Management Institute (FMLI) OR experience described as 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.
NOTE: Accredited Insurance Examiner (AIE) designation takes 2 years of
experience to obtain the certification.
Established: 12/18/08
Effective:
02/01/09