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Nature of Work
Under limited supervision, performs advanced level professional work in
the examination and 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. Serves as examiner
in-charge on the most complex examinations. Plans, coordinates and leads a
variety of operational audit assignments of insurance company's records, files
and practices. Coordinates the on-site examinations and serves as principle
liaison with insurance company representatives. Oversees preparation of the
final report on the market conduct examination. Performs related work as
required.
On-site market conduct work requires extensive travel in and outside of
West Virginia. Assignments may range from three weeks to six months.
Reimbursements for time and expenses incurred traveling to and from
examination site is limited to one trip every two weeks.
Distinguishing Characteristics
This classification is distinguished from Market Conduct Examiner II as
the candidate possesses credentials to sign multi-state examination reports,
has an Accredited Insurance Examiner (AIE) designation as well as knowledge,
skills and abilities to be capable of functioning independently as lead
regulator on the most complex assignments. Incumbent will forecast examination
schedules and develop and refine procedures for examinations and analysis as
well as plan and initiate individual examinations.
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.
Plans, coordinates and leads the work of one or more market conduct
examination teams; directs the work of Insurance Market Examiners in
conducting examinations; serves as principle liaison with insurance
company representatives.
Assists in identifying and prioritizing companies to be scheduled for
examination, market analysis and desk audits.
Prepares initial data request for examinations, market analysis and desk
audits.
Oversees the preparation of the final market conduct examination report;
informs insurance company of non-compliance and recommends appropriate
corrective actions to Insurance Commissioner; monitors insurance
company's compliance with corrective action plans.
Trains and mentors subordinate insurance market examiner staff in practices
and procedures of market conduct examinations; assists in the selection
of new staff.
Prepares time and expense budgets for examinations.
Reviews and approves work papers prepared by other examiners.
May advise Insurance Commissioner on policy matters and legislative
initiatives.
May serve as the Insurance Commissioner's principle liaison to select NAIC
Working Groups.
May testify in administrative hearings and civil court proceedings.
Knowledge, Skills and Abilities
Knowledge of the business practices and procedures of insurance companies,
brokers, agents, insurance agencies, 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 and other regulated
entities.
Knowledge of operational auditing principles and practices relating to the
auditing and examining of insurance company documents and records.
Knowledge of database and spreadsheet applications.
Ability to plan, coordinate and direct the work of market conduct examination
teams.
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 the Certified Insurance Examiner (CIE) from the
Insurance Regulatory Examiners Society 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 as described below may
substitute for the required training on a year-for-year basis.
Experience:
Five years of full-time or equivalent part-time paid experience as
an insurance regulator including three years conducting market conduct
examinations or analysis of regulated insurance entities.
Established: 12/18/08
Effective:
02/01/09