Classified/Competitive 
Class Code Pay Plan Class Title Eff.Date
4983  AR - 26 INSURANCE FINANCIAL EXAMINER  Oct 19, 2012
PURPOSE OF CLASS:
In the Insurance Department, in the areas of Financial Regulation and Captive Insurance, this class is accountable for participating in training and instruction necessary to obtain the designation of Accredited Financial Examiner (AFE). While in training, incumbents will independently perform highly complex tasks in conducting examinations of the financial and business records of insurance companies to assess financial condition or market conduct compliance.
GUIDELINES FOR CLASS USE:
Individuals in this class will be at the advanced working level. Work at this level is distinguished from the working level by independent responsibility for conducting examinations of the financial and business records of insurance companies. Assignments include serving as examiner in charge or working independently on individual examinations and participating as part of an examination team on very large and complex examinations (e g. multiple lines, multiple agents). This class will be reserved for individuals who are in training to obtain the designation of Accredited Financial Examiner (AFE).
SUPERVISION RECEIVED:
Works under the limited supervision of an Insurance Department employee of higher grade.
SUPERVISION EXERCISED:
May lead other Insurance Examiners.
EXAMPLES OF DUTIES:
Conducts or leads the field examination of insurance companies or conducts analysis of insurance company financial statements; assists in planning examination procedures; assigns examiners to specific tasks and reviews work in progress; oversees or conducts examination including tracing items on financial statements, verifying and computing liabilities, verifying the valuation and legality of assets; verifies proper market conduct including rates charged, underwriting practices and claims paid; prepares examination reports or analytical reviews; assists in preparing hearing material; performs related duties as required.
MINIMUM QUALIFICATIONS REQUIRED
KNOWLEDGE, SKILL AND ABILITY:
Considerable knowledge of accounting and auditing principles and practices; considerable knowledge of the organization and business practices of insurance companies; knowledge of and ability to interpret and apply insurance statutes, regulations and bulletins and the Uniform Administrative Procedures Act; considerable interpersonal skills; oral and written communication skills; considerable ability to analyze and evaluate insurance company financial statements and business.
EXPERIENCE AND TRAINING:
General Experience:
Seven (7) years of experience in one or more of the following areas: regulatory examination of financial condition or market conduct of insurance companies; accounting, auditing and/or actuarial work in the insurance industry.
Special Experience:
One (l) year of the General Experience must have been at or above the professional working level of an insurance examiner/auditor.
NOTE:
For State Employees, this is interpreted at the level of Insurance Examiner (Examination and Market Conduct).
Substitutions Allowed:
1.
College training in Accounting, Insurance, Business, Finance, Actuarial Science or Economics may be substituted for the General Experience on the basis of fifteen (15) semester hours equaling one-half (1/2) year of experience to a maximum of four (4) years for a Bachelor's degree.
2.
A Master's degree in Accounting, Insurance, Business or Economics may be substituted for one (1) additional year of the General Experience.
3.
Certification as an Certified Internal Auditor may be substituted for one (l) additional year of the General Experience.
SPECIAL REQUIREMENTS:
1.
Incumbents in this class must obtain the designation of Accredited Financial Examiner (AFE) within thirty (30) months from the date of appointment.
2.
Incumbents in this class may be required to travel.
3.
Incumbents in this class may be required to possess and retain a valid Motor Vehicle Operatorís license.
RESTRICTION
This class is established to permit the Insurance Department to recruit and train employees in insurance company financial analysis and auditing under the provisions of Section 5-234 of the Connecticut General Statutes. An employee may be appointed to this class for a period not to exceed thirty (30) months. No exceptions or extensions beyond the thirty (30) months will be granted.
This replaces the existing specification for the class of Insurance Financial Examiner in Salary Group AR 26 approved effective February 15, 2012. (Revised to modify Purpose of Class)

4983A 12/14/12 cm
CC Final#  Occup. Group Bargaining Unit EEO
4983  1881  (15)-Insurance Programs and Control
(16)-ADMIN & RESID (P-5)
(2)-Professional