Insurance Licensing Examiner
Government of the Virgin Islands, Olympia, WA, United States
Overview
Under the general supervision of the Chief Insurance Licensing Examiner or a higher-level officer, the Insurance Licensing Examiner is responsible for reviewing and analyzing applications for the licensing of insurance companies, insurance-related businesses, banks, and small loan companies within the Division of Banking, Insurance, and Financial Regulation. Work is reviewed for adherence to established regulations and procedures.
Responsibilities
Accepts, reviews and processes applications for new and renewal licenses for insurance companies, resident and nonresident insurance producers, solicitors, adjusters, Third Party Administrators and premium finance companies, air ambulance services and representatives, debt management services providers, and other financial services entities.
Examines and reviews files of licensees to ensure compliance with statutory licensing requirements.
Reviews annual statements and other financial documents of insurance companies and other financial services entities to determine compliance with statutory capital and surplus requirements for license renewal.
Conducts field inspections of places of business for appropriate licensees to ensure compliance with the insurance laws.
Administers and corrects insurance licensing examinations.
Responds to requests for letters of good standing, verifications and any other requests for information concerning licensed insurance companies, insurance related businesses, banks, small loan companies and other financial services entities.
Performs other related duties as required.
Education and Experience
Bachelor's degree in Business Administration, Finance or a closely related field, with a minimum of six (6) credits in accounting. OR High School Diploma or its equivalent from an accredited institution and four (4) years of administrative experience, including two (2) years in insurance or banking field.
Knowledge, Skills and Abilities
Knowledge of banking and/or insurance practices, procedures and laws.
Knowledge in the areas of banking, insurance, securities and/or other financial services.
Knowledge of basic financial information.
Skill with Microsoft Office programs, e.g. Word and Excel.
Ability to understand and apply legislation, rules, and regulations as they relate to the insurance, banking, and financial services industries.
Ability to prepare clear and concise written reports.
Ability to communicate professionally with all individuals contacted during work.
Ability to communicate effectively, both orally and in writing.
Ability to interpret basic financial information in a company’s financial statement. e.g. calculating the company’s net worth.
Supervisory Controls
Work is supervised by a higher-level officer who assigns the work. Incumbent performs the work independently. Work is reviewed by supervisory personnel through discussions, conferences, and reports.
Guidelines
Guidelines include federal laws and the procedures, laws, rules, and regulations governing banking, insurance, and financial services in accordance with Titles 9, 12A, 13, 20, 22, and 28 of the Virgin Islands Code. The incumbent must ensure compliance with all relevant statutes, procedures, and promulgated regulations related to these areas.
Complexity
Work is primarily administrative and involves conducting field inspections, reviewing and processing applications, and renewing licenses for banks, insurance companies, insurance-related businesses, and financial services businesses planning to operate in the Virgin Islands. Incumbent must have a clear understanding of what is required and be familiar with the procedures necessary to carry out these assignments.
Scope and Effect
The purpose of the work is to ensure adherence to regulatory compliance processes and to facilitate the administration of necessary documentation required for conducting business.
Personal Contacts
Contacts are managers, co-workers, potential applicants, attorneys, resident agents, other governmental entities, businesses, corporations, civic groups, and the general public.
Purpose of Contacts
Contacts are made to advise and provide information to various organizations, the general public and licensees with regards to the compliance requirements to conduct business in the insurance, banking and financial services industries.
Physical Demands
Work is primarily sedentary; however, occasional driving and walking may be required to travel from one business to another to conduct inspections.
Work Environment
Work is performed in an office setting, but field work is also required.
#J-18808-Ljbffr
Under the general supervision of the Chief Insurance Licensing Examiner or a higher-level officer, the Insurance Licensing Examiner is responsible for reviewing and analyzing applications for the licensing of insurance companies, insurance-related businesses, banks, and small loan companies within the Division of Banking, Insurance, and Financial Regulation. Work is reviewed for adherence to established regulations and procedures.
Responsibilities
Accepts, reviews and processes applications for new and renewal licenses for insurance companies, resident and nonresident insurance producers, solicitors, adjusters, Third Party Administrators and premium finance companies, air ambulance services and representatives, debt management services providers, and other financial services entities.
Examines and reviews files of licensees to ensure compliance with statutory licensing requirements.
Reviews annual statements and other financial documents of insurance companies and other financial services entities to determine compliance with statutory capital and surplus requirements for license renewal.
Conducts field inspections of places of business for appropriate licensees to ensure compliance with the insurance laws.
Administers and corrects insurance licensing examinations.
Responds to requests for letters of good standing, verifications and any other requests for information concerning licensed insurance companies, insurance related businesses, banks, small loan companies and other financial services entities.
Performs other related duties as required.
Education and Experience
Bachelor's degree in Business Administration, Finance or a closely related field, with a minimum of six (6) credits in accounting. OR High School Diploma or its equivalent from an accredited institution and four (4) years of administrative experience, including two (2) years in insurance or banking field.
Knowledge, Skills and Abilities
Knowledge of banking and/or insurance practices, procedures and laws.
Knowledge in the areas of banking, insurance, securities and/or other financial services.
Knowledge of basic financial information.
Skill with Microsoft Office programs, e.g. Word and Excel.
Ability to understand and apply legislation, rules, and regulations as they relate to the insurance, banking, and financial services industries.
Ability to prepare clear and concise written reports.
Ability to communicate professionally with all individuals contacted during work.
Ability to communicate effectively, both orally and in writing.
Ability to interpret basic financial information in a company’s financial statement. e.g. calculating the company’s net worth.
Supervisory Controls
Work is supervised by a higher-level officer who assigns the work. Incumbent performs the work independently. Work is reviewed by supervisory personnel through discussions, conferences, and reports.
Guidelines
Guidelines include federal laws and the procedures, laws, rules, and regulations governing banking, insurance, and financial services in accordance with Titles 9, 12A, 13, 20, 22, and 28 of the Virgin Islands Code. The incumbent must ensure compliance with all relevant statutes, procedures, and promulgated regulations related to these areas.
Complexity
Work is primarily administrative and involves conducting field inspections, reviewing and processing applications, and renewing licenses for banks, insurance companies, insurance-related businesses, and financial services businesses planning to operate in the Virgin Islands. Incumbent must have a clear understanding of what is required and be familiar with the procedures necessary to carry out these assignments.
Scope and Effect
The purpose of the work is to ensure adherence to regulatory compliance processes and to facilitate the administration of necessary documentation required for conducting business.
Personal Contacts
Contacts are managers, co-workers, potential applicants, attorneys, resident agents, other governmental entities, businesses, corporations, civic groups, and the general public.
Purpose of Contacts
Contacts are made to advise and provide information to various organizations, the general public and licensees with regards to the compliance requirements to conduct business in the insurance, banking and financial services industries.
Physical Demands
Work is primarily sedentary; however, occasional driving and walking may be required to travel from one business to another to conduct inspections.
Work Environment
Work is performed in an office setting, but field work is also required.
#J-18808-Ljbffr