Commonwealth of Massachusetts
Insurance Examiner II - Financial Analyst
Commonwealth of Massachusetts, Boston, Massachusetts, us, 02298
An Official website of the Commonwealth of Massachusetts
Job Description - Insurance Examiner II - Financial Analyst (250006FC)
Overview
The Division of Insurance (DOI), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission is to monitor the solvency of its licensees to promote a healthy, responsive marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. The Division aims to ensure that individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner. The Division is committed to creating a welcoming, inclusive, and respectful work culture for all employees and to reflecting diversity in its workforce.
The basic purpose of this position is to serve as an Insurance licensing analyst within the Division of Insurance. Responsibilities include licensing activities relating to entities wishing to serve as Pharmacy Benefit Managers (PBMs) within the Commonwealth (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024). In addition to licensing PBMs, the financial analyst assists the Financial Surveillance and Company Licensing Section with data collection, research, analysis, and preparation of evaluations related to the financial solvency structure of the insurance industry, insurance companies, and organizations bearing insurance risk doing business in Massachusetts. The financial analyst provides administrative support to the Financial Surveillance and Company Licensing Section.
Responsibilities Accept and review license applications submitted to the Division by PBMs wishing to offer their services within the Commonwealth, including evaluating applications for completeness, accuracy, and reasonableness (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024). Assist in the examination and analysis of financial reports and documentation submitted by insurance companies and organizations bearing insurance risk, as well as other entities required to make financial filings with the Division. Items analyzed include, but are not limited to: company annual and quarterly financial statements, supporting schedules and exhibits, independent audit reports, actuarial opinions and certifications, holding company filings, management discussion & analysis, NAIC I-Site reports and analysis, financial analysis computations, risk-based capital calculations, reinsurance analysis, SEC filings, and external rating agency reports. Review and analyze applications submitted to the Division and prepare reports with findings and recommendations concerning licensing of organizations bearing insurance risk and amendments to their authority to transact insurance business in the Commonwealth, evaluating financial soundness, regulatory compliance, and impact on the insurance marketplace. Participate in the review process of risk-bearing provider organizations seeking solvency certificates under MGL Chapter 176T. Perform general administrative duties of the Financial Surveillance and Company Licensing section (e.g., processing direct mail, issuing certificates of compliance, processing documents electronically and in hard copy, processing renewals of insurance companies and other organizations bearing insurance risk). Process electronic payments and documents and submit required reports to the Division’s Administration Department per Division policies and procedures. Assist in creating and maintaining electronic (online/virtual) insurance company folders and other analysis, licensing materials, and documents. Assist with Company Licensing record-keeping activities, including supporting the Licensing Coordinator in maintaining the NAIC SBS licensing database and processing admissions, amendments, and license renewals of insurance companies and other organizations bearing insurance risk. Serve as the secondary or back-up individual responding to public records inquiries and respond professionally to inquiries from the public, insurance companies, law firms, and other state agencies pertaining to company licensing and financial surveillance inquiries. Develop and maintain the level of technical expertise to utilize data from a variety of sources, including Microsoft Office and NAIC subsystems. Develop and maintain knowledge of the policies, procedures, standards, guidelines, and practices governing the Financial Surveillance and Company Licensing Section. Preferred Knowledge, Skills, and Abilities Knowledge of general accounting principles and terminology; knowledge of auditing principles and practices. Ability to analyze data, draw conclusions, and make appropriate recommendations. Ability to read and interpret financial documents such as reports, accounts, and ledgers. Ability to understand, apply, and explain laws, rules, regulations, policies, and procedures governing assigned unit activities. Ability to follow oral and written instructions, gather information from records and documents, and question individuals. Ability to maintain accurate records and communicate professionally via email, responding timely to inquiries from the public, insurers, law firms, and other state agencies. Ability to exercise discretion in handling confidential information, adapt to varying work situations, and work independently or in a team setting. Administrative Notes All applicants should attach a cover letter and resume to their online submission for this position. Salary placement is determined by years of experience and education related to the position and HR recruiting guidelines. In promotional opportunities, applicable collective bargaining agreement provisions apply to salary placement. Qualifications First consideration will be given to those applicants that apply within the first 14 days. Minimum Entrance Requirements: Applicants must have at least (A) three years of full-time, or equivalent part-time, professional experience in accounting, auditing, or in the examination of insurance companies or in the regulation of the insurance industry, or (B) any equivalent combination of the required experience and substitutions below. Substitutions: I. A Bachelor\'s degree with a major in accounting, business administration, business management, or insurance may be substituted for a maximum of two years of the required experience. II. A Graduate degree with a major in accounting, business administration, business management, or insurance may be substituted for the required experience. Education toward such a degree will be prorated based on the proportion of requirements completed. Special Requirements: Depending on assignment, possession of a current and valid Massachusetts Motor Vehicle Operator\'s license may be required. Comprehensive Benefits When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you and your future. Explore our Employee Benefits and Rewards! Equal Opportunity An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply. The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by applicable law. We encourage individuals with relevant skills to apply. Official Title: Insurance Examiner II Primary Location: Accounting and Finance Agency: Division of Insurance Schedule: Full-time Shift: Day Job Posting: Sep 4, 2025, 3:53:27 PM Number of Openings: 1 Salary: 64,292.54 - 92,527.76 Yearly If you have Diversity, Affirmative Action or Equal Employment Opportunity questions or need a Reasonable Accommodation, please contact Diversity Officer / ADA Coordinator: Michael Powers - 617-521-7794 Bargaining Unit: 06-NAGE - Professional Admin. Confidential: No Potentially Eligible for a Hybrid Work Schedule: Yes
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The basic purpose of this position is to serve as an Insurance licensing analyst within the Division of Insurance. Responsibilities include licensing activities relating to entities wishing to serve as Pharmacy Benefit Managers (PBMs) within the Commonwealth (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024). In addition to licensing PBMs, the financial analyst assists the Financial Surveillance and Company Licensing Section with data collection, research, analysis, and preparation of evaluations related to the financial solvency structure of the insurance industry, insurance companies, and organizations bearing insurance risk doing business in Massachusetts. The financial analyst provides administrative support to the Financial Surveillance and Company Licensing Section.
Responsibilities Accept and review license applications submitted to the Division by PBMs wishing to offer their services within the Commonwealth, including evaluating applications for completeness, accuracy, and reasonableness (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024). Assist in the examination and analysis of financial reports and documentation submitted by insurance companies and organizations bearing insurance risk, as well as other entities required to make financial filings with the Division. Items analyzed include, but are not limited to: company annual and quarterly financial statements, supporting schedules and exhibits, independent audit reports, actuarial opinions and certifications, holding company filings, management discussion & analysis, NAIC I-Site reports and analysis, financial analysis computations, risk-based capital calculations, reinsurance analysis, SEC filings, and external rating agency reports. Review and analyze applications submitted to the Division and prepare reports with findings and recommendations concerning licensing of organizations bearing insurance risk and amendments to their authority to transact insurance business in the Commonwealth, evaluating financial soundness, regulatory compliance, and impact on the insurance marketplace. Participate in the review process of risk-bearing provider organizations seeking solvency certificates under MGL Chapter 176T. Perform general administrative duties of the Financial Surveillance and Company Licensing section (e.g., processing direct mail, issuing certificates of compliance, processing documents electronically and in hard copy, processing renewals of insurance companies and other organizations bearing insurance risk). Process electronic payments and documents and submit required reports to the Division’s Administration Department per Division policies and procedures. Assist in creating and maintaining electronic (online/virtual) insurance company folders and other analysis, licensing materials, and documents. Assist with Company Licensing record-keeping activities, including supporting the Licensing Coordinator in maintaining the NAIC SBS licensing database and processing admissions, amendments, and license renewals of insurance companies and other organizations bearing insurance risk. Serve as the secondary or back-up individual responding to public records inquiries and respond professionally to inquiries from the public, insurance companies, law firms, and other state agencies pertaining to company licensing and financial surveillance inquiries. Develop and maintain the level of technical expertise to utilize data from a variety of sources, including Microsoft Office and NAIC subsystems. Develop and maintain knowledge of the policies, procedures, standards, guidelines, and practices governing the Financial Surveillance and Company Licensing Section. Preferred Knowledge, Skills, and Abilities Knowledge of general accounting principles and terminology; knowledge of auditing principles and practices. Ability to analyze data, draw conclusions, and make appropriate recommendations. Ability to read and interpret financial documents such as reports, accounts, and ledgers. Ability to understand, apply, and explain laws, rules, regulations, policies, and procedures governing assigned unit activities. Ability to follow oral and written instructions, gather information from records and documents, and question individuals. Ability to maintain accurate records and communicate professionally via email, responding timely to inquiries from the public, insurers, law firms, and other state agencies. Ability to exercise discretion in handling confidential information, adapt to varying work situations, and work independently or in a team setting. Administrative Notes All applicants should attach a cover letter and resume to their online submission for this position. Salary placement is determined by years of experience and education related to the position and HR recruiting guidelines. In promotional opportunities, applicable collective bargaining agreement provisions apply to salary placement. Qualifications First consideration will be given to those applicants that apply within the first 14 days. Minimum Entrance Requirements: Applicants must have at least (A) three years of full-time, or equivalent part-time, professional experience in accounting, auditing, or in the examination of insurance companies or in the regulation of the insurance industry, or (B) any equivalent combination of the required experience and substitutions below. Substitutions: I. A Bachelor\'s degree with a major in accounting, business administration, business management, or insurance may be substituted for a maximum of two years of the required experience. II. A Graduate degree with a major in accounting, business administration, business management, or insurance may be substituted for the required experience. Education toward such a degree will be prorated based on the proportion of requirements completed. Special Requirements: Depending on assignment, possession of a current and valid Massachusetts Motor Vehicle Operator\'s license may be required. Comprehensive Benefits When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you and your future. Explore our Employee Benefits and Rewards! Equal Opportunity An Equal Opportunity / Affirmative Action Employer. Females, minorities, veterans, and persons with disabilities are strongly encouraged to apply. The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by applicable law. We encourage individuals with relevant skills to apply. Official Title: Insurance Examiner II Primary Location: Accounting and Finance Agency: Division of Insurance Schedule: Full-time Shift: Day Job Posting: Sep 4, 2025, 3:53:27 PM Number of Openings: 1 Salary: 64,292.54 - 92,527.76 Yearly If you have Diversity, Affirmative Action or Equal Employment Opportunity questions or need a Reasonable Accommodation, please contact Diversity Officer / ADA Coordinator: Michael Powers - 617-521-7794 Bargaining Unit: 06-NAGE - Professional Admin. Confidential: No Potentially Eligible for a Hybrid Work Schedule: Yes
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