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ACOM INSURANCE LIFE & HEALTH COMP OFF
The Insurance Life & Health Comp Officer is responsible for reviewing insurance contracts, endorsements, rates, and rules. This position is governed by state and federal laws and agency/institution policy.
Class Code:
X083C
Job Grade:
GS07
Special Job Requirements:
FEDERAL Position: The working title of this position is Health Insurance Exchange Planning Project Specialist. This position is responsible for conducting project research and providing administrative support for the Arkansas Insurance Department’s Heal
Typical Functions:
Analyzes insurance contracts and endorsements to determine compliance with the Arkansas Insurance Code, corresponds with companies concerning necessary amendments or corrections, and notifies the company of approval or disapproval of the filing within the time frame established by the Insurance Code. Analyzes filings for insurance rate increases or decreases, reviewing the required supporting documentation, to ensure that the rates are not inadequate, excessive, or unfairly discriminatory. Provides technical assistance to consumers, insurance companies, and other divisions within the department by verifying rate compliance, interpreting policy provisions, clarifying code provisions, and acting as liaison between the consumer and the insurance company. Confers with department legal staff, company compliance specialists, actuaries, and company legal staff to resolve technical questions. Identifies and researches problem areas that should be addressed by legislation or regulation and drafts report containing suggested changes. Assists in market conduct and financial reviews by communicating with other Divisions regarding changes filed by industry that may affect a company’s financial situation. Performs other duties as assigned.
Knowledge, Abilities, and Skills:
Knowledge of the Arkansas Insurance Code, rules and regulations. Knowledge of financial analysis techniques and practices. Knowledge of the principles and practices of finance and accounting. Knowledge of prevailing insurance industry trends. Knowledge of computer skills. Ability to analyze insurance contracts, endorsements, rate changes, and other filings to determine their adequacy and compliance with regulations. Ability to research consumer complaints, evaluate the business practices of insurance companies and identify deficiencies, if any. Ability to compile supporting documentation and prepare financial reports. Ability to communicate technical information orally and in writing.
Minimum Qualifications:
The formal education equivalent of a bachelor’s degree in accounting, insurance, finance, or a related field; plus one year of experience in insurance industry financial analysis, accounting, auditing, compliance activities, or a related field. Additional requirements determined by the agency for recruiting purposes require review and approval by the Office of Personnel Management. OTHER JOB RELATED EDUCATION AND/OR EXPERIENCE MAY BE SUBSTITUTED FOR ALL OR PART OF THESE BASIC REQUIREMENTS, EXCEPT FOR CERTIFICATION OR LICENSURE REQUIREMENTS, UPON APPROVAL OF THE QUALIFICATIONS REVIEW COMMITTEE.
Required Certificates:
None
Exempt:
E
