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Department Information

This announcement may be used to fill multiple vacancies.

The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado.

Consumer protection is our mission.

DORA is a progressive, innovative government agency where employees and customers alike are valued. If you are interested in becoming a part of an environment where creative thinking, customer service, and protecting consumers through healthy regulation is valued, DORA is the place for you! In addition to rewarding, challenging, and meaningful work, the State of Colorado at the Department of Regulatory Agencies offers an excellent total compensation package including:

Employer-sponsored RTD EcoPass, with offices located at Civic Center Plaza, above the RTD Civic Center station and just a few blocks from RTD light rail.
Extensive work-life programs such as a telecommuting program, flexible schedules, training and professional development opportunities on a wide variety of subjects, and more!
Employee wellness programs, including the Colorado State Employee Assistance Program (CSEAP), which provides free, confidential counseling services.
Bike-to-work programs, including access to storage lockers and bike racks.
Flexible retirement benefits, including a choice of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan, plus optional 401K and 457 plans.
Medical and Dental Health Insurance for employees and optional coverage for their dependents.
Life Insurance for employees, and optional coverage for their dependents.
Paid Time Off, including 10 paid holidays.
Short- and long-term disability coverage.
Tuition assistance program.

Description of Job

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law.

This Financial Team exists to preserve a safe and sound insurance marketplace for Colorado policyholders through periodic audits/examinations of insurance companies and non-traditional entities such as preneed contract sellers to:

Detect those insurers that are in financial trouble or engaging in unlawful or improper business practices;
Determine the financial solvency of insurers and evaluate operating policies and overall performance levels;
Develop information and documentation necessary to implement regulatory actions against troubled companies;
Initiate and monitor regulatory actions against entities that are financially troubled or hazardous to the public;
Review and analyze financial statements and other legally required filings of regulated entities to determine potential and actual financial problems.

Position: SFA 4321

This position is responsible for conducting financial condition analyses, audits, examinations, investigations and preparing reports that assess the financial condition and operating practices of examined companies to determine compliance with statutes, regulations, and statutory accounting principles. The position evaluates information contained in filed financial statements is complete and accurate; sets forth findings of fact together with citation of pertinent statutes, regulations and law regarding findings; and verifies proper allocation and payment of annual fees and premium taxes. This position utilizes computers and specialized software to complete examination work papers and reports.

Duties include, but are not limited to:

Performing agreed-upon audit examination processes utilizing financial accounting and auditing principles/practices to determine compliance with applicable statutes and regulations, including a review of asset and liability values;
Deciding to approve or deny proposed transactions and applications according to the qualifying criteria in statute and regulation, through the evaluation of supporting records;;
Reviewing a companys operational procedures and controls to determine compliance with appropriate statutes, regulations and the Accounting Practices and Procedures Manual;
Obtaining information on the company from various sources, i.e. other teams, I-Site, company website, prior filings with DOI, prior work papers, and prior reports of examination;
Analyzing and evaluating reports filed by regulated entities and applications submitted by regulated entities for completeness, accuracy, and compliance qualifications;
Following up with non-filers through email, phone calls and on-site visits;
Conducting procedures in accordance with prescribed procedures, if any filing is found to be out of compliance with the requirements;
Completing assigned special projects by Financial Directors, or the Commissioner or Deputy Commissioner.

Minimum Qualifications, Substitutions, Conditions of Employment & Appeal Rights

MINIMUM QUALIFICATIONS:

Graduation from an accredited college or university with a bachelor's degree in accounting, business administration, economics, statistics or finance; AND
One (1) years of professional* experience in the insurance, accounting, or financial service industry. Qualifying experience must include at least two of the following:
- Analyzing company financial statements to evaluate the companys financial performance/condition and/or identify areas for risk management/improvement;
- Utilizing data to form conclusions and/or recommendations in order to present findings to senior management or external clients;
- Identifying and evaluating financial risks and mitigating controls (policies, procedures, practices, and organizational structure);
- Performing financial statement audits under Public Company Accounting Oversight Board (PCAOB), Generally Accepted Auditing Standards (GAAS), Generally Accepted Government Auditing standards (Yellow Book), or National Association of Insurance Commissioners Handbook guidance, internal audits under IIAS guidance, and/or Sarbanes Oxley compliance under the Sarbanes-Oxley Act or Model Audit Rule; AND/OR
- Interpreting and applying Generally Accepted Accounting Principles (GAAP), Statutory Accounting Principles (SSAP), International Accounting Standards (IAS), and/or Other Comprehensive Basis of Accounting (OCBOA) in reviewing or preparing quarterly filings, annual statements, financial records, and/or providing recommendations to management.

Document this experience in your application IN DETAIL , as your experience will not be inferred or assumed. Part-time experience will be prorated.

SUBSTITUTIONS:

A combination of professional* work experience as described above, which provided the same kind, amount, and level of knowledge acquired in the required education, may be substituted for the bachelor's degree on a year-for-year basis;
A master's or doctorate degree from an accredited college or university in a field of study related to the work assignment will substitute for experience on a year-for-year basis.
A certification, registration, or licensure related to the work assigned to the position will substitute for one year of required experience.

Professional work involves exercising discretion, analytical skill, judgment and personal accountability and responsibility for creating, developing, integrating, applying, and sharing an organized body of knowledge that characteristically is: uniquely acquired through an intense education or training regimen at a recognized college or university; equivalent to the curriculum requirements for a bachelor's or higher degree with major study in or pertinent to the specialized field; and continuously studied to explore, extend, and use additional discoveries, interpretations, and application and to improve data, materials, equipment, applications and methods.

Preferred Qualifications:

Certified as a Public Accountant (CPA), Accredited Financial Examiner (AFE), Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), or Chartered Property Casualty Underwriter (CPCU), Chartered Life Underwriter (CLU), or Fellow Life Management Institute (FLMI);

Experience conducting investigations and audits, including reviewing, analyzing, and researching financial documents and/or applications, interviewing witnesses, collecting evidence, preparing investigative reports of findings, and making recommendations to management on how a case should be resolved;

Demonstrated experience analyzing and interpreting Colorado insurance statutes, rules, and policies;

Experience analyzing insurance operations (marketing, underwriting, administration, investment,

State of Colorado Job Opportunities

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