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Associate Financial Analyst

Virginia State Corporation Commission
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Associate Financial Analyst

You: An entry-level professional who has a passion for public service and an interest in regulating insurance to provide Virginians with access to reliable insurance protection.

Us: Located in downtown Richmond, the State Corporation Commission (SCC) is an independent state agency with regulatory authority over public utilities, insurance, state-chartered financial institutions, investment securities, retail franchising, and utility and railroad safety, as well as serving as the state’s central filing office for businesses. The SCC is also charged with establishing and administering the Virginia Health Benefit Exchange. The SCC’s structure is unique. No other state has a single agency with such a broad array of regulatory responsibility.

How you’ll contribute: The Associate Financial Analyst works in the Financial Regulation Division of the SCC’s Bureau of Insurance. This division ensures that insurance companies licensed in Virginia are financially sound and able to support payment of claims while complying with the applicable laws, rules, and regulations of Virginia. After on the job training, the Associate Financial Analyst assists with the financial analysis of the Managed Care Section, which involves the licensing and monitoring of domestic and foreign Health Maintenance Organizations (HMOs) and Multiple Employer Welfare Arrangements (MEWAs).

  • Assist in monitoring the financial condition of assigned domestic and foreign insurance companies by reviewing and analyzing annual statements, quarterly statements, audited financial statements, examination reports, and related documents filed by insurers domiciled in and outside of Virginia
  • Determine compliance with insurance laws, rules, and regulations
  • Understand and apply statutory accounting principles
  • Analyze and process license applications, mergers, and reorganizations of insurance companies
  • Respond to inquiries from the public, companies, or other regulatory agencies
  • Participate in professional development opportunities to advance knowledge of ever-changing insurance laws and regulations
  • Participate in special projects and other work as assigned

Preferred Qualifications:

  • Bachelor’s degree in accounting, business administration, finance, or a related field, completed no later than December 2024
  • Completion of 12 semester hours of accounting coursework is strongly preferred
  • Knowledge of accounting and/or auditing
  • Ability to analyze and interpret financial data
  • Ability to attain and demonstrate a working knowledge of Virginia insurance laws and regulations, as well as the NAIC Accounting Practices and Procedures ManualExceptional research skills, including highly detailed analysis, strong reading comprehension, and critical thinking skills
  • Strong writer who can communicate clearly and concisely
  • Ability to manage tasks independently and prefers an autonomous work style
  • Ability to remain focused on work for extended periods of time
  • Ability to establish and maintain professional working relationships with SCC staff and industry personnel
  • Proficiency in Adobe and Microsoft Office products

What you should know:

  • The salary range is $51,300-$58,000.
  • This position is classified as non-exempt under the provisions of the Fair Labor Standards Act (FLSA).
  • The SCC offers a generous hybrid work environment and professional development opportunities including continuing education, certifications, and designations.
  • As a state agency, SCC employees may be eligible for the Public Service Loan Forgiveness Program (PSLF). The SCC does not provide employer sponsorship. We use the E-Verify system to confirm identity and work authorization.
  • A background investigation is conducted on the selected candidate as a condition of employment.
  • If requested, the SCC will provide reasonable accommodation to applicants in need of accommodation to provide access to the application and interview process.

How to apply: This position will remain open until filled; however, interested candidates are strongly encouraged to apply by July 26, 2024. Qualified are encouraged to apply on the SCC Career Center website at https://careercenter.scc.virginia.gov.