Specifications include, but are not limited to: The Department is contracting for a Deputy Chief Financial Analyst (Deputy) to assist the Chief Financial Analyst (Chief) in performing such services as necessary to supervise and manage the analysis of insurer financial statements and associated documents and to conduct financial analysis in accordance with the Kentucky Revised Statutes and the standards and guidelines established by the Department and NAIC. Part of the financial stability review for insurers authorized to transact insurance business in the Commonwealth of Kentucky concerns financial analysis in order to ensure their sufficient financial soundness to fulfill obligations to policyholders. The chosen vendor shall assist the Financial Standards and Examination Division Director (Director) and Chief with training and continuing education related to financial analysts’ activities. Duties also include assisting the Chief with establishing schedules related to analysis and other projects, reviewing quarterly and annual statement analysis, overseeing appropriate procedures and adherence to statutory accounting principles, facilitating resolutions of difficult analysis issues, and ensuring compliance with all NAIC accreditation and statutory guidelines. The vendor may be reassigned temporarily to conduct analysis or financial examinations. If reassigned, the vendor will be required to perform such services as necessary to participate in and/or conduct the financial examinations or analysis of insurers as required under the Kentucky Revised Statutes and by the NAIC Accreditation Program. Financial examinations and analysis are part of the review of the financial stability of insurers that are authorized to transact the business of insurance in the Commonwealth of Kentucky. When conducting financial analysis, the vendor will typically be analyzing authorized insurers in the Commonwealth of Kentucky, both foreign and domestic, for the purpose of providing in-house desk audits and financial analysis. Duties associated with analysis will include timely analyzing the annual and quarterly financial reports and associated filings in accordance with NAIC accreditation and statutory guidelines and may also include testifying in formal proceedings that result from examinations or analysis and traveling to the Department as necessary.
