JOB TYPE: Unclassified
DEPARTMENT: Office of the Lieutenant Governor STTI
Description
This is an exempt position, which involves the review of form filings, such as insurance policies, riders, endorsements, and application forms, that insurance companies are required to submit to the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation (“Division”) for approval, prior to their use in the Territory. The form filings will include insurance policy forms that are submitted for all lines of insurance, which include life, health, property, casualty, and title insurance. The position also involves the review and approval of form filings, such as air ambulance service agreements and premium finance agreements, that are submitted by air ambulance and premium finance companies.
Duties and Responsibilities
DUTIES (NOT ALL INCLUSIVE)
- Review form-related paper and electronic filings submitted through SERFF to ensure compliance with applicable law.
- Advise companies of provisions in filings that need to be corrected to ensure compliance with applicable law, generally through objections in SERFF, or through email if the submission is a paper filing.
- Approve or disapprove filings, as necessary.
- Act on informational filings submitted through SERFF that do not require approval
Minimum Qualifications
Ability to acquire working knowledge of insurance laws and regulations is recommended. Juris Doctor is recommended.
OR
A Master’s Degree in finance, insurance, paralegal or legal studies or other related fields.
OR
A Bachelor’s degree in finance, insurance, or paralegal or legal studies or other related fields
NECESSARY SPECIAL QUALIFICATION
- Ability to review form-related filings for compliance with applicable provisions of the law.
- Ability to interpret applicable insurance laws and regulations.
- Excellent analytical and research skills.
- Strong oral and written communication skills.
- Ability to work independently and with a team.
- Detail-oriented with excellent organizational skills.
Position Factors
FACTOR 1 – KNOWLEDGE REQUIRED BY THE POSITION
- Ability to understand and apply statutes, rules and regulations, bulletins, and policy, as they apply to insurance, and other regulated entities, such as air ambulance and premium finance companies.
- Ability to acquire working knowledge of SERFF.
- Working knowledge of Microsoft Office programs, such as Word and Outlook.
- Ability to prepare clear and concise written summaries.
- Ability to communicate ideas, both orally and in writing.
- Ability to communicate effectively and professionally with all persons.
FACTOR 2 – SUPERVISORY CONTROLS
- Employee works under the supervision of a higher-level staff member.
FACTOR 3 – GUIDELINES
- Guidelines include both local and federal statutes, rules and regulations, bulletins, policy, and practices/standards in the industry.
FACTOR 4 – COMPLEXITY
- The nature of duties with respect to this provision is to review and approve form filings to ensure compliance with applicable law.
FACTOR 5 – SCOPE AND EFFECT
- The purpose of this position is to ensure compliance with applicable law, as part of the regulatory process.
FACTOR 6 – PERSONAL CONTACTS
- Contacts are made with co-workers, persons at regulated entities, and members of the public.
FACTOR 7 – PURPOSE OF CONTACTS
- Contacts are made to respond to inquiries and to ensure compliance with applicable law as it relates to regulated entities.
FACTOR 8 – PHYSICAL DEMANDS
- Work in the office is sedentary.
FACTOR 9-WORKENVIRONMENT
- Work is performed in an office environment.
Agency
Government of the Virgin Islands