Insurance Licensing Examiner

Job Description

Under the general supervision of the Chief Insurance Licensing Examiner or a higher-level
officer, the Insurance Licensing Examiner is responsible for reviewing and analyzing
applications for the licensing of insurance companies, insurance-related businesses, banks, and
small loan companies within the Division of Banking, Insurance, and Financial Regulation.
Work is reviewed for adherence to established regulations and procedures.

This position is primarily responsible for reviewing and analyzing applications for licensure, and
issuing licenses and certificates of authority to individuals and entities under the Division's
purview, including banks, insurance companies and producers, adjusters, premium finance
companies, air ambulance services and representatives, debt management services providers,
small loan companies, mortgage lenders and brokers, money transmitters, non-bank ATMs, and
Third-Party Administrators.
 Accepts, reviews and processes applications for new and renewal licenses for insurance
companies, resident and nonresident insurance producers, solicitors, adjusters, Third Party
Administrators and premium finance companies, air ambulance services and representatives,
debt management services providers, and other financial services entities.

Examines and reviews files of licensees to ensure compliance with statutory licensing
requirements.

Reviews annual statements and other financial documents of insurance companies and other
financial services entities to determine compliance with statutory capital and surplus
requirements for license renewal.

Conducts field inspections of places of business for appropriate licensees to ensure compliance
with the insurance laws.

Administers and corrects insurance licensing examinations.

Responds to requests for letters of good standing, verifications and any other requests for
information concerning licensed insurance companies, insurance related businesses, banks, small
loan companies and other financial services entities.

Performs other related duties as required.
Bachelor's degree in Business Administration, Finance or a closely related field, with a
minimum of six (6) credits in accounting.
                                                                  OR
High School Diploma or its equivalent from an accredited institution and four (4) years of
administrative experience, including two (2) years in insurance or banking field.
FACTOR 1- KNOWLEDGE REQUIRED BY THE POSITION
Knowledge of banking and/or insurance practices, procedures and laws.
Knowledge in the areas of banking, insurance, securities and/or other financial services.
Knowledge of basic financial information.
Skill with Microsoft Office programs, e.g. Word and Excel.
Ability to understand and apply legislation, rules, and regulations as they relate to the
insurance, banking, and financial services industries.
Ability to prepare clear and concise written reports.
Ability to communicate professionally with all individuals contacted during work.
Ability to communicate effectively, both orally and in writing.
Ability to interpret basic financial information in a company’s financial statement. e.g.
calculating the company’s net worth.

FACTOR 2- SUPERVISORY CONTROLS
Work is supervised by a higher-level officer who assigns the work. Incumbent performs the
work independently. Work is reviewed by supervisory personnel through discussions,
conferences, and reports.

FACTOR 3- GUIDELINES
Guidelines include federal laws and the procedures, laws, rules, and regulations governing
banking, insurance, and financial services in accordance with Titles 9, 12A, 13, 20, 22, and 28 of
the Virgin Islands Code. The incumbent must ensure compliance with all relevant statutes,
procedures, and promulgated regulations related to these areas.

FACTOR 4- COMPLEXITY
Work is primarily administrative and involves conducting field inspections, reviewing and
processing applications, and renewing licenses for banks, insurance companies, insurance-related
businesses, and financial services businesses planning to operate in the Virgin Islands. Incumbent
must have a clear understanding of what is required and be familiar with the procedures necessary
to carry out these assignments.

FACTOR 5- SCOPE AND EFFECT
The purpose of the work is to ensure adherence to regulatory compliance processes and to facilitate
the administration of necessary documentation required for conducting business.

FACTOR 6- PERSONAL CONTACTS
Contacts are managers, co-workers, potential applicants, attorneys, resident agents, other
governmental entities, businesses, corporations, civic groups, and the general public.

FACTOR 7- PURPOSE OF CONTACTS
Contacts are made to advise and provide information to various organizations, the general public
and licensees with regards to the compliance requirements to conduct business in the insurance,
banking and financial services industries.

FACTOR 8- PHYSICAL DEMANDS
Work is primarily sedentary; however, occasional driving and walking may be required to travel
from one business to another to conduct inspections.

FACTOR 9- WORK ENVIRONMENT
Work is performed in an office setting, but field work is also required.