ABOUT THE ORGANIZATION:

The Division of Insurance ("DOI"), an Agency within the Office of Consumer Affairs and Business Regulation, administers the Commonwealth’s insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division’s work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.
The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.
The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens.

PREFERRED KNOWLEDGE, SKILLS AND ABILITIES:

• Insurance regulatory background or an insurance specialization in a CPA firm.
• Public sector or insurance company experience.
• Undergraduate or graduate degree in areas directly related to the cited experience (i.e., insurance, finance, financial/business management, accounting, etc.)
• A graduate degree or training beyond the undergraduate degree level is preferred.

MINIMUM ENTRANCE REQUIREMENTS:

Applicants must have at least (A) five (5) years of full-time or, equivalent part-time, professional, administrative, supervisory, or managerial experience in financial management work (i.e. budgeting, accounting, auditing, management analysis, program evaluation, financial reporting of program results), of which (B) at least one (1) year must have been in a project management, supervisory or managerial capacity or (C) any equivalent combination of the required experience and substitutions below.
I. A certificate in a relevant or related field may be substituted for one (1) year of the required (A) experience.
II. A Bachelor’s degree in a related field may be substituted for two (2) years of the required (A) experience.
III. A Graduate degree or higher in a related field may be substituted for three (3) years of the required (A) experience.
IV. A Doctorate degree in a related field may be substituted for four (4) years of the required (A) experience.

AN EQUAL OPPORTUNITY / AFFIRMATIVE ACTION EMPLOYER. FEMALES, MINORITIES, VETERANS, AND PERSONS WITH DISABILITIES ARE STRONGLY ENCOURAGED TO APPLY.

The Commonwealth is an Equal Opportunity Employer and does not discriminate on the basis of race, religion, color, sex, gender identity or expression, sexual orientation, age, disability, national origin, veteran status, or any other basis covered by appropriate law. Research suggests that qualified women, Black, Indigenous, and Persons of Color (BIPOC) may self-select out of opportunities if they don’t meet 100% of the job requirements. We encourage individuals who believe they have the skills necessary to thrive to apply for this role.
Official Title: Fiscal Officer VI
Primary Location: United States-Massachusetts-Boston - 1 Federal St
Job: Accounting and Finance
Agency: Division of Insurance
Schedule: Full-time
Shift: Day
Job Posting: Aug 29, 2025, 1:12:31 PM
Number of Openings: 1
Salary: 92,644.84 - 110,000.00 Yearly
If you have Diversity, Affirmative Action or Equal Employment Opportunity questions or need a Reasonable Accommodation, please contact Diversity Officer / ADA Coordinator: Michael Powers - 6175217794
Bargaining Unit: M99-Managers (EXE)
Confidential: No
Potentially Eligible for a Hybrid Work Schedule: Ye

ABOUT THE ROLE:

Monitoring the financial solvency of insurers is the task of the Financial Examination and Financial Surveillance units.
The basic purpose of this position is to serve as a supervising financial analyst (SFA) within the Division of Insurance. The work associated with this position shall include, but not be limited to, supervising and reviewing the licensing activities relating to entities wishing to serve as Pharmacy Benefit Managers (PBM) (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024) within the Commonwealth.
The SFA is responsible for supervising and reviewing the work performed by the financial analysts and administrative staff in the Financial Surveillance and Company Licensing Unit (FSU). The SFA oversees the review and approval/disapproval of applications from PBMs and from companies seeking to transact insurance business in Massachusetts.

DUTIES AND RESPONSIBILITIES:

• Supervise the PBM licensing process, including monitoring the progress of work to ensure timely review of PBM license applications. Financial analysts determine the status and eligibility of each entity wishing to serve as Pharmacy Benefit Managers (PBM) (M.G.L. c. 176Y as enacted by Chapter 342 of the Acts of 2024) within the Commonwealth.
• Supervise and monitor the progress of work to ensure timely review of license applications and amendments, in accordance with state laws, rules, regulations and NAIC standards and guidelines. Financial analysts determine the status and eligibility of each entity requesting a Certificate of Authority or Company/HMO License to transact business in the Commonwealth of Massachusetts. This also includes those companies seeking to change their license authority through the addition or deletion of license designations. This responsibility includes, but is not limited to, the licensing of insurance companies, HMOs, surplus lines companies, reinsurance companies, fraternal organizations, home warranty companies, as well as accredited reinsurance companies.
• Supervise and monitor the process of risk bearing provider organizations seeking solvency certificates under MGL Chapter 176T.
• Supervise the analysis and examination of financial reports and documentation submitted by PBMs, insurance companies, and organizations bearing insurance risk, as well as any other organizations required to make financial filings with the Division of Insurance. Items include, but may not be limited to: company annual financial statements, quarterly financial statements, supporting schedules and exhibits; independent audit reports; actuarial opinions and certifications; holding company filings; management discussion & analysis; NAIC I-Site reports and analysis; financial analysis computations; risk based capital calculation; reinsurance analysis; SEC filings; and external rating agency reports.
• Participate in the review and analysis and final determination of other transactions brought before the Division for regulatory approval. These transactions could include: mergers, acquisitions, and consolidations, administrative oversight, rehabilitation, receivership, insolvency, and liquidation, surplus notes, reinsurance treaties, and creation and licensing of new domestic insurance companies and HMOs.
• Support the Division’s continued accreditation by the NAIC, including assisting the Director in implementing the policies and procedures utilized by FSU in accordance with the criteria established by the NAIC Accreditation Program Manual.