JOB
Under the general supervision of the Chief Insurance Licensing Examiner or a higher-levelofficer, the Insurance Licensing Examiner is responsible for reviewing and analyzingapplications for the licensing of insurance companies, insurance-related businesses, banks, andsmall 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, andissuing licenses and certificates of authority to individuals and entities under the Division'spurview, including banks, insurance companies and producers, adjusters, premium financecompanies, air ambulance services and representatives, debt management services providers,small loan companies, mortgage lenders and brokers, money transmitters, non-bank ATMs, andThird-Party Administrators.
EXAMPLE OF DUTIES
Accepts, reviews and processes applications for new and renewal licenses for insurancecompanies, resident and nonresident insurance producers, solicitors, adjusters, Third PartyAdministrators 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 licensingrequirements.Reviews annual statements and other financial documents of insurance companies and otherfinancial services entities to determine compliance with statutory capital and surplusrequirements for license renewal.Conducts field inspections of places of business for appropriate licensees to ensure compliancewith the insurance laws.Administers and corrects insurance licensing examinations.Responds to requests for letters of good standing, verifications and any other requests forinformation concerning licensed insurance companies, insurance related businesses, banks, smallloan companies and other financial services entities.Performs other related duties as required.
SUPPLEMENTAL INFORMATION
FACTOR 1- KNOWLEDGE REQUIRED BY THE POSITIONKnowledge 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 theinsurance, 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 CONTROLSWork is supervised by a higher-level officer who assigns the work. Incumbent performs thework independently. Work is reviewed by supervisory personnel through discussions,conferences, and reports.FACTOR 3- GUIDELINESGuidelines include federal laws and the procedures, laws, rules, and regulations governingbanking, insurance, and financial services in accordance with Titles 9, 12A, 13, 20, 22, and 28 ofthe Virgin Islands Code. The incumbent must ensure compliance with all relevant statutes,procedures, and promulgated regulations related to these areas.FACTOR 4- COMPLEXITYWork is primarily administrative and involves conducting field inspections, reviewing andprocessing applications, and renewing licenses for banks, insurance companies, insurance-relatedbusinesses, and financial services businesses planning to operate in the Virgin Islands. Incumbentmust have a clear understanding of what is required and be familiar with the procedures necessaryto carry out these assignments.FACTOR 5- SCOPE AND EFFECTThe purpose of the work is to ensure adherence to regulatory compliance processes and to facilitatethe administration of necessary documentation required for conducting business.FACTOR 6- PERSONAL CONTACTSContacts are managers, co-workers, potential applicants, attorneys, resident agents, othergovernmental entities, businesses, corporations, civic groups, and the general public.FACTOR 7- PURPOSE OF CONTACTSContacts are made to advise and provide information to various organizations, the general publicand licensees with regards to the compliance requirements to conduct business in the insurance,banking and financial services industries.FACTOR 8- PHYSICAL DEMANDSWork is primarily sedentary; however, occasional driving and walking may be required to travelfrom one business to another to conduct inspections.FACTOR 9- WORK ENVIRONMENTWork is performed in an office setting, but field work is also required.Necessary Special QualificationsPossession of a valid Virgin Islands driver’s license.
