Supervising Financial Analyst

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.

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.

All applicants should attach a cover letter and resume to their online submission for this position.

Qualifications

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.

Comprehensive Benefits

When you embark on a career with the Commonwealth, you are offered an outstanding suite of employee benefits that add to the overall value of your compensation package. We take pride in providing a work experience that supports you, your loved ones, and your future.

Want the specifics? Explore our Employee Benefits and Rewards!

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.

Client-provided location(s): Boston, MA

Job ID: Commonwealth_of_Massachusetts-250006DG

Employment Type: FULL_TIME

Posted: 2025-08-30T18:34:04