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Statutory Accounting Manager

Company: People's Trust Insurance
Location: Deerfield Beach
Posted on: January 11, 2022

Job Description:

JOB TITLE: - Statutory Accounting Manager
DEPARTMENT: - - Accounting
REPORTS TO: - Director of Statutory Accounting & Reporting

The Statutory Accounting Manager is responsible for recording accounting activity and preparing periodic financial reports for People's Trust Insurance Company in a timely and accurate manner.

Obtaining or running queries of the Company's policy and claims administration systems necessary to prepare journal entries in the Company's accounting system including, but not limited to, the following:
Direct written and unearned premiums;
Paid losses and loss adjustment expenses (LAE);
Loss and LAE reserves
Calculating activity related to the Company's reinsurance agreements, based upon a thorough understanding of the underlying agreements and preparing the related journal entries in the Company's accounting system for the following:
Ceded Written and unearned premiums;
Ceded paid losses and loss adjustment expenses (LAE);
Ceded loss and LAE reserves;
Ceding commissions
Record investment-related transactions obtained from the Company's investment accounting service provider, Clearwater Analytics to the Company's accounting system
Reconcile to investment reports from the Company's investment adviser, JP Morgan Asset Management, and the Company's investment custodian, Truist Bank
Record journal entries for all other activity such as transactions with the Company's affiliates
Prepare reconciliations of intercompany balances
Prepare the provision for federal income taxes
Prepare roll-forward account analyses
Maintain current knowledge and expertise related to statutory accounting principles and regulatory reporting requirements
Review and recommend changes for timely and effective closing procedures and controls to improve data integrity and security
Preparation of reports and compilation of documents to satisfy requests from external auditors and examiners
Enter data from the Company's accounting system into the software application (i.e., Sapiens Statement Pro) used for compilation of periodic reports required to be submitted to the National Association of Insurance Commissions (NAIC) and the Florida Office of Insurance Regulation (OIR)
Monitor collectability of outstanding balances from the Company's reinsurers
Calculate and monitor collateral requirements for balances due from the Company's reinsurers
Preparation of ad hoc reports including but not limited to risk-based capital, Insurance Regulatory Information System (IRIS) ratios, etc.
Participation on special projects
Perform other duties, as assigned, by the Director of Statutory Accounting and Reporting
Bachelor's degree with a major in Accounting, Finance, Management or other comparable area of study
5 or more years of relevant statutory accounting and reporting experience in the insurance industry
Experience with accounting applications and reporting packages such as Sage, Statement Pro, and Clearwater
Must have proficiency with Microsoft Office Suite Applications - Excel, Word, Outlook and Teams
Ability to work well independently as well as a member of a team
Effective time management skills and ability to meet deadlines
Effective written and verbal communication skills
Strong interpersonal skills
Proven ability to work under pressure, meet tight regulatory deadlines and respond to changing priorities.

Keywords: People's Trust Insurance, Deerfield Beach , Statutory Accounting Manager, Accounting, Auditing , Deerfield Beach, Florida

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