Job Description
Job DescriptionDescription:
Job Summary
The Manager, Financial Reporting performs accounting functions typically associated with advanced accounting such as preparing statutory financial statements and notes; preparing data for tax return filings, reviewing prepared tax returns and coordinating tax return filings; preparing various regulatory and rating agency filings; coordinating the annual budgeting process; preparing various internal management/budget reports; processing, summarizing and reviewing certain investment and other transactions; and verifying the accuracy of journal vouchers and accounting classifications assigned to various records.
Primary Responsibilities
· Maintain a schedule and ensure compliance with all filing deadlines for all states, NAIC, rating agencies, etc.
· Prepare the statutory quarterly and annual financial statements, including the notes to the financial statements.
· Evaluate and maintain software and worksheets to produce quarterly and annual statements.
· Review results of NAIC meetings to stay on top of proposed changes to statutory accounting standards and blanks instructions.
· Calculate various accounting entries, including but not limited to pension and post-retirement benefit plan entries, deferred compensation, and guaranty assessments.
· Review and approve all investment accounting functions for real estate and mortgage loan investments.
· Reviews and approve investment accounting entries received from the external investment manager.
· Review and approve all accounting for Schedule BA assets (assets not managed by external investment manager).
· Prepare the initial draft of the NAIC Management Discussion and Analysis (MD&A).
· Prepare the report of risk-based capital (RBC) and other regulatory schedules.
· Prepare reports for rating agencies and state insurance departments as required.
· Prepare the annual audited financial statements and notes to the financial statements for review by external auditing firm.
· Coordinate with external auditing firm for the audits of (1) Illinois Mutual and (2) pension & 401(k) plans.
· Understand and utilize the SunGard Enterprise Accounting System, including advanced features and related internally developed databases based on this system.
· Assist in the preparation of quarterly and annual estimated taxes. Coordinate payment of any required tax payments.
· Assist with preparation of any state tax returns that are not prepared by external tax CPA firm.
· Review and approve fixed asset accounting, including both book and tax depreciation.
· Coordinate the preparation of the annual expenses budget and preparation of operational reports analyzing revenues and expenses and capital budgets.
· Perform monthly budget vs. actual analysis and communicate results to the management team.
· Prepare the accounting portions of the annual actuarial cost study which includes cost allocation between lines of business.
· Establish and maintain peer contacts with professionals in the industry.
· Coordinate state insurance department financial examinations and review requests from and responses to state examiners; drafts initial responses to state examiners.
· Attend continuing education webinars/seminars to maintain statutory accounting knowledge.
· Recommend enhancements to reporting processes and systems.
Anticipated Salary: $115,000 - $135,000 (Exact starting salary will be based on experience)
Benefit Overview: We strive for our employees to feel appreciated and supported, both professionally and personally. Our comprehensive benefit and discount package that meets a variety of needs is one way we demonstrate this. Some of our most admired benefits include:
- Compressed 4 1/2-day work week (Half-Day Fridays)
- No monthly premium cost for employee medical, life and disability insurance coverage
- Paid time-off accrual, including annual rollover; and paid holidays
- Competitive 401(k) plan with immediate vesting on Company contributions
- Discounted on-site employee cafeteria
- On-site exercise facility and company-provided exercise time
- Tuition reimbursement and training incentives
- Access to voluntary dental and vision insurance coverage
Requirements:
Job Qualifications
· Bachelor’s degree* in Accounting required[1]; MSA or MBA a plus.
· CPA/CMA required.
· Budgeting and planning experience helpful.
· 5-10 years of insurance company accounting experience or related industry experience.
· Experience with Annual Statement preparation software products.
· Strong working knowledge of MS Office products (Word, Excel, Access).
· Good written and oral communication skills; team player.
· Tact and emotional maturity.
· Knowledge of SunGard Enterprise Accounting System helpful.
· Well organized; able to meet various reporting and filing deadlines.
*College or university must be sufficiently accredited and listed in the U.S. Department of Education Accreditation Directory.
Reporting Relationships
· Reports to Vice President, Finance and Controller.
· Supervises Financial Reporting Accountant
· Works closely with Actuarial Department in various quarterly and annual filings.
· Works closely with Manager, General Accounting on general ledger, cash and related accounting issues.
· Works closely with external auditors on annual audits.
· Works closely with insurance department examiners on financial examinations (usually occur every 3-5 years).
· Works closely with third party firms hired to manage foreclosed real estate in order to properly account for these transactions.
· Works closely with Human Resources on compensation-related information for cost allocation, regulatory reporting, and preparation of the annual budget.
· Works closely with all department managers in preparation of annual budgets.
· Significant exposure to Company executives.