Insurance Controller- Southern States Insurance Exchange

Southern States - Richmond, VA

Part-time,Full-time

Richmond, VA

Electrical Equipment, Appliance, and Component Manufacturing

About the position

The Insurance Controller position at Southern States Insurance Exchange (SSIE) is a pivotal role that encompasses strategic leadership and oversight of the accounting function across multiple entities, including Southern States Underwriters, LLC (SSU) and SSC Insurance Agency, LLC (SSCIA). This role is critical in ensuring the integrity of financial reporting, technical accounting, and internal controls, which are essential for maintaining accurate financial statements and compliance with regulatory and statutory requirements. The Insurance Controller will serve as the Corporate Secretary and Treasurer for SSU and SSCIA, further emphasizing the importance of this position within the organization. In this role, the Insurance Controller will lead and refine all aspects of the accounting function, which includes managing the monthly close process, technical accounting, financial reporting, and regulatory and statutory reporting. The successful candidate will be responsible for maintaining robust financial reporting policies and procedures that align with Generally Accepted Accounting Principles (GAAP) and statutory regulations. Ensuring that financial statements are accurate, complete, timely, and compliant with both GAAP and statutory requirements is a key responsibility. The Insurance Controller will also manage the annual audit conducted by an external audit firm, including overseeing the related actuarial review and maintaining relationships with external parties involved in these services. Interaction with various stakeholders, including customers, state insurance regulators, reinsurance brokers, investment managers, company management, auditors, actuaries, and rating agencies, is a significant aspect of this role. Additionally, the Insurance Controller will oversee all reinsurance accounting, including negotiations for commutations and the preparation of annual renewal submissions. The role involves preparing budgets, strategic plans, and operational plans for the insurance entities, as well as analyzing and communicating performance against these budgets and plans to management. The Insurance Controller will also prepare year-end projections and recommendations regarding dividends and surplus levels, managing the overall accounting process for Subscriber Savings Accounts (SSAs). Fostering a positive work environment is essential, and the Insurance Controller will be responsible for building strong relationships within the team, promoting collaboration, and ensuring employee satisfaction. Mentoring and coaching team members to support their professional growth and development is also a key responsibility of this role. The Insurance Controller will perform other duties and responsibilities as assigned, contributing to the overall success of the organization.

Responsibilities

• Lead and refine all aspects of the accounting function including monthly close, technical accounting, financial reporting, regulatory reporting, statutory reporting, and other financial-related functions.
• Maintain robust financial reporting policies and procedures in accordance with GAAP and statutory regulations.
• Ensure that financial statements are accurate, complete, timely, and in compliance with both GAAP and Statutory requirements.
• Manage the Annual Audit provided by external audit firm, to include the related Actuarial Review; manage the overall relationships with external parties performing these services.
• Interact with customers, state insurance regulators, reinsurance brokers and companies, investment managers, company management and directors, auditors and actuaries, rating agencies, tax and statistical reporting agencies, and other professionals.
• Oversee all reinsurance accounting, including commutation negotiations, the preparation of the annual renewal submissions, including compilation of all pertinent data regarding exposures/losses for the insurance programs written.
• Assist in the annual rating review by A.M. Best, plus any normal interaction with throughout the year (outside of the annual review).
• Prepare budgets, strategic plans and plans of operation for the related Insurance entities; analyze and communicate performance to budgets and plans to management.
• Prepare year-end projections and recommendations to management on year-end dividend, return of Subscriber Savings Accounts (SSAs) and surplus level; manage the overall SSAs accounting process.
• Foster a positive and engaging work environment, building strong relationships, promoting collaboration, and ensuring employee satisfaction to produce an overall motivated and valuable team.
• Mentor and coach team members to foster their professional growth and development; provide constructive feedback, guidance, and support to enhance individual and collective performance.
• Perform other duties and responsibilities as assigned.

Requirements

• Bachelor's degree in accounting
• CPA Certification
• Minimum of 10 years of accounting experience
• Supervisory/management experience
• Ability to respond appropriately in high-pressure situations with a calm and steady demeanor
• Able to build and maintain lasting relationships with other departments, key business partners, and government agencies
• Strong problem identification and problem resolution skills
• Excellent written and verbal communications and organizational skills.
• Proficiency in financial analysis, spreadsheet development and a working knowledge of systems design/process analysis.
• Able to efficiently use a standard computer keyboard and monitor.

Nice-to-haves

• P&C Insurance Industry experienced professional is desired but not mandatory