Troubled Company Accountant
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Troubled Company and Receivership Services - Accountant
Risk & Regulatory Consulting, LLC
Work from home-any US location
The Troubled Company and Receivership Services Accountant is responsible for supporting Risk & Regulatory Consulting in the overall growth and management of this functional area. The Accounting Consultant will be responsible for assisting the Troubled Company Practice with accounting services necessary to administer the receivership in accordance with the guidance in the NAIC Receiver’s Handbook for Insurance Company Insolvencies and the statutes of the states in which the insurer operated or operates.
Specific Duties and Responsibilities
- Plan and lead Troubled Company and Receivership projects, on behalf of Risk & Regulatory Consulting clients in accordance with NAIC guidelines and applicable receivership statutes
- Personally generate billable revenue in a manner that maximizes the assets of the receivership
- Identify, locate inventory and secure all liquidate assets of the receivership, including bank accounts, investments, mortgages and other assets
- Lead and support project teams to deliver accounting solutions in client-driven and focused manner in response engagements of supervision, rehabilitation or liquidation
- Lead project teams to meet regulatory deadlines
- Identify and document all loans to principal parties, policy loans, real estate and mortgage loans and other loans
- Review the company’s controls and procedures for processing and paying claims, reserve methodology, collection of reinsurance, agents’ balances and other receivables
- Identify vendors for goods and services and manage the use of their goods or services
- Identify and monitor staffing needs to perform the receivership tasks
- Review and monitor the use of contracts such as leases, service agreements or other agreements
- Make a determination of any missing assets, preferential transfers, illegal transfers or fraud
- Identify recoverable assets any make any necessary billings in order to collect the assets, such as agents’ balances
- Prepare Early Access analysis for Guaranty Funds, if applicable
- Monitor the assets such as furniture and equipment for use and disposal
- Prepare, complete and communicate a detailed project plan for accounting activities necessary from inception to discharge of the receivership
- Prepare recommendations for reinsurance programs to maximize recoverables or eliminate premium payments that would have low or no cost benefit advantages
- Prepare cash flow projections on a periodic basis and share information with the Receiver or Special Deputy Receiver to ensure there are enough liquid assets for the anticipated expenses of the receivership
- At the time of receivership cancel unprocessed checks or drafts
- Continue to prepare financial statements, tax filings and other reporting required by the statutes
- Pay expenditures based on the priority statutes of the domestic state.
- Provide recommendations to clients on significant accounting functions
- Prepare periodic reporting required by the client
- Practice best practices for Cybersecurity
- Conduct client status meetings, review deliverables, receive client sign-off, escalate issues and communicate client opportunities
- Maintain an active network in the business community, attending events that can generate leads or opportunities or at a minimum provide valuable insight to the local market.
- Assist with payroll processing for employees of the Company in receivership.
- Responsible for managing consultants with regard to career development, mentoring, issue resolution and performance management.
- Bachelor’s Degree in Accounting or Finance; MBA, JD and/or professional certification/s preferred
- Minimum of 5+ year’s professional experience in an accounting role at an insurance company.Experience with receiverships is preferred.
- Knowledge of insurance regulation
- Knowledge of insurance company statutes
- Demonstrated problem solving skills
- Ability to interact with all levels including executives and senior managers
- Strong interpersonal, presentation, analytical and statistical sampling skills
- Demonstrated history of project management experience
- Excellent organizational skills and the ability to prioritize multiple tasks, projects and assignments
- Exceptional written and verbal communication skills are required
- Dynamic/flexible demeanor with exceptional client service skills
- Forward-thinking leader with a collaborative focus who can consult effectively with key constituents and become recognized as a valued resource
- PC skills, including experience in using software for producing presentations, spreadsheets, and project planning
- Must be self-motivated and possess a sense of urgency
- Skilled in team building and team development
- Flexibility to travel
- Ability to demonstrate ethical and professional standards as outlined by the Firm
- CPA and/or receivership designations are a plus
- Professional experience in insurance company rehabilitations and receiverships, public accounting (preferably Big 4) and Insurance consulting
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Risk & Regulatory Consulting, LLC (RRC) was formerly a business segment of RSM US LLP (formerly McGladrey) until 2012 when the separate legal entity was formed. RRC is a strategic business partner with RSM providing actuarial and insurance industry consulting services to RSM clients.
Risk & Regulatory Consulting, LLC (RRC) is a national, leading professional services firm dedicated to providing exceptional regulatory services to clients. With over 100 experienced insurance professionals located in 22 states, we believe RRC is uniquely positioned to serve state insurance departments. We offer services in the following regulatory areas: financial examinations, market conduct examinations, insolvency and receiverships, actuarial services and valuations, investment analysis, reinsurance expertise, market analysis and compliance, and special projects. We are a results oriented firm committed to success that builds long term relationships with our clients.
RRC is managed by nine partners and our practice includes full time professionals dedicated to our regulatory clients. We are focused on listening to your needs and designing customized examination, consulting, and training solutions that address your needs. We bring multiple service lines together to provide superior and seamless service to our clients. We are committed to training our customers and our team. We have developed various comprehensive in house training programs that have been tailored to meet the needs of our regulatory clients. We offer competitive pricing, outstanding experience, credentials and references. RRC is an active participant in the NAIC, SOFE, and IRES.
At RSM, we offer a competitive benefits and compensation package for all our people. We support and inspire you to prioritize your wellbeing by delivering personalized, holistic programming for your physical, emotional, financial and community wellbeing. RSM has a generous time off policy with at least 14 paid holidays, wellbeing days and associate and above access to self-managed time off. We offer flexibility in your schedule, empowering you to balance life’s demands, while also maintaining your ability to serve clients. Learn more about our total rewards at https://rsmus.com/careers/working-at-rsm/benefits.
RSM is proud to be an Affirmative Action and Equal Employment Opportunity employer. We are proud to provide our employees with tools to assist them in being successful in achieving both personal and professional goals. We welcome and support all our employees to thrive in an environment free of discrimination and harassment. As an Affirmative Action and Equal Opportunity Employer all applicants will receive consideration for employment as RSM does not tolerate discrimination and/or harassment based on race; color; creed; sincerely held religious beliefs, practices or observances; sex (including pregnancy or disabilities related to nursing); gender (including gender identity and/or gender expression); sexual orientation; HIV Status; national origin; ancestry; familial or marital status; age; physical or mental disability; citizenship; political affiliation; medical condition (including family and medical leave); domestic violence victim status; past, current or prospective service in the US uniformed service; pre-disposing genetic characteristics or any other characteristic protected under applicable federal, state or local law.
RSM does not intend to hire entry level candidates who will require sponsorship now OR in the future (i.e. F-1 visa holders). However, those candidates who may be recent U.S. college / university graduates possessing 1-2 years of progressive and relevant work experience, excluding internships, in the U.S. or his/her home country would be eligible for hire as an experienced candidate and thus eligible for sponsorship.Starting at: $1.00