Company & Role Description
Colonial Surety Company is seeking an entrepreneurial financial professional to assume the role of Financial Controller to join its leadership team. Colonial Surety Company is rated "A" Excellent by AM Best Company and is licensed and admitted in all US states and territories.
Colonial is entering its final phase of a multi-year digital transformation and forecasts to double growth via our multi-channel distribution plan for commercial insurance.
Role Description
• This is a full-time on-site role for a Financial Controller must have a CPA at Colonial Surety Company in Woodcliff Lake, NJ. The Controller will be responsible for managing financial statements, utilizing analytical skills, overseeing financial reporting, overseeing (3) Accounting Staff, and handling accounting tasks daily.
Position Overview: The Financial Controller is responsible for overseeing all financial and accounting activities within the insurance company, with a strong focus on statutory accounting principles (SAP) as required by regulatory bodies. This role ensures that financial statements comply with statutory guidelines, monitors compliance with all regulatory requirements, and provides leadership to the accounting team. The Controller will work closely with senior management, auditors, and regulatory authorities to maintain accurate financial reporting and ensure the company meets all statutory obligations.
Key Responsibilities:
Financial Reporting:
• Prepare and oversee the preparation of accurate and timely financial statements in accordance with Statutory Accounting Principles (SAP).
• Ensure compliance with NAIC (National Association of Insurance Commissioners) reporting requirements.
• Coordinate the preparation and submission of quarterly and annual statutory financial reports.
• Collaborate with external auditors and regulatory bodies during audits and examinations.
Regulatory Compliance:
• Ensure the company complies with all insurance-related financial regulations, including solvency requirements, capital adequacy, and reserving.
• Stay updated on changes in statutory regulations and make necessary adjustments to accounting practices.
• File necessary documentation with state insurance departments and other regulatory bodies as required.
General Ledger and Financial Controls:
• Maintain and oversee the general ledger system, ensuring the accuracy of all entries and compliance with both statutory and GAAP (Generally Accepted Accounting Principles) standards.
• Implement and monitor internal financial controls and processes to safeguard the company’s assets.
• Manage reconciliations of statutory balances and reserves, ensuring proper valuation and compliance with regulatory standards.
Management and Leadership:
• Lead the accounting department and ensure the team's training in statutory accounting principles and regulations.
• Provide strategic financial advice to the leadership team regarding statutory and GAAP reporting impacts on business decisions.
• Work closely with other departments such as underwriting, claims, and actuarial to ensure accurate financial reporting.
Budgeting and Forecasting:
• Collaborate with the executive team to develop annual budgets and forecasts.
• Monitor financial performance against budget and provide variance analysis with a focus on statutory requirements.
Capital Management:
• Manage the company’s capital in line with statutory and solvency regulations.
• Provide recommendations to maintain capital adequacy and meet regulatory thresholds.
Qualifications:
• Bachelor’s degree in Accounting, Finance, or a related field (CPA designation a must).*
• 5-7 years of experience in accounting or finance, within the insurance industry.*
• Strong knowledge of Statutory Accounting Principles (SAP) and GAAP.*
• Familiarity with NAIC requirements and insurance regulatory environments.*
• Experience with general ledger systems and financial reporting software.*
• Excellent leadership, organizational, and analytical skills.*
• Strong attention to detail and the ability to communicate complex financial information clearly.*
Preferred Skills:
• Experience with SOX (Sarbanes-Oxley) compliance.
• Familiarity with reinsurance accounting and investments in the insurance industry.
• Strong understanding of capital management strategies in regulated industries.
Location: Woodcliff Lake, NJ
Posted: Oct. 20, 2024, 11:16 p.m.
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