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Job Description

About the Organization:

The Division of Insurance ("DOI") administers the Commonwealth's insurance consumer protection laws through its regulation of the insurance industry. The primary mission of the Division is to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products. The Division also investigates and responds to consumer inquiries and complaints, enforces state insurance laws and regulations, and provides the public with accurate and unbiased insurance information. An important aspect of the Division's work is ensuring that the individuals and business entities conducting the business of insurance in Massachusetts do so in a legal and timely manner.

The Division of Insurance is committed to creating and sustaining a work culture that is welcoming, inclusive, and mutually respectful to all its employees regardless of race, color, age, creed, religion, national origin, ethnicity, sex, gender identity or expression, sexual orientation, genetic information, veteran or disability status. We strive to reflect diversity in all facets and levels of our agency. The Division of Insurance values inclusiveness and diversity within their employee and management teams. Within our community we strive to create and maintain working and learning environments that are inclusive, equitable, and welcoming.

The Division of Insurance is committed to ensuring a diverse and inclusive workplace where all employees feel respected, valued, and empowered to maximize their skills and talents to serve our citizens.

About the Role:

As the Commissioner of Insurance in Massachusetts, will manage a dedicated team overseeing the insurance industry in the Commonwealth. As the head of the Division of Insurance, the Commissioner's primary responsibilities include:

• Establishing the strategic direction, objectives, priorities, and regulatory goals for the DOI to ensure the successful implementation of the DOI's mission (to monitor the solvency of its licensees in order to promote a healthy, responsive and willing marketplace for consumers who purchase insurance products).
• Protecting consumers, the public interest, and the insurance marketplace by enforcing the insurance laws of the Commonwealth.
• Ensuring that the DOI maintains an effective system for monitoring and conducting financial examinations of the Commonwealth's domestic insurers.
• Monitoring the insurance market to ensure the availability of insurance and that the market practices employed by insurers are fair.
• Setting insurance regulatory policy by establishing licensing requirements for insurers, producers, third-party administrators, and service contract providers.
• Maintaining the effectiveness with all stakeholders, including Commonwealth citizens, the Executive, and Legislative branches, other government agencies, the insurance industry.
• Continuing to lead on national and international insurance public policy matters, through active engagement with the National Association of Insurance Commissioners (NAIC). The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. The NAIC is not a trade organization and membership is limited to the elected or appointed state government officials (Commissioners) who, along with their departments and staff, regulate the conduct of insurance companies and agents in their respective state or territory. Insurance has historically been regulated exclusively by the states, in contrast to other regulated financial services, and state insurance departments, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.

• Developing and mentoring a team of attorneys, actuaries, financial and compliance examiners, and licensing staff, among others.
• Working with the DOI's leadership team to develop policies and practices for the work environment that promote employee attraction and retention.
• Structuring and organizing the work of the DOI in the most efficient and effective manner, subject to state budget limitations.
• Collaborating with and advising the Governor's Office and the administration on matters related to insurance, access, costs as well as the implications of proposed policy changes.

• Relevant work experience and knowledge, such as experience in the insurance industry, how the NAIC functions, and knowledge on insurance law.
• An understanding of how to address insurance market issues in a manner that benefits the entire state and strengthens the market.
• Excellent written and verbal communication skills including advanced interpersonal skills with the ability to influence and persuade to affect solutions to complex problems and build consensus among stakeholders.
• A strategic, detail-oriented mindset, with well-developed decision-making, research, analytical, and project management skills.
• The ability to handle extremely sensitive, high-profile issues that receive media attention.

• Examine the Financial Condition of Insurance Companies: The DOI monitors the financial condition of domestic insurance companies through the risk-focused analysis of quarterly and annual financial statements and holding company filings and the review of financial transactions. The analysis process provides an early warning of possible financial problems so that appropriate regulatory action can be taken before the extreme situation of insolvency occurs. In addition to the continuous off-site monitoring process, the DOI also conducts periodic on-site financial examinations of all domestic insurers to assess solvency risks to the company, including by valuing assets, determining liabilities, and verifying compliance with applicable statutes and regulations. There are more than 80 domestic insurance companies in the Commonwealth for which the DOI is the lead regulator.
• Licensing Insurance Companies: The process of licensing insurance companies promotes a marketplace of solvent, fiscally sound companies because the company licensing function stands at the threshold of the DOI's oversight of an applicant's future operations within the Commonwealth. Focusing on solvency surveillance and requiring coordination with other state insurance departments, the DOI gains a comprehensive understanding of an insurer and its potential for success before making critical decisions about granting authority to conduct business in Massachusetts. There are more than 1,700 insurance companies licensed in the Commonwealth.
• Regulate Insurance Policy Forms, Rates and Products: By reviewing and approving insurance policy forms, rules, rates and associated program procedures and operations, the DOI verifies that the insurance products sold to Massachusetts consumers by licensed insurance companies comply with the Commonwealth's laws and regulations.
• Investigate Insurance Consumer Complaints: The DOI provides insurance consumers with a non-judicial alternative for pursuing complaints against insurance companies and insurance producers by investigating consumer complaints within its jurisdiction and consistent with Massachusetts laws and regulations and DOI rules.
• License Insurance Producers and Others: The process of licensing insurance producers (individuals and business entities) and other key participants in the insurance industry (e.g., surplus lines brokers, insurance advisers) allows the DOI to promote a marketplace in which consumers have confidence in the individuals and firms engaging in the business of insurance. The DOI ensures that licensed producers and insurance service providers are qualified and are conducting business ethically and in compliance with Massachusetts laws and regulations. There are approximately 140,000 insurance producers licensed in the Commonwealth.
• Examine the Market Conduct of Insurance Companies: The DOI's market conduct process looks beyond the financial condition of a company and examines how the company interacts with policyholders and potential customers by reviewing business practices such as policy underwriting and rating, cancellations and non-renewals, claim settlements, original insurance applications and advertising materials. The goal of these examinations is to confirm that Massachusetts consumers are fairly treated in accordance with the terms of their insurance policy contract.

• Legal and/or business knowledge related to insurance law.
• Extensive knowledge of insurance company operations, structure and regulations.
• Knowledge of consumer issues impacted by insurance.
• Ability to motivate staff and to deal with people at high levels of authority outside the agency, maintaining effective relationships despite conflict situations.
• Knowledge of the principles and practices of management, including planning, organizing, directing, motivating, controlling and decision-making.
• Knowledge of the principles and practices of financial management.
• Knowledge of the principles of organizational behavior.
• Knowledge of public speaking techniques.
• Ability to plan, organize and control the use of human resources, equipment and budgetary resources to achieve department goals and objectives.
• Ability to select and develop staff by utilizing participatory management, personnel assessment, and performance review.
• Ability to write concisely, to express thoughts clearly and to develop ideas in logical sequence.
• Ability to resolve personnel conflicts effectively.
• Ability to delegate authority effectively.
• Ability to anticipate and analyze difficult situations and take corrective action to prevent problems from occurring.
• Ability to adjust to changing situations to meet emergencies or altered program or production requirements.
• Ability to accomplish work objectives where few precedents or guidelines are available.
• Ability to deal tactfully with others.
• Significant and proven leadership skills developed through several years in senior management positions.
• Extensive experience working with a culturally diverse community.
• Ability to absorb and organize large amounts of complex information.
• Ability to solve diverse and complex problems quickly.
• Fiscally conscience individual who can meet the challenges of limited budgets.