Head Of Insurance Accounting

Head of Insurance Accounting Overview

• The Head of Insurance Accounting will lead insurance operations accounting for the client’s entities, ensuring compliance and robust financial reporting.
• Oversee statutory financial reporting, cash management, and daily reconciliations while managing a dedicated finance team.
• Serve as the primary resource for technical accounting research and compliance with Statutory Accounting Principles.
• Coordinate consolidated financial reporting and intercompany settlements with investment accounting teams.
• Plan and execute annual audits of third-party administrators, ensuring regulatory compliance.
• Contribute to the design and maintenance of a robust internal control environment over insurance operations accounting.
• Collaborate with actuarial teams on reserve development and policy liability movements.
• Support preparation of consolidated financial statements across entities, maintaining intercompany eliminations.
• Engage with state insurance departments for financial examinations and regulatory responses.

Head of Insurance Accounting Key Responsibilities & Duties

• Lead all aspects of insurance operations accounting, including premium accounting, claims reserves, and reinsurance settlements.
• Ensure timely filing of annual and quarterly statements with regulatory bodies and state-specific requirements.
• Manage external audits and prepare audited financial statements and disclosures.
• Coordinate with investment accounting teams on custodial matters and investment-related settlements.
• Research and adopt new accounting standards, ensuring compliance with Statutory Accounting Principles.
• Develop and manage the finance team, setting goals and providing performance management.
• Conduct annual audits of third-party administrators and manage regulatory examinations.
• Collaborate on intercompany positions, investment income allocations, and consolidated reporting packages.
• Maintain robust internal controls and ensure compliance with regulatory requirements.

Head of Insurance Accounting Job Requirements

• Bachelor's degree in Accounting or Finance required; CPA certification preferred.
• Minimum of 10 years of experience in the life insurance industry; multi-entity insurance structure experience preferred.
• Strong understanding of Statutory Accounting Principles and GAAP life insurance accounting principles.
• Proficiency in researching SAP accounting issues and reaching technical conclusions.
• Experience managing teams, processes, and projects in a multi-entity environment.
• Knowledge of general ledger systems, internal controls, and insurance accounting systems.
• Ability to collaborate across geographically dispersed teams and matrixed organizations.
• Excellent communication skills to present financial information to senior leadership and stakeholders.
• Proven ability to work with actuarial teams on reserve development and policy liability movements.