Job Description

Regulatory and Statutory - Insurance Accounting & Reporting

Midwest Holding LLC, a rapidly growing financial services holding company, is seeking a highly analytical, firsthand, and energetic individual to join their Team as Senior Staff Accountant. We operate as a modern technology-enabled, insurance holding company focused on long-term growth, and to advance the insurance value chain through products and services that focus on reduced costs and increased customer value. Our objective is to leverage state of the art technology, product-development and administrative capabilities, and relationships and reputation, to create, sell, and administer life and annuity products through third party independent marketing organizations.

Location Designation

Hybrid - 3 days per week / Remote (with right credentials). This position is preferred hybrid - Tuesday - Thursday in the Lincoln Nebraska Office and Monday and Friday work from home.

 Join our Corporate Finance team where your expertise can meet our growing annuity business offered by American Life and Security Corporation. Partner with our legal, investment, operations, reinsurance, and treasury teams. You will integrate your financial insights and guide sound decision-making to deliver timely, accurate and actionable analytics and reporting. You will work collaboratively to ensure data accuracy, implement robust controls, and safeguard policy owner interests in the most state-of-the-art cloud-based Oracle ™ technologies. Become part of a team dedicated to financial stewardship, enabling business performance, and paving the way for a secure future for generations to come.

Role Overview

The mission of the Midwest Controller team (“Controllers”) is to achieve excellence as professionals dedicated to maintaining and improving American Life’s ratings and statutory financial results within a resilient statutory model audit rule (“MAR”) control framework while continually delivering outstanding results to our valued business partners and external stakeholders. Our focus is on ensuring the accuracy and integrity of American Life’s general ledgers, delivering timely and precise financial reporting, and driving continuous process improvement. This includes a dozen financial statement for reinsurance partners located in Vermont, Delaware, and foreign jurisdictions.

What will the Role do with other Midwest professionals?

• Overseeing journal entries and account reconciliations related to the Company’s Individual Annuity, Fixed Index Annuity and Multi-Year Guaranteed Annuity (MYGA) business.
• Managing the general ledgers with a focus on common ledger analytics (cash and accrual) as well as Statutory Accounting, Management Reporting and business analytics.
• Providing financial insights to stakeholders by analyzing monthly, quarterly, and annual results, with a focus on product, investment, derivative, and reinsurance performance.
• Coordinating and producing the Individual Annuity schedules within various Investment, Reinsurance, Operation, Treasury and Controllers group’s quarterly financial results and regulatory filings.
• Ensuring the completeness and accuracy of key Controller performance indicators through targeted reviews of monthly dashboards and flash reports.
• Collaborating with outside contractors, investment, reinsurance front office, corporate actuarial, and corporate reporting teams to complete Statutory Blue Book schedules, exhibits, and audited notes for the Statutory financial statements.
• Partnering with the Statutory Financial Controls Unit to ensure compliance with MAR requirements, including documenting, testing, and reviewing controls and procedures.
• Supporting external auditors, Forvis Mazars, during the annual audits of statutory financial statements.
• Collaborating with policy systems and product management teams to implement new insurance products and modify existing ones, requiring a solid understanding of life insurance products and their related accounting flows.
• Active role in adoption of Oracle ™ Statutory chart of accounts / hierarchy to streamline and automate regulatory reporting and the creation of a cloud-based data lake (DataBricks ™)
• Applying a continuous improvement mindset to assess and enhance processes, with a focus on more efficient data delivery, analytics, and providing valuable insights for controllers and business partners.
• Working with the Accounting Policy team to perform accounting research and develop recommendations on technical accounting issues.
• Working with contractors and FP&A to improve and iterate Risk Based Capital and AM Best BCAR capital (actuals, budget and forecast)

What You will Need to Bring to the Team (Essential Functions)

• Prepare and review Statutory financial statements demonstrating business understanding, analytics in a timely manner within Excel, Power BI, and Oracle automation tools a plus.
• Expert proficiency in Excel and other reporting, analytical, or programming tools to support continuous improvement initiatives.
• An initiative-taking individual with excellent people skills, demonstrating elevated levels of professionalism, integrity, and self-awareness in all interactions.
• Familiarity with Oracle Fusion, Peoplesoft, Power BI, Wings/SOVOS, Tableau is an advantage.
• Working knowledge or Annuity-specific RBC and AMBEST BCAR capital models and guidelines.
• Facilitate and complete monthly and year analytic and financial close procedures. Analyze MODCO and Coinsurance with funds withheld reinsurance settlements with others in the Midwest Holding team.
• Prepare weekly and monthly account reconciliations and certification in accordance with statutory model audit rule.
• Compile quarterly annuity reserve valuations from third parties and calculate required entries for both GAAP and STAT basis.
• Assist with analyzing financial statements, identifying, and resolving variances aligned with business economics.
• Research complex accounting, reporting and transactional matters as they arise in the front and middle offices with business growth.
• Ensure proper documentation and monitoring of internal controls.
• Develop accounting and financial procedure desk top procedures (DTP) for new products and investments.
• Be available as subject matter expert (SME) with key CFO projects and initiatives for UAT and regression testing.

Supervisory Responsibility

This position may have some indirect supervisory responsibilities – especially over outside contractors and internal support functions. Desire to manage and develop others a plus.

Work Environment

This job operates in a professional office environment. This role routinely uses standard office equipment.

Physical Demands

The physical demands described below are representative of those that must be met by an employee to successfully perform the essential functions of this job.

While performing the duties of this job, the employee is regularly required to talk and communicate with others. The employee is frequently required to sit, stand; and walk.

Position Type and Expected Hours of Work

This is a full-time position. Days and hours of work are Monday through Friday, 8:00 a.m. to 5:00 p.m. a minimum of 3 days per week in Lincoln Nebraska. Additional hours, as needed, to complete tasks and meet deadlines.

Travel

Minimal travel is expected for this position.

Required Education and Experience

A bachelor’s degree in accounting or finance (a master’s degree is preferred but not required).

A minimum of 3-5 years of financial reporting experience within the insurance or reinsurance industries or public accounting.

Strong knowledge of Statutory accounting rules, procedures, and internal controls, along with a commitment to staying current with industry trends.

Work Authorization/Security Clearance

Must be eligible to work in the United States.

AAP/EEO Statement

Midwest Holding is an Equal Opportunity Employer.

If you need assistance or an accommodation due to a disability, you may contact us at 402-489-8266.

Other Duties

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities, and activities may change at any time with or without notice. 

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