Chief Financial Officer (CFO)
Position Summary (Part Time)
The Chief Financial Officer is a key member of the executive leadership team and is responsible for the company’s financial strategy, financial reporting, capital management, investment oversight, and regulatory financial compliance. The CFO provides strategic financial leadership to support the company’s profitability, solvency, growth, and long-term financial strength.
The CFO works closely with the Chief Executive Officer, Governing Committee, Audit Committee, Investment Committee, regulators, auditors and investment managers. The position requires substantial knowledge of insurance company operations, statutory accounting principles, regulatory reporting, investment management, and capital planning.
Key Responsibilities
Financial Strategy and Leadership
- Serve as a strategic financial advisor to the CEO and Governing Committee.
- Develop and execute financial strategies that support the company’s business objectives, and long-term financial strength.
- Lead financial planning, budgeting, forecasting, and performance analysis.
- Evaluate strategic initiatives, reinsurance arrangements, and other significant transactions.
Accounting and Financial Reporting
- Oversee the preparation and accuracy of statutory, management, budget-to-actual-analyses, tax, and other financial reports.
- Ensure timely completion of quarterly and annual statutory financial statements and related regulatory filings.
- Oversee general ledger accounting and the quarterly and annual close
- Manage accounts payable, accounts receivable, payroll, and cash reconciliations
- Prepare budgets, forecasts, and cash-flow projections
- Maintain the accounting, accounts payable, accounts receivable and financial reporting systems
- Oversee investment, reinsurance, loss-reserve, and premium accounting
- Maintain an effective system of internal controls over financial reporting and safeguard the company’s assets.
- Establish and enforce appropriate accounting policies and financial procedures.
- Coordinate the annual financial statement audit and other internal or external financial reviews.
- Present financial results, forecasts, and significant financial matters to the Governing Committee and appropriate Board committees.
Regulatory and Statutory Compliance
- Ensure compliance with applicable insurance laws, regulations, statutory accounting principles, and NAIC reporting requirements.
- Manage financial communications and filings with state insurance departments and other regulatory authorities.
- Monitor emerging accounting, tax, and regulatory requirements and assess their effect on the company.
- Support regulatory examinations and financial condition reviews.
Capital and Surplus Management
- Develop and maintain the company’s capital and surplus management strategy.
- Evaluate assessments, investment income, member fees and assumed premiums to maintain adequate surplus for operations.
Treasury and Investment Oversight
- Oversee cash management, liquidity planning, banking relationships, and treasury operations.
- Participate in the development and implementation of the company’s investment strategy and asset-liability management program.
- Monitor investment performance, credit quality, concentration risk, duration, liquidity, and compliance with regulatory and investment committee approved investment guidelines.
- Work with internal or external investment managers, custodians, and investment advisors.
- Provide financial analysis and reporting to the company’s Investment Committee.
Taxation
- Oversee federal, state, and local tax compliance and tax reporting.
- Develop appropriate tax-planning strategies and monitor the company’s current and deferred tax positions.
- Coordinate tax audits and maintain relationships with external tax advisors.
- Evaluate the tax consequences of significant business and capital transactions.
Risk Management and Corporate Governance
- Participate in the company’s enterprise risk management program.
- Identify and evaluate financial, investment, liquidity, credit, operational, and strategic risks.
- Collaborate with actuaries on loss reserve methodology and loss reserve reporting.
- Support corporate governance activities and ensure that significant financial matters are appropriately communicated to the Governing Committee.
- Promote a strong culture of financial discipline, ethical conduct, accountability, and regulatory compliance.
Reporting Relationship
The Chief Financial Officer reports to the Chief Executive Officer and regularly reports to the Governing Committee, Audit Committee, Investment Committee, and other Board committees, as appropriate.
Supervisory Responsibilities
The CFO provides leadership and oversight Director of Administration.
Qualifications
- Bachelor’s degree in accounting, finance, business administration, or a related field.
- CPA designation strongly preferred; an MBA or other advanced degree is desirable.
- At least 10 years of progressively responsible financial experience, including substantial experience within the property and casualty, life, health, or other regulated insurance industry.
- At least five years of senior financial leadership or management experience.
- Strong knowledge of statutory accounting principles, NAIC requirements, insurance regulatory reporting.
- Experience with insurance company investments, capital management, financial forecasting, taxation, and internal controls.
- Experience communicating with insurance regulators, auditors, Boards of Directors, and Board committees.
- Demonstrated ability to analyze complex financial matters and translate them into clear business recommendations.
- Strong leadership, communication, judgment, organizational, and problem-solving skills.
Preferred Experience
- Experience with the company’s applicable insurance lines and organizational structure.
- Knowledge of reinsurance accounting and financial reporting.
- Experience participating in insurance department financial examinations.
- Experience implementing or improving financial systems, reporting processes, and internal controls.
Leadership Competencies
- Strategic and commercially oriented financial leadership.
- Strong analytical judgment and problem-solving ability.
- High degree of integrity, accountability, and professional ethics.
- Ability to communicate complex financial matters clearly to financial and nonfinancial audiences.
- Effective Board-level presentation and relationship-management skills.
- Strong organizational skills and the ability to manage competing priorities and deadlines.
Compensation and Benefits
The company offers a competitive executive compensation and benefits package commensurate with the candidate’s experience, qualifications, and responsibilities.
Equal Employment Opportunity
Massachusetts Medical Malpractice Reinsurance Plan is an equal opportunity employer and considers qualified applicants without regard to race, color, religion, sex, national origin, age, disability, veteran status, sexual orientation, gender identity, or any other status protected by applicable law.
