Vice President, Finance - Alexandria, United States - Armed Forces Benefits Assoc.

Description

Job Description

Job Description

About Armed Forces Benefit Association (AFBA) and 5Star Life

AFBA membership provides military members, first responders, and their families certainty and peace of mind, with benefits tailored to their real-life needs.

With mission-driven focus, a compassionate claims process, and partnership for life, we provide our members with the security they deserve and the protection their loved ones need.

AFBA. Founded to Protect Those Who Serve.

5Star Life partners with select brokers to grow their business with personalized attention, flexibility and responsiveness so they can address customer needs.

Our customizable solutions are transparent and straightforward to meet the needs of the employees critical to our communities. Drive your business forward with 5Star Life. The partner of choice.

Through the values of Integrity, Commitment, Stewardship, Service, Patriotism, Inclusiveness, Culture, and Social Justice, our team provides insurance solutions for those who serve, defend, and protect our great nation in the armed forces, as well as first responders, federal government and department of defense employees, and our country's civilian workforce.

We welcome you to apply and consider joining our team of service-focused professionals.
We offer a hybrid work environment. This position is in Alexandria, VA

About the role:

The VP, Finance & Controller is responsible for financial reporting & analysis, investment & treasury management, tax & regulatory compliance, policy accounting, and strategic/risk management.

This position reports to the CFO and leads of team of finance professionals.
Financial Reporting and Planning Analysis

Review monthly detailed general ledger and financial statements for internal reporting to management on both statutory basis and GAAP basis accounting.

Includes journal entry review of investments, reserves, and other journal entries prepared by Assistant Controller. Coordination with parent company Finance Department for financial consolidation activities and intercompany billings.
Compilation and review of the annual and quarterly financial statement filings with the NAIC and state insurance departments.
Compilation and review of the annual audited financial statements.
Primary point of contact for financial-related audits.

Includes annual audit of the financial statements, internal audits and audits performed by external entities (contract relationships, state insurance departments).

Primary accounting/finance point of contact for third party administrators, reinsurance partners and group contracts, particularly in relation to reporting and oversight of financial activities.

Administration and approval authority on bank accounts for certain wire/ACH transactions and fraud reporting systems (i.e., positive pay).
Assists CFO with financial analysis, presentations for the Board of Directors and AM Best, and other special projects.

In coordination with CFO and actuarial team, prepare 5-year budget projections by product and from a top-down approach on statutory basis and GAAP basis accounting.

Primary project coordinator for Prophix budget system implementation project.

Representation of the Financial Accounting team on internal IT committees and special projects, including participation on the enterprise reporting system project, claims system conversion project.

Investment and Treasury Management
Approval of the investment reporting of outsourced accounting service provider, Conning Asset Management.
Assistance with Investment Impairment analysis and ASC320 requirements of investment portfolio.
Responsible for state deposit monitoring against regulatory requirements and replacing maturing securities.
Secretary for the Investment Committee.

Assist the CFO with investment performance analysis, investment impairment analysis, creation of investment procedures, and preparation of agenda and discussion items for committee meetings.

Records minutes of quarterly Investment Committee meeting for reporting at quarterly Board of Directors' meeting.
Oversight of daily cash management needs, including management of cash advance process with Federal Home Loan Bank.

Tax and Regulatory Compliance Management
Preparation of quarterly tax provision calculations for statutory and GAAP basis accounting.
Review of the state premium tax filings for both year-end and estimate filings (shared responsibility with CFO at year-end). Creation of procedures and training of staff for the annual state reporting process.
Review and oversight of preparation and filing state specific and regulatory reports throughout the year. Includes tracking and updating all state reporting requirements and coordinating with Compliance Department.
Review of municipal tax filings for five states (four report annually, one quarterly).
Review of state unclaimed property due diligence and reporting (completed semi-annually).
Coordination and review of the 1099 year-end tax reporting to agents, claim beneficiaries, policyholders and IRS.
Preparation of state corporate and franchise tax returns for agency subsidiary

Strategic Planning and Risk Management

Participation as a Finance Dept representative to the corporate strategic planning team to assist with the development and update of financial projection models.

Assist with identification of enterprise risks for 5Star Life with recommendations for mitigating risks.

Policy Accounting

Knowledge resource for all life and health insurance products offered by 5Star Life, including understanding the transaction level accounting of universal life, whole life and term insurance.

Consultation on policyholder and policy administration system issues. Includes determination of policies and procedures for the policy accounting group, where financial accounting is affected.
Summarization of reinsurance information for quarterly reporting and premium remittance to reinsurer.

Other
Research and implement new accounting policies for statutory and GAAP accounting.

Responsible for upkeep of the departmental Disaster Recovery Plan/ Business Continuity Plan for the Finance department with participation in annual review testing.

Responsible for annual corporate insurance renewal process.
Must be prepared to stand in for CFO at meetings of all levels.


What we are seeking:
Degree in accounting required (bachelor's or master's); CPA or CGMA active license
10+ years' experience in managing an accounting and financial reporting department with expertise in life insurance accounting (Statutory and GAAP bases of accounting)
Prior experience supervising skilled staff
Experience with insurance annual statement filings and modern general ledger reporting systems (i.e., Infor)
Treasury management experience for banking and cash management, investment accounting and analysis
Experience working with and presenting to senior leaders
Knowledge of Federal and state tax accounting regulations and experience with return preparation
Effective communicator with excellent verbal and written communication skills
Ability to lead, coach, and develop professional staff
Excellent collaboration and relationship-building skills
Strong analytical abilities
High attention to detail, with an organized approach to work
Exceptional time-management skills


Benefits we offer:
health insurance (medical, dental, and vision)
flexible spending accounts (medical and dependent care)
401k plan with generous employer match
paid time off
paid holidays (11)
life insurance
short- and long-term disability insurance
employee assistance program
professional development & tuition reimbursement
career growth opportunities
hybrid work environment
on-site gym and locker rooms (Alexandria, VA office only)
friendly, collaborative culture

Qualified people of all races, ethnicities, ages, sex, genders, sexual orientations, national origins, gender identities, marital status, religions, veterans' statuses, disabilities, and any other protected classes are strongly encouraged to apply.

As an equal opportunity workplace, we are committed to creating an inclusive environment for all employees.

AFBA and 5Star Life Insurance Company endeavors to make reasonable accommodations to the known physical or mental limitations of qualified applicants with a disability unless the accommodation would impose an undue hardship on the operation of our business.

If an applicant believes they require such assistance to complete the application or to participate in an interview, or has any questions or concerns, they should contact Human Resources (hr at afba dot com).

EEO is the Law (Link to external DOL site). AFBA and 5Star Life Insurance Company is an Equal Opportunity Employer and an E-Verify Employer.

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