Insurance Quality Assurance
Resume:
CHARLES W. PERRY
*** ********** ***** • Columbia, SC 29210
• Accounting & Finance • Risk Management & Insurance
Professional Experience
Companion Property and Casualty Insurance Company, Columbia, South Carolina 2008 - present
Manager, Servicing Carrier Quality Assurance
• Manage accounts payable activities for multiple operating and fiduciary accounts.
• Develop department budgets and evaluating variances.
• Utilize ACL and other data analysis tools to evaluate data for internal audit, compliance and benchmark testing.
• Oversee medical provider vendor entry and update activities.
• Prepare management reports using QMF, queries and Microsoft Access to collect, analyze and interpret trends in data.
• Oversee claim, return premium and commission check processing; daily check volume > 2,000.
• Ensure compliance with state licensing for third party administrators by reviewing state statutes and regulations.
• Provide financial and risk evaluation of prospective TPA client information.
• Act as primary point of contact for Companion Third Party Administrator SAS 70 audit activities with internal and external auditors.
• Oversee all escheat and year-end 1099 processing activities.
• Coordinate filing of Form A to facilitate the purchase of an insurance company subsidiary.
South Carolina Department of Insurance, Columbia, South Carolina 2006 - 2008
Deputy Director of Financial Services
• Monitored the financial solvency of insurance companies licensed in South Carolina which included 62 traditional insurance companies and 155 captive insurance companies, including 45 risk retention groups.
• Advised insurance company officers, attorneys, accountants and regulatory authorities regarding South Carolina statutes and guidelines regarding licensure, re-domestication, changes in ownership, assumptions and cessions of business and amendments to licenses.
• Worked with the legal division to interpret and draft new legislation. Ensured examination and analysis procedures complied with NAIC accreditation standards.
• Participated on various committees and attended NAIC quarterly meetings. Completed special projects at the request of the Director of Insurance.
• Evaluated and approved new captive license applications and changes in captive insurance company operations. Reviewed and approved pro-formas and actuarial reports.
• Served as Executive Secretary on the committee responsible for approving insurance companies for licensure. Coordinated with the Chief Financial Examiner, Chief Financial Analyst, and General Counsel to initiate regulatory action against financially impaired insurers. Managed activities relating to supervisions, rehabilitations and liquidations. Monitored troubled insurance companies, working with insurance company management and outside consultants to alleviate financial concerns.
• Supervised four senior professionals and support staff of twenty-one in the areas of financial analysis, financial examination, market regulation, and receiverships.
• Developed departmental budgets and established strategic plans regarding resource allocation and personnel.
Preferred Reinsurance Intermediaries, Inc., Columbia, South Carolina 1985 - 2006
Vice President / Chief Financial Officer
• Supervised accounting functions, including AR/AP, account reconciliation, and cash management.
• Administered all financial management systems, evaluating and integrating new applications.
• Reported to the Board of Directors and President concerning financial forecasts and reports.
• Prepared financial reports, developed budgets, and performed variance analysis in accordance with business plan.
• Compiled periodic financial reporting packages for senior management.
• Carried out internal audits to ensure regulatory compliance and operational efficiency/accuracy.
• Coordinated activity and scheduling with outside independent auditors.
• Calculated reinsurance premium, commission and profit sharing adjustments based on reinsurance contract terms.
• Handled reinsurance claims and catastrophic loss claim processing, documenting claim applicability and verifying coverages.
• Coordinated with outside attorneys on matters involving litigation.
Accomplishments
As the Quality Assurance Manager for Companion Property and Casualty:
Transitioned accounts payables and general ledger processing to new software application, and migrating escheat system to new application.
Provided technical support and guidance for both outsourcing claims check processing and a virtual payment initiative.
As the Deputy Director of Finance for the SC Department of Insurance:
Implemented process improvement in the Alterative Risk Transfer Services’ financial analysis and examination areas in preparation for the Department’s re-accreditation with the NAIC.
Assumed responsibility for transferring South Carolina’s receivership information into the NAIC Global Receiver Insurance Database (GRID).
Initiated an action plan to finalize the estate of a risk retention group insolvency. This insolvency was referenced in the General Accounting Office’s (GAO) report to Congress on risk retention group regulation.
Streamlined new company licensing processing, reducing time required from application to licensure by over 30%.
Established a time/productivity evaluation study for the financial analysts section documenting a 4 day reduction in time required to analyze insurance company financial statements.
Helped resolve a situation involving a financially impaired Health Maintenance Organization (HMO), leading to the HMO being purchased and avoiding liquidation.
Took decisive action by placing three financially impaired RRG captives under Department supervision.
Resolved a dispute with another insurance department concerning an insolvent insurance company resulting in South Carolina claimants receiving a 20% higher payout.
Facilitated a reinsurance assumption agreement involving a troubled foreign insurance company with significant premium volume in the state.
As the Vice President and Chief Financial Officer for Preferred Reinsurance Intermediaries:
Secured intermediary licenses in 23 states in response to changes in legislation.
Established processes and systems to support two start-up subsidiaries.
Created an access database to track submissions and quotes for a subsidiary.
Education
University of South Carolina
Bachelor of Science, Double Major in Finance and Real Estate
Designations
Chartered Property & Casualty Underwriter (CPCU)
Associate in Insurance Accounting & Finance (AIAF)
Fellow, Life Management Institute (FLMI)
Associate in Reinsurance (ARe)
Associate in Risk Management
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