MARKET REGULATION SPECIALIST 3

Code: 55243 State Competitive Range: P25 (FY 2027) Work week NL: FLSA exemptOvertime table (4A:3, Appx. A)

Salary: $79,843.57 - $117,227.97/year FY 2027 schedule (last updated 2026-07-27)

Official job specification

The text below is the official specification published by the New Jersey Civil Service Commission. The plain-language summary and analysis above are derived from it by NJ Civil Service Navigator. Source: the official specification page at NJ CSC.

Definition

Under general supervision of the Market Regulation Specialist 4 or other supervisory official in the Division of Licensing and Enforcement, Department of Banking and Insurance, takes the lead in conducting routine and the more complex field and office market regulation of insurers and other entitles regulated by the Department and prepares reports; does related work.

Examples of work

Reviews and analyzes company files, records, sales and advertising materials, complaints, computer runs, procedure manuals, audit reports, and other similar material for compliance with New Jersey laws and regulations, and as directed the laws of other States with respect to Multi-State or Zone Examinations under procedures recommended by the National Association of Insurance Commissioners; prepares reports and correspondence relating thereto. Assists in planning, organizing, and directing market regulation and projects as required. When directed, participates in or performs special examinations, studies or investigations which require the analysis of information and statistics in highly sensitive areas and provides recommendations regarding appropriate action, including monetary mediation involving harm to the public. Under general supervision, performs as examiner-in-charge on field and in-house examinations or statistical studies. When directed or as arises, assists in serving as host or participating State in zone or multi-state examinations initiated in accordance with standards established by the National Association of Insurance Commissioners. Analyzes New Jersey statues and regulations and those of other states to ensure consumer protection in those areas outlined as priorities in Multi-State or Zone Examinations. Provides assignment and instruction to other staff members. Serving in a fiduciary capacity, monitors staff travel expenses and authorizations to ensure economy and compliance with Department guidelines. Drafts correspondence. Analyzes comprehensive reports of examiners performed by the various levels of Market Regulation Specialists, as well as review the work product of other States in accordance with Multi-State or Zone Examination agreements, and provide appropriate recommendations based on gathered data. Coordinates, prepares, edits and formats draft examination reports. Assists in preparation of cases for administrative hearings on alleged violations; attends or testifies at hearings as appropriate. Maintain liaison with local, state and federal law enforcement agencies with respect to acts of insurance fraud, including misrepresentation, theft by deception and other insurance-related crimes, misdemeanors or acts that violate New Jersey's fraud prevention statues. Provides testimony in civil and criminal matters in a court of law regarding violations of New Jersey's fraud prevention statues. Takes the lead, as required, in collecting, analyzing, and interpreting complex data relating to market regulation. Evaluates insurer compliance with New Jersey laws and regulations and its treatment of consumers in the 5 (five) areas of market regulation, including underwriting, rating, claims, sales and advertising and complaints. Prepares clear, sound, accurate, thorough and informative reports containing findings, conclusions, and recommendations in the 5 (five) areas of market regulation, including underwriting, rating, claims, sales and advertising and complaints. Interprets and analyzes existing and proposed statutes and regulations and provide recommendations. Under general supervision, assists in organizing the work for an examination group and develops methods for conducting an examination and verification work in accordance with established standards. Conducts other studies of industry practices including consumer problem areas. Collects and analyzes company files and reports, industry data, and statistical information. Assists in the planning, organization, and assignment of work and evaluates employee performance and conduct, enabling the effective recommendation of the hiring, firing, promoting, and disciplining of subordinates. Prepares clear, sound, accurate, thorough and informative reports containing findings, conclusions, and recommendations in the 5 (five) areas of market regulation, including underwriting, rating, claims, sales and advertising and complaints. Oversees research projects and analyzes statistical reports. Conducts meetings with representatives of the insurance industry to resolve compliance problems and to complete work related tasks. Assists in preparing cases for administrative hearings on alleged violations; attends or testifies at hearings. Conducts research projects by using sound research methodology and information analysis techniques. Confers on more complex examinations and implements instructions. Organizes and/or conducts orientation and training courses for the market regulation staff. May be assigned to the field or office. Maintains essential records and files of the Market Regulation Unit. Will be required to learn to utilize various types of electronic and/or manual recording and computerized information system used by the agency, office, or related units.

License

Appointees will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.

Knowledge, skills and abilities

Knowledge of insurance principles. Knowledge of the methods used to conduct insurance investigations and examinations. Knowledge of the techniques used to analyze and compile data. Knowledge of proper forms, content, and interpretation of varied types of documents, statements, electronic media and other documents and information used in the course of an examination. Ability to apply fundamental research methodology including identification of problems, as well as utilization of methods to measure relationships and interpret outcomes. Ability to conduct routine examinations. Ability to analyze, interpret, and apply basic laws, rules, and regulations of the State of New Jersey and other States within the context of Multi-State or Zone Examinations. Ability of organize work, analyze the problems which arise, and develop appropriate work methods. Ability to analyze company files and reports, industry data, and statistical information. Ability to identify improper company practices and noncompliance during an examination or investigation. Ability to analyze and apply insurance legislation and regulations. Ability to establish and maintain cooperative working relationships with those interested or involved in the work of the unit. Ability to conduct research. Ability to interpret and apply laws and regulations. Ability to collect, analyze, appraise, and interpret technical and other factual data. Ability to prepare clear, sound, accurate, thorough, and informative reports containing finding, conclusions, and recommendations. Ability to maintain essential records and files. Ability to learn and utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units, as well as electronic systems utilized by examinees. Ability to read, write, speak, understand, or communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication Persons with mental or physical disabilities are eligible as long as they can perform essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.

Note

The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed. Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience. Seven (7) years of professional experience in an insurance company or insurance regulatory agency in one or more of the following categories: settlement or investigation of claims, underwriting reviews and investigation, and rating work and investigations, including or supplemented by six (6) semester hour credits in math, at least three (3) of which are in statistics. OR Possession of a bachelors degree from an accredited college or university, including or supplemented by six (6) semester hour credits in math, at least three (3) of which are in statistics; and three (3) years of the above-mentioned professional experience. OR Possession of a Master's degree in Insurance Studies, Public Administration, Business Administration, or a related field from an accredited college or university, including or supplemented by six (6) semester hour credits in math, at least three (3) of which are in statistics; and two (2) years of the above-mentioned professional experience. "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions.