The Financial Accounting (FA) Unit is responsible for the preparation of the annual audited financial statements for the OIC which includes preparation of the trial balance, footnotes, required supplementary information, and other disclosures as required by Generally Accepted Accounting Principles (GAAP.) The FA unit performs all daily cash management and investing activities of the Offices of the Insurance Commissioner (OIC) which includes accounts payable processing and all agency cash receipts processing through the state’s accounting system. The Financial Accounting Unit is responsible for the procurement of supplies and services for the agency which includes adherring to a competitive bidding process in accordance with applicable federal and state laws and regulations.
The FA unit coordinates with the OIC’s contracted third party administrators to disburse the claims payments to beneficiaries of the insurance programs administered by the OIC including the workers’ compensation related funds. The FA unit works closely with consulting actuaries in order to assist with the annual reserve study of the OIC’s claims liability. The FA unit calculates the claims liabilities of all self-insured employers of the State of WV in order to provide the OIC’s Self-Insurance unit with a reasonable estimate of the magnitude of workers’ compensation risk exposure. The FA unit calculates workers’ compensation maximum medical reimbursement rates and evaluates workers’ compensation managed health care plans.
The FA unit prepares and submits the OIC annual budget and budget narrative, as well as the appropriation and expenditure schedules as required by the State of WV for all OIC funds. The FA unit prepares and distributes monthly financial statements and budget to actual reports to executive management who utilize the reports at the legislative interim meetings. The FA unit is responsible for the management and administration of federal funds for the agency including preparation of required reports and the drawing down of funds on the federal payment management system.