INSURANCE COMPANY FINANCIAL EXAMINER TRAINEE

Why Work for Illinois?

Working with the State of Illinois is a testament to the values of compassion, equity, and dedication that define our state. Whether you’re helping to improve schools, protect our natural resources, or support families in need, you’re part of something bigger—something that touches the lives of every person who calls Illinois home.

No matter what state career you’re looking for, we offer jobs that fit your life and your schedule—flexible jobs that provide the gold standard of benefits. Our employees can take advantage of various avenues to advance their careers and realize their dreams. Our top-tier benefits and great retirement packages can help you build a rewarding career and lasting future with the State of Illinois.
 

Position Overview

The Department of Insurance is seeking to hire an Insurance Company Financial Examiner Trainee. Under immediate supervision, for a period of up to twelve months, the trainee receives training and is assigned various tasks of increasing difficulty to develop knowledge, understanding and practical skills requisite for examining the financial and operational records of life, accident and health insurance companies, property and casualty insurance companies and other types of insurance entities; receives instruction to determine compliance with the Illinois Insurance Code, rules and regulations, and statutory accounting practices and procedures; communicates with company personnel and other examiners regarding examination procedures and findings. Travels to various insurance company sites as examination team member within and outside the State of Illinois. We invite all qualified applicants to apply.

Essential Functions

• Under immediate supervision, for a period of up to twelve months, receives on-the-job instruction and guidance in learning to perform a variety of assignments of increasing difficulty to develop knowledge, understanding and practical skills requisite for performing risk focused examinations in accordance with the National Association of Insurance Commissioners (NAIC) Financial Examiners Handbook including: examining the financial and nonfinancial records of insurance companies; identification and documentation of key functional activities of insurance company operations; identification and assessment of the inherent risk, both financial and prospective of the entity; identification and documentation of internal controls of insurance company financial reporting functions related to the various financial risks; receives structured orientation and instruction in the use of computer applications including electronic spreadsheets, workpapers and audit software; travels to insurance company sites to perform financial examinations.
• Receives exposure to all aspects of the financial examination process to develop knowledge, understanding and practical skills: reviews and analyzes financial statements and corporate records; reviews contracts, proposed transactions, and narratives on company processes and risks; gains understanding of insurance company operations through verbal and written walk-throughs of company processes; participates in seminars offered by various entities to gain further knowledge of insurance company operations and the statutory accounting practices applicable to the insurance industry.
• As a financial examination team member, receives on-the-job instruction and guidance to perform a risk focused examination/analysis in accordance with the National Association of Insurance Commissioners (NAIC) Financial Examiners/Analysis Handbook: learns the proper format and procedures to audit and examine the financial books, records, documents, and accounts of insurance companies; learns the examination process and seven phases of the financial examination; receives exposure to applicable provisions of the Illinois Insurance Code, rules and regulations, and statutory accounting practices and procedures.
• Participates with higher level examiners in meetings and interactions with insurance company officials and industry representatives: participates in obtaining and providing information regarding the examination process; participates in obtaining and providing information regarding findings; participates in obtaining and providing the need for remedial actions and the testing of risk mitigation strategies; participates in providing interpretation of the Illinois Insurance Code, rules and regulations and Department requirements and procedures.
• Learns to prepare electronic working papers necessary to support examination findings: prepares written narratives on company operations and needs to effectively communicate written and oral requests for company documents; documents work process and conclusions of work performed; submits all examination documents to supervisor for timely review and sign off; drafts correspondence and requests for information. 
• Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

• Requires a bachelor’s degree with 21 semester hours of coursework in accounting, (3 hours of auditing), with additional coursework in business, economics, finance, insurance, information technology, risk management, finance or a closely related field.

Preferred Qualifications

• Prefers elementary knowledge of insurance accounting and auditing theories, methods, standards and procedures.
• Prefers basic knowledge of spreadsheets and computer applications.
• Prefers ability to prepare documentation and reports of examination findings in a logical and concise manner.
• Prefers ability to successfully complete on-the-job training assignments for the financial examination of insurance companies.
• Prefers ability to learn and retain knowledge of the Illinois Insurance Code and all applicable laws, rules, regulations, and current accounting practices that govern the insurance industry.
• Prefers ability to perform duties in a professional, efficient and ethical manner and to maintain the confidentiality of the company’s information that is obtained during the examination.
• Prefers ability to establish effective working relationships with agency staff and insurance company officials and representatives.
• Prefers ability to acquire knowledge in the structure, operation, and management of insurance companies.
• Prefers elementary knowledge of technology utilized in the insurance industry.
• Prefers elementary knowledge of business administration practices as related to insurance companies.

Employment Conditions

• Requires the ability to pass a background check.
• Requires the ability to travel to examination sites, which may require overnight stays away from the primary work location.
• Requires an appropriate, valid driver’s license.

The conditions of employment listed here are incorporated and related to any of the job duties as listed in the job description.

About the Agency

The Department of Insurance (DOI) regulates the insurance market in the State of Illinois including, but not limited to, licensing and educating insurance agents, investigating Workers Compensation fraud, and examining the operations and finances of insurance companies domiciled in the state. We are committed to protecting consumers and regulating the insurance industry with innovation and efficiency. DOI has approximately 220 employees who are split between our Chicago and Springfield offices.

State of Illinois employees enjoy a robust benefit package, including:
    • Health, Life, Vision, and Dental Insurance
    • 13 Paid Holidays annually, 14 on even numbered years
    • 10-25 days of Paid Vacation time annually - (10 days in year one of employment)
    • 12 Paid Sick Days annually (sick days carry over from year to year)
    • 10 Weeks Paid Maternity/Paternity Leave
    • 3 Paid Personal Days annually
    • Pension Plan
    • Deferred Compensation Program and other pre-tax benefit programs (Medical/Daycare)
    • Flexible work schedules may be available, dependent upon position
    • Tuition Reimbursement Program and Federal Public Service Loan Forgiveness Program eligibility
    
Visit https://www2.illinois.gov/cms/benefits/Pages/default.aspx for more information about our benefits.