INSURANCE COMPANY FIELD STAFF EXAMINER

Position Overview

The Illinois Department of Insurance is seeking to hire an Insurance Company Field Staff Examiner to serve as Group Supervision Analyst. This position reviews and analyzes insurance group holding company filings under review, including Own Risk and Solvency Assessment (ORSA), Corporate Governance Annual Disclosure (CGAD) and Group Capital Calculation (GCC) filings, per the current agency established procedures and guidelines; represents the Department at Supervisory College meetings; reviews various contracts and holding company filings; participates with higher level analysts in meetings and conference calls with insurance company officials, industry representatives and other regulators in obtaining and providing information regarding the analysis and review process; keeps apprised of industry trends through review of business journals, industry publications, and other sources to determine impact on assigned insurance groups to improve the analysis process. We invite all qualified applicants to apply.

Essential Functions

• Reviews and analyzes insurance group holding company filings under review, including Own Risk and Solvency Assessment (ORSA), Corporate Governance Annual Disclosure (CGAD) and Group Capital Calculation (GCC) filings, per the current agency established procedures and guidelines:
• determines the insurer's compliance with applicable provisions of the Illinois Insurance Code, applicable laws and Department rules and regulations,
• drafts memoranda regarding findings and communicates findings to the Financial Examination and Financial Regulation Sections.
• Represents the Department at Supervisory College meetings:
• coordinates with the Financial Examination and Financial Regulation Sections regarding supervisory college activities,
• prepares materials and communicates the Department’s assessment of an insurance group or Illinois domiciled entity within an insurance group to regulators from other U.S. and foreign jurisdictions,
• schedules internal discussions to aid in planning and follows up to ensure proper documentation of files once college meetings are completed,
• travels to attend meetings.
• Reviews various contracts and holding company filings:
• completes memoranda and worksheets to show compliance with Department guidelines and the impact on the company's financial condition,
• develops an understanding of insurance group operations, risks, risk management techniques and transactions to enhance the analysis function,
• develops an understanding of risks that could emerge from non-insurance operations of a group.
• Participates with higher level analysts in meetings and conference calls with insurance company officials, industry representatives and other regulators in obtaining and providing information regarding the analysis and review process:
• follows up on issues identified by other regulators and ensures issues are properly addressed,
• makes recommendations for appropriate regulatory action.
• Keeps apprised of industry trends through review of business journals, industry publications, and other sources to determine impact on assigned insurance groups to improve the analysis process:
• participates in training courses to identity new procedures and/or industry trends.
• 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 coursework in accounting, business, finance, information technology, economics, risk management, insurance, or a closely related field.
• Requires one year of professional insurance accounting experience in the financial analysis of insurance companies financial institutions or pension funds; or the completion of an approved training program.

Preferred Qualifications

• Prefers working knowledge of business administration practices as related to insurance companies.
• Prefers working knowledge of the structure and operations of insurance companies.
• Prefers an understanding of risks for life, health and property and casualty insurers.
• Prefers ability to critically analyze financial reports and documents and identify areas of financial strength and weakness.
• Prefers ability to prepare documentation of findings in a logical and concise manner.
• Prefers ability to establish effective working relationships with other agency staff, insurance company officials and representatives.
• Prefers ability to perform duties in a professional, efficient, and ethical manner and to maintain the confidentiality of the information obtained during the analysis process.
• Prefers a working knowledge of the Illinois Insurance Code, Article VIII 1/2, Insurance Holding Company Systems.

Employment Conditions

• Requires the ability to travel.
• Requires the ability to pass a background check.

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.