INSURANCE COMPANY FINANCIAL EXAMINER TRAINEE

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 work assignments to develop the knowledge, understanding, skills and abilities required to conduct financial analysis of assigned insurance companies’ financial and non-financial documents to verify a company’s financial condition and to determine if all operations are in compliance with the Illinois Insurance Code and applicable laws, rules, regulations and current insurance accounting practices; completes a variety of assignments in the application of auditing and accounting techniques; assists financial analysts and specialists in various aspects of financial analysis; receives instruction in preparing analysis worksheets, documents and reports to document and support findings; completes agency training to develop and enhance knowledge of the analysis process. We invite all qualified applicants to apply.

Essential Functions

• As a financial analyst team member under immediate supervision for a period of up to twelve (12) months, receives instruction and on-the-job training to learn the proper format and procedures to conduct financial analysis of assigned insurance companies’ financial and non-financial documents and records for Life insurance companies, Health insurance companies, Health Maintenance Organizations, and other companies; reviews contracts, proposed transactions, financial statements, and corporate records, receives exposure to applicable laws, rules, regulations, policies, procedures, current accounting practices and provisions of the Illinois Insurance Code.
• Completes a variety of assignments in the application of auditing and accounting techniques, including the analysis of the company’s financial and non-financial documents;  participates in meetings with other analysis staff, insurance company officials and industry representatives to discuss the analysis process and findings and the need for any regulatory actions, receives structured orientation and instruction in utilizing agency computer programs and applications to assist in the analysis of an insurance company’s records.
• Assists financial analysts and specialists in various aspects of financial analysis such as reviewing financial statements, determining adequacy of premiums, and reviewing a company’s policies to develop knowledge, understanding and practical skills.
• Receives instruction in preparing analysis worksheets, documents, and reports to properly document and support findings and to illustrate compliance with agency guidelines; submits documents to supervisor for review, drafts correspondence and prepares memoranda to assist the supervisor in the completion of the company audits.
• Completes agency training assignments or other formal training designed to develop and enhance knowledge of the analysis process, the operations of insurance companies and all applicable law, rules, regulations, and current accounting practices.
• 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, economics, finance, insurance, information technology, risk management or a closely related field.

Preferred Qualifications

• Prefers elementary knowledge of insurance accounting and auditing theories, methods, standards, and procedures.
• Prefers elementary knowledge of business administration practices as related to insurance companies.
• Prefers elementary knowledge of technology utilized by the insurance industry.
• Prefers ability to successfully complete on-the-job training assignments for the financial analysis of insurance companies.
• Prefers ability to prepare documentation and reports of analysis findings in a logical and concise manner.
• Prefers ability to learn and retain knowledge of the Illinois Insurance Code and all applicable laws, rules, regulations, and current accounting practices the govern the insurance industry.
• Prefers ability to acquire knowledge in the structure, operation, and management of insurance companies.
• Prefers ability to establish effective working relationships with agency staff and insurance company officials and representatives.
• 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 analysis process.

Employment Conditions

• 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.