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INSURANCE FINANCIAL SPECIALIST

We continually strive for a workforce that reflects the growing diversity within the State of Illinois. A variety of employee backgrounds, perspectives, ideas and experiences are crucial to our ability to most effectively serve the public. Bilingual skills welcome

Reasonable Accommodation Statement

The State of Illinois is committed to working with and providing reasonable accommodations to people with disabilities. Further, federal law requires employers to provide reasonable accommodation to qualified individuals with disabilities. Please tell us if you require a reasonable accommodation to apply for a job, interview for a job, or for any other activity related to the hiring process. Examples of reasonable accommodation include, but are not limited to, making a change to the application process (if possible), providing documents in an alternate format, using a sign language interpreter, or using specialized equipment.

To be provided a Reasonable Accommodation during the hiring process, you will need to provide a certification of disability from a physician, psychiatrist, school official or an Illinois Department of Human Services (DHS) Division of Rehabilitation Services (DRS) Vocational Rehabilitation (VR) Counselor. Supporting documentation should be uploaded under My Documents → Additional Documents section for each application.

Any questions on Reasonable Accommodations can be directed to Central Management Services Disability Resource Center at CMS.DisabilityResCen@illinois.gov or call (217) 524-7514 for further information and to request or discuss an accommodation.

Sponsorship for Employment

The State of Illinois does not provide sponsorship for employment visa status (e.g. H-1B visa status). To be considered for permanent employment with the State of Illinois, applicants must be currently authorized to work in the United States on a full-time basis.

Disclosure of Salary Information

In compliance with the Illinois Equal Pay Act, 820 ILCS 112/1 et seq., the State does not seek, request, or require a job applicant’s wage or salary history.  Employment decisions are not made based on an applicant’s wage or salary history.  To that end, please do not include wage or salary information in your resume or other profile or application materials.

Date:  Nov 21, 2022
Location: 

Springfield, IL, US, 62767-1000

Job Requisition ID:  20932

Agency :  Department of Insurance 
Closing Date/Time: 12/07/2022
 
Salary:   $5,536 - $8,279  
Job Type:   Salaried Full Time  
County:   Sangamon  
Number of Vacancies:   2  
Plan/BU:   RC062  

 

This position is a union position; therefore, provisions of the relevant collective bargaining agreement/labor contract apply to the filling of this position.

 

All applicants who want to be considered for this position MUST apply electronically through the illinois.jobs2web.com website. State of Illinois employees should click the link near the top left to apply through the SuccessFactors employee career portal.

Applications submitted via email or any paper manner (mail, fax, hand delivery) will not be considered.

 

Posting Identification Number  #20932

About the Position

The Department of Insurance is seeking to hire an Insurance Financial Specialist. This position conducts financial analyses of Property and Casualty insurance companies' financial statements and other related documents to determine the financial condition of a company, which includes companies and groups with acknowledged issues that require further monitoring; performs risk focused assessments and reviews of financial statements, proposed financial transactions, audited financial statements and periodic holding company filings from assigned companies to determine compliance with applicable laws, rules, policies, procedures and current accounting practices; provides guidance and training to lower level staff; participates with other staff in meetings or conference calls with insurance company officials, industry representatives, attorneys and/or other regulators regarding the analysis process and the subsequent findings of a review; reviews applications of insurance companies seeking licensure in Illinois; reviews financial and operational factors to determine a company's compliance with all applicable provisions of the Illinois Insurance Code and any other related laws, rules and regulations; prepares documents and reports of review findings and submits to supervisor for review; assists higher level staff in researching or amending existing laws, rules, and regulations or with drafting new legislation; conducts special projects; travels in the performance of duties. We invite all qualified applicants to apply.

Job Responsibilities

1. Conducts financial analyses of Property and Casualty insurance companies' financial statements and other related documents to determine the financial condition of a company, which includes companies and groups with acknowledged issues that require further monitoring:
   •    clarifies information received from assigned companies and requests additional information when needed,
   •    prepares and reviews acceptance recommendations for a company's statutory filings,
   •    performs risk focused assessments and reviews of financial statements, proposed financial transactions, audited financial statements and periodic holding company filings from assigned companies to determine compliance with applicable laws, rules, policies, procedures, and current accounting practices,
   •    travels in the performance of duties.
2. Provides guidance and training to lower level staff:
   •    assists staff in reviewing complex documents,
   •    conducts reviews of staff examinations to provide feedback or recommend further reviews.
3. Participates with other staff in meetings or conference calls with insurance company officials, industry representatives, attorneys and/or other regulators to obtain or clarify information of a company's activities and financial condition:
   •    participates in meetings to provide information regarding the analysis process,
   •    participates in meetings to coordinate and assist with the agency's review functions by providing analysis information for companies under review.
4. Prepares and finalizes documentation and reports of review findings to explain a company's compliance with the laws, rules, regulations and agency guidelines and current financial condition:
   •    designates any official recommendations for appropriate regulatory action,
   •    submits review documents to supervisor for review.
5. Reviews applications of insurance companies seeking licensure in Illinois:
   •    reviews financial and operational factors to determine a company's compliance with all applicable provisions of the Illinois Insurance Code and any other related laws, rules, and regulations.
6. Assists higher level staff in researching or amending existing laws, rules and regulations or drafting new legislation to enhance the agency's monitoring abilities:
   •    conducts special projects.
7. Performs other duties as required or assigned, which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

1. Requires a bachelor’s degree with coursework in accounting, business, economics, finance, insurance, information technology, risk management or a closely related field.
2. Requires three years of professional accounting experience in the financial analysis of insurance companies.
3. Requires proof of the completion of at least one professional insurance designation from the following list: Professional in Insurance Regulation (PIR) – National Association of Insurance Commissioners (NAIC); Certified Public Accountant (CPA); Associates in Insurance Accounting and Finance (AIAF); Certified Financial Examiner (CFE) – Society of Financial Examiners (SFE); Fellow, Life Management Institute (FLMI); Chartered Property Casualty Underwriter (CPCU); Registered Health Underwriter (RHU); Chartered Life Underwriter (CLU).

Preferred Qualifications

1. Prefers three (3) years of professional knowledge of insurance accounting and auditing concepts and of the principles, practices, methods, and procedures applicable to the insurance industry.
2. Prefers three (3) years of professional knowledge of the laws, agency rules and regulations and accepted accounting practices that relate to the analysis of insurance companies.
3. Prefers three (3) years of professional knowledge of current business administration practices and of the structure, operation, and management of insurance companies.
4. Prefers three (3) years of professional knowledge of technology utilized by the insurance industry and of various agency computer software programs.
5. Prefers three (3) years of professional experience in performing duties in a professional, efficient, and ethical manner and to maintain the confidentiality of the company’s information that is obtained during a review.
6. Prefers three (3) years of professional experience applying all applicable laws, rules and regulations related to the accounting and auditing functions of an insurance company when performing analysis reviews.
7. Prefers three (3) years of professional experience verifying financial entries from various source documents and financial records and to assess a company’s risks within the agency’s analysis parameters.
8. Prefers three (3) years of professional experience reviewing accounts, records, statements, documents or reports for any inconsistencies or noncompliance with applicable laws, rules, or regulations.
9. Prefers three (3) years of professional experience establishing effective working relationships with agency staff, insurance company staff and officials, attorneys, and other regulatory agencies.
10. Prefers three (3) years of professional experience communicating effectively in oral and written form and composing documentation of analysis findings in a logical and concise manner.

Conditions of Employment

1. Requires the ability to pass a background check.
2. Requires the ability to travel.

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.

Work Hours:  8:00am - 4:30pm Monday - Friday  
Work Location: 320 W Washington St Springfield, IL 62767-1000  
Agency Contact:
 

For questions, email: DOI.HR@illinois.gov.  Applications must be submitted online through the job website.

Job Family:  Legal and Compliance  

 

This position DOES NOT contain “Specialized Skills” (as that term is used in CBAs).

 

APPLICATION INSTRUCTIONS

Use the “Apply” button at the top right or bottom right of this posting to begin the application process.

If you are not already signed in, you will be prompted to do so. 

State employees should sign in to the career portal for State of Illinois employees – a link is available at the top left of the Illinois.jobs2web.com homepage in the blue ribbon. 

Non-State employees should log in on the using the “View Profile” link in the top right of the Illinois.jobs2web.com homepage in the blue ribbon.  If you have never before signed in, you will be prompted to create an account.

If you have questions about how to apply, please see the following resources:

State employees: Log in to the career portal for State employees and review the Internal Candidate Application Job Aid

Non-State employees: on Illinois.jobs2web.com – click “Application Procedures” in the footer of every page of the website.

 

The main form of communication will be through email. Please check your “junk mail”, “spam”, or “other” folder for communication(s) regarding any submitted application(s). You may receive emails from the following addresses:

  • donotreply@SIL-P1.ns2cloud.com
  • systems@SIL-P1.ns2cloud.com