INSURANCE COMPANY FINANCIAL EXAMINER TRAINEE

September 12, 2024

State of Illinois

Chicago

FULL TIME

Agency: Department of Insurance
Closing Date/Time: 09/25/2024
Salary: $4,575 - $6,285 Anticipated Monthly Salary-CBA language applies
Job Type: Salaried
Category: Full Time
County: Cook
Number of Vacancies: 8
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 Success Factors employee career portal.

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

Posting Identification Number 41374
*Answer all application questions thoroughly. DO NOT STATE "SEE RESUME".*

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

1. 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.
2. 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 practicesapplicable to the insurance industry.
3. 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.
4. 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.
5. 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.
6. 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 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

1. Prefers elementary knowledge of insurance accounting and auditing theories, methods, standards and procedures.
2. Prefers basic knowledge of spreadsheets and computer applications.
3. Prefers ability to prepare documentation and reports of examination findings in a logical and concise manner.
4. Prefers ability to successfully complete on-the-job training assignments for the financial examination of insurance companies.
5. 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.
6. 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.
7. Prefers ability to establish effective working relationships with agency staff and insurance company officials and representatives.
8. Prefers ability to acquire knowledge in the structure, operation, and management of insurance companies.
9. Prefers elementary knowledge of technology utilized in the insurance industry.
10. Prefers elementary knowledge of business administration practices as related to insurance companies.

Employment Conditions

1. Requires the ability to pass a background check.
2. Requires the ability to travel to examination sites, which may require overnight stays away from the primary work location.
3. 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.

Work Hours: M-F; 8:30-5:00
Work Location: 122 S Michigan Ave, Chicago, Illinois, 60603
Email: DOI.HR@illinois.gov
Posting Group: Legal, Audit & 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: