INSURANCE COMPANY FINANCIAL EXAMINER TRAINEE
About The Position
The Department of Insurance is hiring an Insurance Company Financial Examiner Trainee. Under immediate supervision for up to twelve months, the trainee receives instruction and performs increasingly difficult assignments to build the knowledge and practical skills needed to examine the financial and operational records of insurance companies and other insurance entities. The role involves learning how to determine compliance with the Illinois Insurance Code, applicable rules and regulations, and statutory accounting practices and procedures. The trainee is exposed to all aspects of the financial examination process and participates as a member of examination teams conducting risk-focused examinations and analyses in accordance with the NAIC Financial Examiners Handbook. The trainee communicates with company personnel, insurance company officials, industry representatives, and other examiners about examination procedures and findings, and learns to prepare electronic working papers supporting examination findings. Travel to examination sites within and outside Illinois is required and may involve overnight stays. The position is based at the Department of Insurance headquarters at 115 S. LaSalle St., Chicago, Illinois. A hybrid schedule may be available, but the employee must report to headquarters as needed based on operational requirements. The work schedule is Monday through Friday, 8:30 a.m. to 5:00 p.m.
Requirements
- Bachelor’s degree with 21 semester hours of accounting coursework, including 3 hours of auditing, plus additional coursework in business, economics, finance, insurance, information technology, risk management, or a closely related field.
- Ability to pass a background check.
- Ability to travel to examination sites, potentially requiring overnight stays away from the primary work location.
- Appropriate, valid driver’s license.
Nice To Haves
- Elementary knowledge of insurance accounting and auditing theories, methods, standards, and procedures.
- Basic knowledge of spreadsheets and computer applications.
- Ability to prepare logical and concise documentation and reports of examination findings.
- Ability to successfully complete on-the-job training assignments for financial examinations of insurance companies.
- Ability to learn and retain knowledge of the Illinois Insurance Code, applicable laws, rules, regulations, and current accounting practices governing the insurance industry.
- Ability to perform duties professionally, efficiently, and ethically, and maintain confidentiality of company information obtained during examinations.
- Ability to establish effective working relationships with agency staff and insurance company officials and representatives.
- Elementary knowledge of technology utilized in the insurance industry.
- Elementary knowledge of business administration practices as related to insurance companies.
Responsibilities
- Receive on-the-job instruction and perform assignments of increasing difficulty to develop skills for risk-focused examinations in accordance with the NAIC Financial Examiners Handbook.
- Gain exposure to all aspects of the financial examination process.
- Participate as a financial examination team member in risk-focused examinations and analyses under the guidance of higher-level examiners.
- Participate with higher-level examiners in meetings and interactions with insurance company officials and industry representatives.
- Learn to prepare electronic working papers supporting examination findings.
- Communicate with company personnel and other examiners regarding examination procedures and findings.
- Travel to insurance company examination sites within and outside Illinois.
- Perform other duties as required or assigned that are reasonably within the scope of the position.
Benefits
- Health, life, vision, and dental insurance
- 13 paid holidays annually, or 14 in even-numbered years
- 10–25 days of paid vacation annually, with 10 days in the first year of employment
- 12 paid sick days annually, with unused sick days carrying over
- 12 weeks of paid maternity/paternity leave
- 3 paid personal days annually
- Pension plan
- Deferred compensation and other pre-tax benefit programs, including medical and daycare
- Flexible work schedules may be available, depending on the position
- Tuition reimbursement
- Eligibility for the Federal Public Service Loan Forgiveness Program
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What This Job Offers
Job Type
Full-time
Career Level
Entry Level
