Insurance Company Financial Examiner Trainee

State of Illinois • Chicago, IL

4d • Hybrid

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 develop the knowledge and practical skills needed to examine the financial and operational records of insurance companies and other insurance entities. Training includes learning risk-focused examinations in accordance with the National Association of Insurance Commissioners (NAIC) Financial Examiners Handbook, determining compliance with the Illinois Insurance Code and applicable rules, regulations, and statutory accounting practices, and communicating with company personnel and other examiners about examination procedures and findings. The trainee works as a member of examination teams and travels to insurance company sites within and outside Illinois.

The position is based at the Department of Insurance headquarters at 115 S. LaSalle Street, Chicago, Illinois. It requires reporting to the work location during work hours, with hybrid schedule availability as operational needs permit. Work hours are Monday through Friday, 8:30 a.m. to 5:00 p.m. Travel to examination sites may involve overnight stays. The position is a union position subject to the applicable collective bargaining agreement.

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 including 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 examination documentation and reports in a logical and concise manner.
• 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 and applicable laws, rules, regulations, and current accounting practices governing the insurance industry.
• Ability to perform duties professionally, efficiently, and ethically and maintain confidentiality of information obtained during examinations.
• Ability to establish effective working relationships with agency staff and insurance company officials and representatives.
• Elementary knowledge of technology used in the insurance industry.
• Elementary knowledge of business administration practices as related to insurance companies.

Responsibilities

• Receive on-the-job instruction and guidance in increasingly difficult assignments to develop skills for risk-focused examinations under 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 NAIC Financial Examiners/Analysis Handbook.
• 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.
• Travel to insurance company examination sites within and outside Illinois.
• Perform other duties reasonably within the scope of the position.

Benefits

• Health insurance
• Life insurance
• Vision insurance
• Dental insurance
• 13 paid holidays annually, and 14 in even-numbered years
• 10–25 days of paid vacation annually, including 10 days in the first year of employment
• 12 paid sick days annually, with sick days carrying over from year to year
• 12 weeks of paid maternity/paternity leave
• 3 paid personal days annually
• Pension plan
• Deferred compensation and other pre-tax benefit programs for medical and daycare expenses
• Flexible work schedules may be available, depending on the position
• Tuition reimbursement
• Federal Public Service Loan Forgiveness Program eligibility

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level