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- Tasks: Join us as a trainee to learn financial examination of insurance companies.
- Company: The Department of Insurance regulates Illinois' insurance market, ensuring consumer protection and industry efficiency.
- Benefits: Enjoy flexible work schedules, health insurance, paid holidays, and tuition reimbursement.
- Why this job: Gain hands-on experience in finance while contributing to a meaningful cause that impacts lives.
- Qualifications: A bachelor's degree with accounting coursework is required; knowledge of insurance is a plus.
- Other info: Travel to various insurance sites is part of the job, offering diverse experiences.
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.
Essential Functions
- 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.
- 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 practices applicable to the insurance industry.
- 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.
- 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.
- 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.
- 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 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
- Prefers elementary knowledge of insurance accounting and auditing theories, methods, standards and procedures.
- Prefers basic knowledge of spreadsheets and computer applications.
- Prefers ability to prepare documentation and reports of examination findings in a logical and concise manner.
- Prefers ability to successfully complete on-the-job training assignments for the financial examination of insurance companies.
- 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.
- 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.
- Prefers ability to establish effective working relationships with agency staff and insurance company officials and representatives.
- Prefers ability to acquire knowledge in the structure, operation, and management of insurance companies.
- Prefers elementary knowledge of technology utilized in the insurance industry.
- Prefers elementary knowledge of business administration practices as related to insurance companies.
Employment Conditions
- Requires the ability to pass a background check.
- Requires the ability to travel to examination sites, which may require overnight stays away from the primary work location.
- Requires an appropriate, valid driver's license.
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 all of the State of Illinois’ benefits.
Work Hours: M-F; 8:30-5:00 (Requires the ability to report to the work location during work hours)
Work Location: 115 S. LaSalle St., Chicago, IL
APPLICATION INSTRUCTIONS
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: 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:
Insurance Company Financial Examiner Trainee employer: Nichols College
Contact Detail:
Nichols College Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Insurance Company Financial Examiner Trainee
✨Tip Number 1
Familiarise yourself with the Illinois Insurance Code and the National Association of Insurance Commissioners (NAIC) Financial Examiners Handbook. Understanding these regulations will not only help you during the interview but also demonstrate your commitment to the role.
✨Tip Number 2
Network with current or former employees of the Department of Insurance. They can provide valuable insights into the company culture and expectations, which can be beneficial when preparing for interviews.
✨Tip Number 3
Brush up on your data analytics skills, especially in using spreadsheets and audit software. Being proficient in these tools will give you an edge, as they are essential for the financial examination tasks you'll be performing.
✨Tip Number 4
Prepare to discuss your understanding of risk management and insurance operations. Be ready to explain how you would approach examining financial records and identifying potential risks, as this is a key aspect of the role.
We think you need these skills to ace Insurance Company Financial Examiner Trainee
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and requirements of the Insurance Company Financial Examiner Trainee position. Familiarise yourself with the essential functions and preferred qualifications listed in the job description.
Tailor Your CV: Customise your CV to highlight relevant coursework and experiences that align with the job requirements. Emphasise any accounting, finance, or insurance-related studies and skills that demonstrate your suitability for the role.
Answer Application Questions Thoroughly: When filling out the application, ensure you answer all questions in detail. Avoid simply stating 'see resume' as this may lead to disqualification. Use this opportunity to showcase your knowledge and enthusiasm for the position.
Proofread Your Application: Before submitting, carefully proofread your application for any spelling or grammatical errors. A well-presented application reflects your attention to detail and professionalism, which are crucial for a financial examiner role.
How to prepare for a job interview at Nichols College
✨Understand the Role
Make sure you have a solid grasp of what an Insurance Company Financial Examiner Trainee does. Familiarise yourself with the key responsibilities, such as examining financial records and understanding compliance with the Illinois Insurance Code. This will help you answer questions confidently.
✨Brush Up on Relevant Knowledge
Since the role requires knowledge in accounting, finance, and insurance, review your coursework and any relevant materials. Be prepared to discuss basic accounting principles and how they apply to the insurance industry, as well as any experience you have with data analytics.
✨Prepare for Behavioural Questions
Expect questions that assess your problem-solving skills and ability to work in a team. Think of examples from your past experiences where you demonstrated these skills, especially in situations related to finance or compliance.
✨Show Enthusiasm for Learning
As a trainee, your willingness to learn is crucial. Be ready to express your eagerness to develop your skills and knowledge in the field. Mention any relevant seminars or training you've attended, and how they have prepared you for this role.
