INSURANCE COMPANY FINANCIAL EXAMINER TRAINEE

Job Requisition ID: 42897 
 Closing Date/Time: 11/27/2024
Agency: Department of Insurance
Class Title: INSURANCE CO FIN EXAMINER TRN - 21610 
Skill Option: None 
Bilingual Option: None 
Salary: $4,575 - $6,285 Anticipated Monthly Salary
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 SuccessFactors employee career portal.

 

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

 

Posting Identification Number  42897 

*Answer all application questions thoroughly.  DO NOT STATE "SEE RESUME".*

Why Work for Illinois?

Working with the State of Illinois is a testament to the values of compassion, equity, and dedication that define our state. Whether you’re helping to improve schools, protect our natural resources, or support families in need, you’re part of something bigger—something that touches the lives of every person who calls Illinois home.

No matter what state career you’re looking for, we offer jobs that fit your life and your schedule—flexible jobs that provide the gold standard of benefits. Our employees can take advantage of various avenues to advance their careers and realize their dreams. Our top-tier benefits and great retirement packages can help you build a rewarding career and lasting future with the State of Illinois.
 

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

• 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 exa