• Job Description

  Req#: 34525

  Agency : Department of Insurance
  Closing Date/Time: 01/18/2024
  Salary: $4,262 - $6,043 Monthly/CBA language applies
  Job Type: Salaried Full Time
  County: Cook
  Number of Vacancies: 10
  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 34525

  *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.

  Job Responsibilities

  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 including the preparation of trial balances with reconciliation to the filed Annual Statement of the insurance company:
  • analysis of financial statements,
  • 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,
  • 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.
  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,
  • 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,
  • 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:
  • drafts correspondence,
  • prepares written narratives on company operations and needs to effectively communicate written and oral requests for company documents.
  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 coursework in accounting, business, economics, finance, insurance, information technology, risk management or a closely related field.

  Preferred Qualifications

  1. Prefers elementary knowledge of insurance accounting or accounting and auditing theories, methods, standards and procedures.
  2. Prefers 21 semester hours of accounting.
  3. Prefers basic knowledge of spreadsheets and computer applications.
  4. Prefers elementary knowledge of business administration practices as related to insurance companies.
  5. Prefers elementary knowledge of technology utilized in the insurance industry.
  6. Prefers ability to successfully complete on-the-job training assignments for the financial examination of insurance companies.
  7. Prefers ability to prepare documentation and reports of examination findings in a logical and concise manner.
  8. 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.
  9. Prefers ability to acquire knowledge in the structure, operation, and management of insurance companies.
  10. Prefers ability to establish effective working relationships with agency staff and insurance company officials and representatives.
  11. 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.

  Conditions of Employment

  1. Requires the ability to pass a background check.

  2. Requires possession of a valid appropriate driver’s license.

  3. Requires the ability to travel extensively.

  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, IL 60603-6191
  Agency Contact:

  For questions, email: DOI.HR@illinois.gov. Applications must be submitted online through the job website.

  Job Family: 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:

  • donotreply@SIL-P1.ns2cloud.com
  • systems@SIL-P1.ns2cloud.com

• About the company

  The Governor of Illinois is the chief executive of the State of Illinois, and the various agencies and departments over which the officer has jurisdiction, as prescribed in the state constitution.

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