INSURANCE EXAMINER TRAINEE
DEFINITION:
Under the close supervision of a Supervising Insurance Examiner, Insurance Examiner 1 or other supervisory official in the Department of Banking and Insurance, as a trainee and productive worker, receives on-the-job training in reviewing, auditing, and/or the examination and verification of accounts and records of insurance companies regulated by the Department; may be assigned to either field or central office locations as required; does other related duties as required.
NOTE: The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed.
EXAMPLES OF WORK:
As Trainee and productive worker:
Learns the work involved in the review and/or examination and verification of financial and related filings, accounts, records, and other interests of insurance companies and insurance holding company systems. Learns to conduct inspections of financial statements and reports, bonds, mortgages, stocks, real estate, and other investments.
Learns to assist in the preparation of test data to ensure that systems and programs undergoing audit will accept valid information and reject erroneous information.
Assists in the preparation of reviewing and/or examination tasks and compilation of findings and recommendations; assists in follow-up review to ensure that recommendations are properly communicated with management and satisfactorily addressed and/or implemented.
Learns to review and evaluate financial statements and filings submitted by insurance companies.
Maintains essential records, reports, and files.
Will be required to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
REQUIREMENTS:
NOTE: Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience.
Four (4) years of professional experience in analyzing or examining financial accounts, data, statements, reports or records of corporations, insurance companies or banks, including or supplemented by twenty-one (21) semester hour credits in any one or in combination of the following areas of study: Banking, Insurance, Management, Financial Management, Risk Management, Information Technology, Mathematics, Business Law, Taxation, Accounting, Auditing, Statistics, Finance, Economics or Business Administration.
OR
Possession of a bachelor's degree from an accredited college or university including or supplemented by twenty-one (21) semester hour credits in any one or in combination of the following areas of study: Banking, Insurance, Management, Financial Management, Risk Management, Information Technology, Mathematics, Business Law, Taxation, Accounting, Auditing, Statistics, Finance, Economics or Business Administration.
OR
Possession of a Master's degree in any field of study listed above.
OR
Possession of a valid certificate as a Certified Public Accountant issued by the New Jersey State Board of Accountancy, or a valid certificate as an Accredited Financial Examiner, Insurance Designation, issued by the Society of Financial Examiners.
NOTE: "Professional experience" refers to work that is analytical, evaluative, and interpretive; requires a range of basic knowledge of the profession's concepts and practices; and is performed with the authority to act and make accurate and informed decisions.
NOTE: Assignments may require travel to insurers' headquarters and possibly travel overnight out-of-state.
LICENSE:
Appointees will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
KNOWLEDGE AND ABILITIES:
Knowledge of the accounting principles, methods, and practices.
Knowledge of the methods and procedures used to maintain financial statements and audit systems of accounts.
Knowledge of the varied types of financial records/documents, statements, and audits.
Ability to learn to analyze, interpret, and apply laws, rules, and other regulations of the State of New Jersey governing insurance companies.
Ability to learn to review and analyze the financial records and detail operations of insurance companies and holding systems.
Ability to learn to identify areas of financial statement strengths and weaknesses, inconsistency, non-compliance, downward trends, the risks presented therein, and communication of findings in written and oral presentation.
Ability to learn to check and verify financial entries from various source documents.
Ability to learn to utilize accounting and statistical procedures during assigned duties.
Ability to learn to review, interpret, and apply information on the actuarial aspect of life, health and/or property, casualty reserve computations, and other features necessary for understanding the financial statements of insurers.
Ability to work effectively with associates, supervisors, and the representatives of insurance companies.
Ability to prepare clear, technically sound, accurate, and informative statistical, financial, and other reports of supervised examination assignments containing findings, conclusions, and recommendations.
Ability to maintain essential records, reports, and files.
Ability to represent the Department in a professional manner with external and internal parties in the exchanges of data requests and related information. This includes serving as a point person in securing the timely response to follow-up inquiries.
Ability to learn to utilize and become fully knowledgeable and proficient in various electronic, computer-based, and manual databases, computer programs, spreadsheets, processing, recording and information systems used by the Department and its offices and related units and sub-units.
Ability to learn how to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
Ability to read, write, speak, understand, and communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication.
Persons with mental or physical disabilities are eligible if they can perform the essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.
ADVANCEMENT
Appointees who successfully complete the twelve (12) month training period will be eligible for advancement to the Insurance Examiner 3 title in accordance with the New Jersey Civil Service Commission procedures.
The inability of an employee in this trainee title to attain a level of performance warranting advancement to the title listed above shall be considered as cause for separation.
This job specification is applicable to the following title code:
