INSURANCE ANALYST TRAINEE
DEFINITION:
Under the close supervision of an Insurance Analyst 1, Rating, Insurance Analyst 1, Life & Health, a Market Regulation Specialist 4, or other supervisory official in the Department of Banking and Insurance, as trainee and productive worker, when assigned to insurance analysis, learns to perform routine analytical work in connection with the valuation of reserve liabilities of domestic life insurance companies, the financial analysis of licensed insurers, the review of routine rate and form filings, policy forms and contracts submitted by insurance companies and rating organizations, or, when assigned to market regulation, learns to review, analyze, and monitor the business practices, records, and files of insurers and other entities regulated by the department; 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; when assigned to insurance analysis:
Enters and checks data and reserve factors on valuation sheets showing policy obligations of the domestic life insurance companies.
Learns to assist in the review of insurance company annual statements.
Learns to examine rating organizations, advisory organizations, Joint Underwriting Association, and insurance company agents and brokers to verify accuracy of the data submitted to the department by comparisons with the original records of the companies.
Calculates net premiums, reserves, annuities, non-forfeiture and other actuarial values.
Learns to review policy forms, contracts and rates for compliance with applicable statutes, department regulations and standards and prepares correspondence based on such study and analysis.
Participates in Life Office Management Association, National Association of Insurance Commissioner and Insurance Regulatory Examiners Society educational programs.
Answers telephone inquiries concerning policy form and rate submissions.
As trainee and productive worker; when assigned to market regulation:
Learns to review and analyze company files, records, sales and advertising materials, complaints, computer runs, procedure manuals, audit reports, financial reports and other similar material for compliance with New Jersey laws and regulations, and as directed, the laws of other States with respect to Multi-State or Zone examinations under procedures recommended by the National Association of Insurance Commissioners, the examination of rating organizations, advisory organizations, Joint Underwriting Association, and insurance companies, agents and brokers to verify accuracy of the data submitted to the Department by comparisons with the original records of the companies.
Learns to evaluate company compliance with New Jersey laws and regulations.
Learns to conduct special examinations, studies and investigations which require the analysis of information and statistics in highly sensitive areas and provide recommendations regarding appropriate action.
Collects, organizes and analyzes information for research purposes.
Learns to prepare comprehensive draft examination reports and provides recommendations.
Assists in preparing clear, technically sound, accurate, thorough and informative reports containing findings, conclusions, and recommendations in the five (5) areas of market regulation, including underwriting, rating, claims, sales and advertising and complaints.
As trainee and productive worker; when assigned to either section:
Assists in the preparation and analysis of statistical and other reports.
May be assigned to the field or office.
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.
Eight (8) years of professional experience relevant to the position.
NOTE: Please refer to the Advancement section located at the bottom of this title specification for a comprehensive list of approved journeyman titles connected to this trainee title. Experience must be related to the journeyman title associated with the position.
OR
For Insurance Analyst positions located in the Division of Actuarial Services, Department of Banking and Insurance: Possession of a Bachelor's degree from an accredited college or university including or supplemented by twelve (12) semester hour credits in mathematics, statistics and/or actuarial science. OR
For Market Regulation Specialist positions located in the Office of Consumer Protection Services, Department of Banking and Insurance:
Possession of a Bachelor's degree from an accredited college or university including six (6) credits in math, at least three (3) of which are in statistics.
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.
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 essential duties of the position.
KNOWLEDGE AND ABILITIES:
Knowledge of the methods used to gather and analyze information.
Knowledge of statistical and other mathematical formulas and calculations.
Knowledge of and ability to complete the appropriate insurance programs and/or certification, required to advance to a permanent position.
Ability to learn the necessary insurance principles and procedures followed by insurance companies and related organizations.
Ability to learn the proper forms, content, and how to interpret varied types of documents, statements, electronic media and other pertinent documents and information used in the course of routine investigations and/or examinations.
Ability to learn how to analyze and interpret the state and other laws and regulations pertaining to insurance company operations.
Ability to carry out oral and written directions.
Ability to organize assigned work and develop effective work methods.
Ability to make accurate mathematical and statistical calculations.
Ability to learn the procedures to examine the records of rating organizations, insurance companies' agents and brokers.
Ability to learn how to conduct research, routine investigations and/or examinations.
Ability to learn how to collect, analyze, appraise, and interpret technical and other information.
Ability to enhance work skills through participation in educational and training programs.
Ability to prepare clear, technically sound, accurate, and informative statistical and other reports containing findings, conclusions and recommendations.
Ability to maintain essential records, reports, and files.
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, as well as electronic systems utilized by examinees.
Ability to read, write, speak, understand, and communicate in English sufficiently to perform 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 and acquire the certifications required at the journeyman level will be eligible for advancement to one of the following titles under Civil Service Commission procedures: Insurance Analyst 4, Rating; Insurance Analyst 4, Life & Health; or Market Regulation Specialist 1.
The inability of an employee in this title to attain a level of performance warranting advancement to a title listed above shall be considered as cause for separation.
This job specification is applicable to the following title code:
