P&C/Farm Mutual Entities Unit Supervisor

Agency : Department of Insurance 

Closing Date/Time: 08/28/2024 

Salary: $7,966 – $11,759 Anticipated Monthly Salary 

Job Type: Salaried 

County: Sangamon 

Number of Vacancies: 1 

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 40536 

• Answer all application questions thoroughly. DO NOT STATE “SEE RESUME”.*

Position Overview

The Department of Insurance is seeking to hire a Public Service Administrator in the Property and Casualty Farm Mutual Entities Unit of the Financial Analysis Section in the Financial Solvency Division. This position performs highly specialized professional and supervisory work involving the analysis and evaluation of the financial solvency and stability of domestic, foreign, and alien property and casualty insurance companies and farm mutual insurance companies; reviews, analyzes and recommends approval or denial of mergers, acquisitions, reinsurance treaties and complex financial transactions. As working supervisor, plans, directs, and supervises the activities of subordinate staff; allocates work assignments; trains, develops, motivates, and evaluates the performance of staff. We invite all qualified applicants to apply.

Essential Functions

1. Supervises and directs a staff of professionals engaged in the financial analysis of annual statements filed with the Division by property and casualty insurance entities in order to determine the financial solvency and stability of such entities: 

allocates work assignments based upon expertise and workload of staff; reviews assignment progress and final work product of subordinates; advises staff regarding complex analytical procedures and financial findings which are outside of the prescribed ranges.

2. Reviews, analyzes, and makes recommendations for further review or enhanced regulation of insurance entities deemed in need of financial attention: accepts filings which satisfy financial tests performed by staff; recommends submission of quarterly financial statement for entities which require further monitoring by the Section; reviews, analyzes, and recommends approval or denial of mergers, acquisitions, reinsurance treaties and complex financial transactions which affect the financial structure of entities involved.

3. Reviews Unit needs, sets priorities and establishes objectives to effectively meet Unit goals: serves as working supervisor; assigns and reviews work; provides guidance and training to assigned staff; counsels staff regarding work performance; reassigns staff to meet day-to-day operating needs; establishes annual goals and objectives; approves time off; prepares and signs performance evaluations.

4. Interacts with the Financial Examination Section and the Regulatory Units regarding financial activities: consults with representatives of regulated entities in response to inquiries and in the resolution of discrepancies; provides interpretations of various laws, department rules and regulations and procedures; gives testimony and attends formal and informal hearings held to consider regulatory problems and proposed solution; serves as unit liaison with groups and various trade associations and professional societies; provides support and assistance to the Department in the activities of the National Association of Insurance Commissioners when activities involve accounting policies; travels to insurance companies for examinations and meetings.

5. Researches other state laws and rules and conducts surveys to determine regulatory procedures and/or industry practice relating to financial matters: assists in drafting legislation or rules to clarify legislative intent; analyzes proposed legislation and assists in drafting position papers when such impacts the insurance industry.

6. Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

1. Requires knowledge, skill, and mental development equivalent to completion of four years of college with coursework in accounting, management, and finance.

2. Requires prior experience equivalent to three years of progressively responsible administrative experience in financial analysis, regulation, or accounting areas of the insurance industry. 

Specialized Skills

Of the three (3) years of administrative experience in financial analysis, regulation, or accounting areas of the insurance industry, requires one (1) year of experience reviewing analysis of lower-level staff involved in the financial analysis and regulation of regulated entities.

Preferred Qualifications

1. Prefers one (1) year of experience reviewing analysis of lower-level staff involved in the financial analysis and regulation of regulated entities.

2. Prefers extensive knowledge of staff utilization and employee motivation. 

3. Prefers extensive knowledge of the Illinois Insurance Code, rules and regulations as related to the financial analysis and examination of insurance entities. 

4. Prefers extensive knowledge of reinsurance treaties, acquisitions and mergers and the impact such transactions have on the financial structure of insurance companies involved. 

5. Prefers ability to analyze administrative problems and adopt an effective course of action. 

6. Prefers ability to develop, install and evaluate new and revised methods, procedures, and performance standards.

7. Prefers ability to exercise judgment and discretion in developing, implementing, and interpreting departmental policies and procedures. 

8. Prefers ability to critically analyze financial reports and documents and identify areas of financial strength and weakness. 

9. Prefers ability to develop and maintain cooperative working relationships. 

10. Prefers ability to communicate clearly and effectively both orally and in writing.

Employment Conditions

1. Requires the ability to pass a background check.

2. Requires ability to travel in the performance of duties, with overnight stays as appropriate.

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: 320 W Washington St, Springfield, Illinois, 62767 

Agency Contact: 

Email: [email protected]

Posting Group: Leadership & Management 

This position DOES 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:

• [email protected]
• [email protected]

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