Department of Financial Services
One State StreetNew York , NY 10004
Division/Unit: Market Division Excess Line Unit
Web Site: http://www.dfs.ny.gov
Department of Financial Services
One State StreetDivision/Unit: Market Division Excess Line Unit
Web Site: http://www.dfs.ny.gov
Description:
The selected intern will obtain a practical understanding of the business of insurance, and will gain experience in auditing of financial statements and financial data mining in that context.
Under the supervision of an Insurance Examiner, or higher level Examiner, the duties and training objectives of a student intern may include, but not limited to the following:
Receive training in accessing and using the NAIC I-Site database and a copy of the NAIC Market Analysis handbook, which contains a step-by-step approach to searching for insurer deviations from the norm regarding changes in surplus, premiums written and claim activity.
Conduct reviews to identify market failures, prioritize state market regulation efforts and establish a system for proportional responses to market problems by accessing and using the NAIC I-Site database.
Target insurer complaint files to identify potential trends in wrongdoing by comparing the number of complaints to the number of policies issued or policyholders; or overall premium volume; and review financial solvency using financial data and tools available through the NAIC.
Develop programs to generate reports targeting specific areas for review and analysis, which the unit would pursue by correspondence with the carrier; meetings with the company representatives, desk audits and fines or; if necessary, onsite field investigations.
Review insurer financial statements to identify effect of the financial results upon the market results for a company.
Review excess line insurer certified financial statements and quarterly reports to determine solvency and adequate capital in accordance with the Law and Regulations.
Review and audit excess line broker and insurer tax submissions to determine if the proper taxes are being submitted and analyze any discrepancies.
Review excess in line business placements with excess line insurers to determine if the broker placing the coverage is properly licensed.
Review and audit excess line insurer report of business placements and compare to those placed by excess line broker to resolve any differences
Verify excess line broker licensing as necessary
Skills:
Excellent verbal & written communication
Ability to work as part of a team
Ability to think conceptually
Excellent research skills
Ability to recognize/understand issues
Internship Areas: Accounting/Auditing
Payment? Unpaid
Number of Hours: 20 - 30
Location: New York
Number of Interns Needed: 2
Preferred Standing Junior
Minimum Standing: Sophomore
Degree Concentrations: Financial Studies