Insurance examiners ensure insurance companies have enough cash reserves to cover liabilities. Requirements include a degree in accounting, finance, or math, and prior experience in the insurance industry. Many employers prefer certified accountants. Examiners are often assisted by officials and administrators.
Insurance examiners are responsible for conducting audits on behalf of government agencies and regulatory organizations. In most cases, someone who wants to become an insurance examiner must have graduated from college and previously worked in the insurance industry. Also, many employers prefer to hire examiners who are certified accountants.
An individual planning to become an insurance examiner must complete an undergraduate degree in accounting, finance, mathematics or a related topic. Some employers still require job seekers to have completed an advanced degree in finance or a related subject. Because many employers require examiners to be certified accountants, someone wanting to become an insurance examiner may have to pass a written accounting exam and pay a fee to obtain an accounting license.
Examiners review insurance companies’ accounts to ensure that these entities have sufficient cash reserves to cover the company’s outstanding liabilities. Many countries have laws that require insurance providers to keep a certain amount of money for each active policy; examiners should calculate whether each company’s reserves are sufficient to meet these requirements. Consequently, most employers tend to hire examiners with prior experience as insurance agents or underwriters, as these individuals are familiar with different types of policies and hedging techniques. In many countries, insurance agents need to be licensed, which means that someone wanting to become an insurance examiner may first have to pass the insurance regulatory board’s licensing exam. Additionally, to maintain an active license, an individual may have to attend continuing education classes annually.
Insurance companies are regulated at a national or regional level, and many regulatory agencies require potential examiners to pass an exam that tests their knowledge of the insurance industry and their ability to perform complex calculations. Most insurance boards also have residency requirements, which means that only residents of a certain area can work as an examiner in that region. Non-citizens can sometimes work for national insurance regulatory agencies if they obtain the necessary work permits or meet other residency requirements.
Examiners are usually assisted by officials and administrators who collect documents, interview insurance agents, and prepare reports. In many cases, people who meet the basic qualifications for the examiner role often have to spend time working in these junior roles. Some employers have trainee programs for prospective examiners, during which new recruits work under the close supervision of experienced examiners until they gain the necessary skills and abilities to work on their own.
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