Wisconsin Office of the Commissioner of Insurance

Internship Location: Madison, WI

Organization Type: State Government

Policy Areas: Regulatory

The position as a Financial Examiner at Wisconsin’s Office of the Commissioner of Insurance required knowledge of accounting since much of the work involved reading through and analyzing financial statements. A main part of the agency’s mission is to ensure that insurance companies working in the state maintain solvency so that they can pay all valid claims. An insurer applying for a license to do business in Wisconsin must submit documents including audited financial statements and an actuarial analysis which examiners then review. We use templates which present a summary of the company’s financial situation. While much of the job is simply copying numbers or calculating ratios, there is also judgment involved when assessing the level of risk faced by a company.  After individual examiners had completed the initial evaluations, meetings were held to determine additional steps for some of the insurers. Those with strong financial circumstances might have their applications approved, but if the reserves were not sufficient or there were additional risk factors, we might request a letter of support from a financially secure parent company. Insurance regulators seek to maintain a healthy insurance industry in the state. This means that the companies offering their services are solvent but also that consumers have a range of insurance products available to them.