Intern - Regulatory, Research & Compliance

Frankenmuth Insurance is seeking a motivated individual to join our Regulatory, Research & Compliance team in our Financial Planning, Analysis & Systems department for a part-time year-round internship opportunity, 20-25 hours per week.

Position overview:

As an intern at Frankenmuth Insurance, you will have a chance to gain hands on experience assisting the Regulatory, Research & Compliance team on a variety of projects. Primarily you will have the opportunity to assist with ensuring compliance with state and federal regulations through involuntary assessments, state filings, and other regulatory reporting requirements. You will support research initiatives to keep the company updated on relevant regulatory changes and help prepare required documentation for timely state filings. This role will involve collaborating with cross-functional teams, to address compliance needs and support the company’s commitment to maintaining accurate, transparent, and compliant business practices.

Qualifications:

• Students should be currently enrolled and entering their sophomore-senior year in college
• Preferred major is Accounting
• Ability to organize data, manage multiple tasks and make decisions independently
• Able to communicate effectively

At Frankenmuth Insurance, we are a growing, multi-state leader in the property and casualty insurance industry, with assets of $1.5 billion and premium revenues over $700 million. As a young professional, you may not have ever thought of insurance as something you would explore. But Frankenmuth Insurance is a great place to start – and grow – your career. We are committed to investing in and retaining the industry’s top talent. We believe strongly in integrity, relationships, and work/life balance, resulting in many of our employees having decades of tenure with our organization.  Our philosophy for success rests on a very simple concept: our most prized asset is our people.

Summary:  May perform in one or more of the following Accounting functions such as Regulatory Research and Compliance, Financial Reporting, Investments, Reinsurance, and Accounts Payable & Receivable; responsibilities may include month-end and statutory accounting support. Under direct supervision and following standard procedures, compute, classify, record, and verify numerical data for use in maintaining accounting records by performing the following duties. 

Essential Duties and Responsibilities:

1. Prepare, compile, and sort documents and data substantiating business transactions, such as invoices, cash, checks, account statements, cost reports, revenue and balance sheets.

2. Verify, code, and post details of business transactions, such as funds received and disbursed; total accounts to ledgers or computer spreadsheets and databases; audit invoices against purchase orders, research discrepancies, approve for payment.

3. Assist in developing month-end and annual accounting cycles.

4. Reconcile bank statements and general ledger accounts with various registers; report/reconcile any discrepancies and problems.

5. Monitor accounts payable and receivable to ensure that payments are up-to-date.

6. Review, balance, and interpret computer reports, and make necessary corrections.

7. Promptly assist employees, vendors, clients, or customers by answering questions related to accounts, procedures, and services.

8. Perform other duties as assigned.

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