Director Actuarial Services Section; Actuary IV): DORA​/Division of Insurance

Hybrid Workplace Arrangement

Although this position will be designated under the department’s hybrid workplace program, it will still be required to report to the department office on a scheduled basis and at the discretion of the supervisor, based on business need.

Chief Actuary and Director of the Actuarial Services Section of the Division of Insurance (DOI).

$9,370 – $11,240/month
; hiring salary will be set commensurate with qualifications and in compliance with the Equal Pay for Equal Work Act.

The Chief Actuary has active oversight over actuarial policies, procedures and controls, including ongoing risk analysis for rate‑setting and examinations of insurance companies. The role collaborates with the Deputy Commissioner of Affordability in strategically managing the actuarial section and its responsibilities, budgeting staff and resources to carry out the division’s mission and ensuring the financial soundness of insurers.

• Perform review and analysis of annual actuarial opinions, reports and memoranda.
• Discuss with internal and independent consultants, and provide requests for changes in reserve basis and other actuarial approvals such as reinsurance, evaluation of qualified actuary status, and examination of financial and solvency standards.
• Participate in or arrange for technical professional support for financial and market conduct examinations, reviewing compliance with rating practices, regulatory standards and actuarial reporting requirements.
• Choose among options for actuarial systems and guidelines to address financial accounting standard changes and emerging insurance products.
• Determine valuation models for analysis of legislation on new types of insurance.
• Provide actuarial review and analysis of rate filings and rating plans, and establish procedures for timely review of all rate filings and actuarial portions of financial examinations.
• Determine assignment of actuarial review complexity to analysts and technical professional support consultants.
• Establish technical guidance for staff and consultants for review of new, innovative products and changing standards of actuarial review.
• Provide guidance to other agencies and industry organizations on actuarial issues and testify at legislative or regulatory hearings.
• Manage the Actuarial Services Section and supervise interns, consultants and contractors, as well as plan, direct and monitor the work of staff conducting actuarial analyses and reviews.

• Option 1:
  Experience
  • Ten (10) years of professional experience performing actuarial work with a regulated insurance company, actuarial consulting firm, or government agency.
  • At least two (2) years of supervising staff within the six years of actuarial experience.
• Option 2:
  Combination of Education and Experience
  • Associate’s Degree in actuarial science, economics, finance, mathematics, statistics or related field plus eight (8) years of professional experience and two (2) years of supervising staff.
  • Bachelor’s Degree in actuarial science, economics, finance, mathematics, statistics or related field plus six (6) years of professional experience and two (2) years of supervising staff.
• Professional work experience requires discretion, analytical skill, judgment and personal accountability.

• Experience performing quantitative analysis.
• Experience developing new processes and improving efficiency.
• Project management experience.
• Experience researching and applying complex legislation to change work processes.
• Completion of four (4) S.O.A. or C.A.S. actuarial exams.
• Experience with Principle Based Reserving (P ) and Own Risk Solvency Assessment (ORSA).
• Experience using statistical rating models such as GLMs.
• Experience in predictive modeling, statistical programming (R, Python, SAS) and/or data architecture.

• Written communication skills.
• Verbal communication skills.
• Attention to detail.
• Critical thinking and analytical skills.
• Prioritization skills.
• Time management skills.
• Adherence to workplace principles.
• Ability to interpret laws, rules, policies and procedures.
• Sound judgment and confidence.
• Travel capability, including…