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

Position

Chief Actuary and Director – Actuarial Services Section

Salary: $9,370 – $11,240 monthly (commensurate with qualifications and in compliance with equal pay legislation).

Hybrid workplace arrangement:
The position requires periodic on‑site attendance as directed by the supervisor.

• Performing review and analysis of annual actuarial opinions, reports and memoranda.
• Discussing with in‑house and independent consultants, and providing requests for changes in reserve basis and other actuarial approvals such as reinsurance, evaluation of qualified actuary status, and examination, evaluation and application of risk‑based capital (RBC), and other financial and solvency standards.
• Participating in or arranging for technical professional support for financial and market conduct examinations, including reviewing compliance with rating practices, regulatory standards and actuarial reporting requirements.
• Choosing among options for actuarial systems and guidelines to address financial accounting standard changes, or when new forms of insurance (e.g., cyber insurance, sharing economy, long‑term care) enter the market or evolve from traditional lines of insurance.
• Determining valuation models to use for analysis of legislation on new types of insurance.
• Providing actuarial review and analysis of rate filings and rating plans, and establishing and implementing procedures for the timely review of all rate filings and actuarial portions of financial examinations.
• Determining the level of complexity to appropriately assign actuarial review to analysts in the section and technical professional support consultants.
• Establishing technical guidance for staff and consultants for review of new, innovative products, such as new limited lines insurance coverages, cyber insurance, novel inland‑marine coverage products, or under changing standards of actuarial review of rate filings – e.g., incorporation of medical loss ratio standards, or financial examinations (Own Risk and Solvency Assessments [ORSA]) to determine fiscal soundness under various business stress scenarios.
• Providing other agencies (e.g., Department of Labor and Employment, the General Assembly, Healthcare Policy and Finance, etc.) the National Council on Compensation Insurance (NCCI), industry and professional organizations with guidance, consultation and direction on actuarial issues, and testifying at legislative or regulatory hearings on request.
• Managing the Actuarial Services Section and supervising interns, consultants and contractors, as well as supervising, planning, directing and monitoring the work of staff who are conducting actuarial analyses and reviews of insurance companies and other entities regulated by the division.

• Option 1:
  Experience
  • Ten (10) years of professional experience performing actuarial work with a regulated insurance company, related entity or actuarial consulting firm, or governmental work regulating insurance companies or other financial entities.
  • Minimum of two (2) years of supervisory experience included 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.
  • Eight (8) years of professional experience performing actuarial work with a regulated insurance company, related entity, actuarial consulting firm, or governmental regulatory work.
  • Minimum of two (2) years of supervisory experience included within the six years of actuarial experience.
• Option 2:
  Bachelor’s Degree and Experience
  • Bachelor’s Degree in actuarial science, economics, finance, mathematics, statistics, or related field.
  • Six (6) years of professional experience performing actuarial work with a regulated insurance company, related entity, actuarial consulting firm, or governmental regulatory work.
  • Minimum of two (2) years of supervisory experience included within the six years of actuarial experience.

• Experience performing quantitative analysis.
• Experience developing new processes and identifying new methods to streamline existing work processes for efficiency and…