Actuarial Services Director jobs in Springfield, IL

Position Overview

The Illinois Department of Insurance is seeking to hire two (2) Actuarial Assistants in the Property and Casualty Reserve and Solvency Unit of the Actuarial Services Section in the Financial Solvency Division.  This position evaluates the loss reserves of insurance entities to determine if reserves are adequate and reserve computing methods are within accepted actuarial standards; performs reviews of Statement of Actuarial Opinion and Actuarial Opinion Summaries; assists with review of rate/model filings, and supports other reviews, data, reporting, and analytical needs for the Financial Solvency Division.  This position will present written and oral reports of their work.  We invite all qualified candidates to apply.

Essential Functions

1.Develops, prepares, and participates in reviews of insurance company loss reserves:
   •Performs actuarial analyses of the loss reserves of insurance entities to determine if reserves are adequate, and computed according to accepted actuarial standards,
   •Prepares written and oral reports of findings,
   •Creates and utilizes computerized programs to aid in the analysis operation,  
   •Combines software with business judgement to establish loss development factors used in projection techniques,
   •Recommends to supervisor further investigation of company if loss reserves appear to be inadequate,
   •Interacts with Financial Analysis Section and Financial Examination Section during financial exams and other solvency investigations, submitting technical information and action plans in a formal report to management.  

2.Conducts reviews of Statements of Actuarial Opinion and Actuarial Opinion Summaries submitted by insurance entities:
   •Develops and prepares written and oral reports of findings,
   •Advises financial analysis staff of results of the actuarial review,
   •Attends meetings to present and discuss risks identified.

3.Assists with reviews and prepares written and oral reports on financial reports and projections filed:
   •Interacts with the Financial Analysis Section in the review of annual and quarterly financial reports filed by regulated entities,
   •Performs actuarial review of extraordinary dividend requests and presents arguments on whether to approve the requests,
   •Reviews reinsurance contracts including quantification of risk transfer and communicates our findings with the Financial Analysis Section,
   •Performs review of Own Risk and Solvency Assessment (ORSA) reports and provides actuarial assessment,
   •Advises Corporate Regulation Section staff of the actuarial soundness of transactions (e.g., merger and acquisition and corporate division, insurance business transfer) on involved entities, 
   •Provides actuarial input to the Financial Examination Section in their efforts to monitor and rehabilitate troubled insurance companies.  

4.Assists with analyzing data and creating reports: 
   •Maintains medical malpractice claims database of loss information, 
   •Prepares medical malpractice reports for supervisor’s review as requested by the Governor’s Office,
   •Develops and analyzes collected information to evaluate rate filings,
   •Creates other ad hoc reports as needed.

5.Assists in the review of rate filings and statistical analysis of market data:
   •Reviews workers’ compensation, medical malpractice, residual market, and other rate filings to determine compliance with statutory requirements, and accepted actuarial rate making techniques and standards of practice,
   •Reviews rating models to determine compliance with statutory requirements and accepted actuarial standards of practice,
   •Discusses results of reviews with Property & Casualty Chief Actuary, and supports Department strategy, as needed, for rate hearings.

6.Assists the Property and Casualty Chief Actuary in technical projects resulting from involvement in the National Association of Insurance Commissioners.

7.Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

Requires knowledge, skill, and mental development equivalent to four (4) years of college with a major in Actuarial Science Or requires four (4) years college with coursework in mathematics, numerical analysis, calculus, probability, and statistics, preferably supplemented by the equivalent to the certificate received for completion of Part 1 and any of one of Parts 2, 3 or 4 of the examinations administered by the Society of Actuaries.

Preferred Qualifications

1. Prefers successful completion of at least two (2) actuarial exams administered by the Society of Actuaries/Casualty Actuarial Society (SOA/CAS).
2. Prefers at least one (1) year of experience in actuarial work in the property and casualty insurance field.  
3. Prefers at least one (1) year of experience gaining knowledge of accounting principles and practices as related to insurance company operations.
4. Prefers knowledge and experience performing actuarial and/or statistical analysis utilizing data analysis software.
5. Prefers at least one (1) year demonstrating ability to maintain satisfactory working relationships with other employees, state agencies, insurance company representatives and the public.
 

Conditions of Employment

Requires ability to pass a background check.

About the Agency

The Department of Insurance (DOI) regulates the insurance market in the State of Illinois including, but not limited to, licensing and educating insurance agents, investigating Workers Compensation fraud, and examining the operations and finances of insurance companies domiciled in the state. We are committed to protecting consumers and regulating the insurance industry with innovation and efficiency. DOI has approximately 220 employees who are split between our Chicago and Springfield offices.

State of Illinois employees enjoy a robust benefit package, including:

• Health, Life, Vision, and Dental Insurance
• 13 Paid Holidays annually, 14 on even numbered years
• 10-25 days of Paid Vacation time annually - (10 days in year one of employment)
• 12 Paid Sick Days annually (sick days carry over from year to year)
• 10 Weeks Paid Maternity/Paternity Leave
• 3 Paid Personal Days annually
• Pension Plan
• Deferred Compensation Program and other pre-tax benefit programs (Medical/Daycare)
• Flexible work schedules may be available, dependent upon position
• Tuition Reimbursement Program and Federal Public Service Loan Forgiveness Program eligibility

Visit https://www2.illinois.gov/cms/benefits/Pages/default.aspx for more information about our benefits.