Top Actuarial Executive provides leadership, innovation, and oversight to an organization's actuarial function. Develops policies, procedures, and formulas to guide statistical analysis and actuarial research and accurately evaluate the likelihood and financial impact of various risks. Being a Top Actuarial Executive ensures policies and procedures are implemented effectively to ensure regulatory compliance of all financial operations and products. Responsible for the strategic planning and oversight of product development. Additionally, Top Actuarial Executive establishes profitability targets and regularly reviews product rates, premium levels, and rating systems to evaluate effectiveness and measure performance against targets. Reviews and validates financial statements, regulatory filings, and other financial projections before publishing or submitting. Communicates with marketing and other key stakeholders to present rating structures and systems and ensure adequate understanding of products. Applies knowledge of mathematics, probability, statistics, principles of finance and business to calculations in life, health, social, and casualty insurance, annuities, and pensions. Requires a bachelor's degree. May require Associate of Society of Actuaries (ASA). May require Fellow of Society of Actuaries (FSA). Typically reports to top management. The Top Actuarial Executive manages a departmental function within a broader corporate function. Develops major goals to support broad functional objectives. Approves policies developed within various sub-functions and departments. To be a Top Actuarial Executive typically requires 8+ years of managerial experience. Comprehensive knowledge of the overall departmental function. (Copyright 2024 Salary.com)
Position Title: Actuarial Assistant
Agency : Department of Insurance
Closing Date/Time: 04/26/2024
Salary: Anticipated Non-State Salary (Effective 7/1/24) $5,179 monthly: Full Range $5,179 - $7,341
Job Type: Salaried
County: Sangamon
Number of Vacancies: 2
Plan/BU: RC062
This position is a union position; therefore, provisions of the relevant collective bargaining agreement/labor contract apply to the filling of this position.
All applicants who want to be considered for this position MUST apply electronically through the illinois.jobs2web.com website. State of Illinois employees should click the link near the top left to apply through the SuccessFactors employee career portal.
Applications submitted via email or any paper manner (mail, fax, hand delivery) will not be considered.
Posting Identification Number 36963
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.
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.
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.
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.
Requires ability to pass a background check.
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:
Visit https://www2.illinois.gov/cms/benefits/Pages/default.aspx for more information about our benefits.
Work Hours: M-F; 8:00-4:30
Work Location: 320 W Washington St, Springfield, Illinois, 62767
Agency Contact:
Email: DOI.HR@illinois.gov
Posting Group: Legal, Audit & Compliance
This position DOES NOT contain “Specialized Skills” (as that term is used in CBAs).
APPLICATION INSTRUCTIONS
Use the “Apply” button at the top right or bottom right of this posting to begin the application process.
If you are not already signed in, you will be prompted to do so.
State employees should sign in to the career portal for State of Illinois employees – a link is available at the top left of the Illinois.jobs2web.com homepage in the blue ribbon.
Non-State employees should log in on the using the “View Profile” link in the top right of the Illinois.jobs2web.com homepage in the blue ribbon. If you have never before signed in, you will be prompted to create an account.
If you have questions about how to apply, please see the following resources:
State employees: Log in to the career portal for State employees and review the Internal Candidate Application Job Aid
Non-State employees: on Illinois.jobs2web.com – click “Application Procedures” in the footer of every page of the website.
The main form of communication will be through email. Please check your “junk mail”, “spam”, or “other” folder for communication(s) regarding any submitted application(s). You may receive emails from the following addresses:
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