We are currently seeking a full-time experienced Insurance Actuary in our Actuarial Division. This position is located at 153 Market Street., Hartford. The work schedule is Monday through Friday, however, must be flexible in order to meet the needs of the agency.
We are easily accessible for all commuters, we are conveniently located in the Downtown area of Hartford.
Are you a self-starter? Do you have a passion for actuarial work? Do you want to make a difference while participating in a dynamic and reciprocal actuarial environment in the public sector? If so, we have an excellent opportunity for you to join our Actuarial Division.
You will play a key role in:
The Actuarial Division and will work with other actuaries to support major P&C functions of this Division in financial analysis, field exams, NAIC committees, and other product management support.
Financial analysis responsibilities include but not limited to review the annual actuarial opinions and actuarial reports, ORSA, and capital modeling, etc., the fields exams include all domestic P&C companies, the NAIC committee works include CASTF and its subcommittees, and RBC, and the product management responsibilities include some supporting for the P&C rate filings.
There are four major functions for the P&C insurance actuary.
Review the actuarial opinions, actuarial report, and other financial statements which are required to be by statute for domestic insurers. This financial solvency review also include new actuarial developments for ORSA.
Provide actuarial services to support the Financial Division in the field which are conducted to ensure that the entities remain solvent and capable of meeting their contractual obligations to policyholders and claimants, and to support the Captives Division in evaluating the feasibility study filed by the applicants.
Participate in various NAIC committees in providing expert opinions and work with other state regulators for professional developments in actuarial subjects for property and casualty, and data analytics.
Assist the Property and Casualty Division in reviewing the insurance products and rates from the insurance companies.
The actuary may also act on behalf of the Commissioner at technical and professional conferences.
Please ensure your application is complete and you have included your Resume in the 'Resume Tab' of your application.
This posting MAY require completion of additional referral questions (RQ’s) which will be sent to you via email after the closing date. Please regularly check your email for notifications. You must reply by the deadline indicated on the notification or you will be automatically disqualified from consideration.
The selected candidates will need to provide documentation to support meeting the General Qualification Standards (including continuing education requirements) promulgated by the American Academy of Actuaries.
Questions regarding this recruitment should be directed to the Insurance Department at CID.HR@ct.gov or (860) 297-3936.
PURPOSE OF JOB CLASS (NATURE OF WORK)
In the Department of Insurance, this class is accountable for directing and/ or conducting actuarial work involving casualty or life and health insurance, and conducting research and special studies.
EXAMPLES OF DUTIES
Conducts analytical studies of insurance and health care center rate filings, rating plans and various special programs (such as experience rating, retrospective rating, and participating programs) and recommends action; conducts and reviews periodical examinations of rating organizations; may review an insurer's loss experience; reviews rates, rating plans, and self-insurance program; provides consulting service with respect to the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans; initiates recommendations with respect to improvements in rating plans and techniques; participates in Department hearings in connection with appeals of insureds regarding classifications and other rating matters; reviews insurance and health care reserves including cash flow testing of liabilities and asset adequacy testing; reviews reinsurance agreements; supervises the handling of complaints and inquiries concerning rates and related matters from the public, insurance companies, agents, brokers and rating organizations; serves as advisor on actuarial and related matters; prepares accurate and comprehensive reports containing findings, conclusions and recommendations; may act on behalf of the Commissioner at technical and professional conferences; performs related duties as required.
KNOWLEDGE, SKILL AND ABILITY
Considerable knowledge of the relevant federal and state laws and regulations pertaining to insurance companies; considerable knowledge of actuarial principles, standards and methods; considerable knowledge of statistical methods and computer models as they relate to insurance rates and rating procedures; knowledge of the operation of relevant insurance programs; knowledge of the methods used by other states in the regulation of insurance companies; knowledge of relevant insurance coverages, rates, rating plans and special programs; knowledge of insurance company financial statements; considerable interpersonal skills; considerable oral and written communication skills; supervisory ability.
MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE
Ten (10) years of experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing actuarial insurance work.
MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE
Two (2) years of the General Experience must have included experience setting insurance rates and/or reserves for insurance companies or health care centers.
MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
1. College training in mathematics or statistics may be substituted for the General Experience on the basis of fifteen (15) semester hours equaling one-half (1/2) year of experience to a maximum of four (4) years. 2. A Master's degree in Mathematics or Statistics may be substituted for one (1) additional year of the General Experience.
Preference will be given to candidates who possess the following:
Interpersonal skills to develop and maintain working relationships with the company actuaries responsible for the actuarial opinions and reports submitted for review;
Oral and written communication skills to present regulatory positions and determinations to insurance company representatives, Department staff and the Office of the Insurance Commissioner;
Ability to concurrently manage multiple projects with moving deadlines;
Familiarity with reserving techniques and actuarial standards of practice;
Proficiency in Microsoft Office, particularly Excel, Word and Outlook;
Designation of Fellow of the Casualty Society (FCAS) and Member American Academy of Actuaries (MAAA).
AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER
The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.
An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required. For Life and Health area, membership in the Society of Actuaries is required.
Additional Salary Information: (*New State employees start at the minimum)
Internal Number: #190911-0051MP-001
About State of Connecticut Insurance Department
The mission of the Connecticut Insurance Department is consumer protection. The Department carries out its mission by enforcing state insurance laws to ensure policyholders are treated fairly, by providing assistance, outreach and education to help consumers make sound choices and by regulating the industry in a fair and consistent manner that fosters market competition for availability of insurance.
The state of Connecticut is part of the U.S. insurance regulatory framework which is a highly coordinated state-based national system designed to protect policyholders and to serve the greater public interest through the effective regulation of the U.S. insurance marketplace. Through the National Association of Insurance Commissioners (NAIC), U.S. insurance regulators establish national standards and best practices, conduct peer reviews and coordinate their regulatory oversight to better protect the interests of consumers while ensuring a strong, viable insurance marketplace. U.S. insurance regulators also participate in the International Association of Insurance Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives, including working with fel...low regulators from around the world to better supervise cross-border insurers, identifying systemic risk in the insurance sector, and creating international best practices.