Work for a regulatory agency where your time is valued so that your life will be as rewarding as your career! The California Department of Insurance has an outstanding opportunity for a Supervising Casualty Actuary in the Rate Actuary Office of the Rate Regulation Branch. The candidate will be responsible for supervising staff whose primary responsibility is the review of prior approval rate filings for all property and casualty (P&C) lines of insurance. The ideal candidate would exhibit demonstrated leadership skills, have an FCAS designation, and at least three years of actuarial experience in P&C ratemaking. Any experience developing and reviewing predictive or catastrophe models would be beneficial.
Occasional travel may be required within and/or outside the state of California via private or public transportation (e.g., automobile, airplane, etc.). Travel may include overnight stay.
This position is designated under the Conflict of Interest Code. The position is responsible for making or participating in the making of governmental decisions that may potentially have a material effect on personal financial interests. The appointee is required to complete Form 700 within 30 days of appointment. Failure to comply with the Conflict of Interest Code requirements may void the appointment.
You will find additional information about the job in theDuty Statement.
Position may be headquartered in Los Angeles, Oakland or Sacramento, but will primarily be remote access.
Required Application Package Documents
The following items are required to be submitted with your application. Applicants who do not submit the required items timely may not be considered for this job:
Current version of the State Examination/Employment Application STD Form 678 (when not applying electronically), or the Electronic State Employment Application through your Applicant Account at www.CalCareers.ca.gov. All Experience and Education relating to the Minimum Qualifications listed on the Classification Specification should be included to demonstrate how you meet the Minimum Qualifications for the position.
Resume is required and must be included.
Statement of Qualifications - This SOQ is a narrative discussion of how the candidate’s education, training, experience, and skills qualify them for the position, as outlined in both the minimum and desirable qualifications. The SOQ should be no more than 3 pages in length and typewritten in Arial font size 12. A Statement of Qualifications (SOQ) must be submitted with the candidate's application.
Demonstrated leadership skills;
3+ years of experience developing or reviewing rates for P&C lines of insurance;
Exceptional organizational skills;
Effective written, verbal and presentation skills;
Strong business acumen with an understanding of how the insurance industry, consumer advocates and the Department interact with each other to work jointly to ensure that California insurance rates are not excessive, inadequate or unfairly discriminatory;
Ability to collaborate with internal and external parties;
Attainment of Fellowship designation from the Casualty Actuarial Society;
Effective critical thinking and problem-solving skills;
Knowledge of the California Insurance Code, California Code of Regulations and policies as they pertain to P&C insurance ratemaking under Proposition 103, and of Actuarial Standards of Practice promulgated by the American Academy of Actuaries;
Experience in developing, using or reviewing predictive models including, but not limited to, GLMs, GAMs, decision trees, ensemble methods, boosting and random forests, neural networks and other machine learning applications used in the development of P&C insurance rates and rating plans;
Attainment of Certified Specialist in Predictive Analytics (CSPA) designation from The CAS Institute;
Experience with R, SAS, VBA, SQL, Python, EMBLEM or any other programming language or software;
Experience working with both stochastic (probabilistic) and scoring catastrophe models for various perils, including, but not limited to, wildfire, fire following earthquake, earthquake, and flood.
View job bulletin on calcareers.ca.gov for full requirements.
The California Department of Insurance (CDI) was created in 1868 as part of a national system of state-based insurance regulation. The insurance marketplace has changed dramatically over time, but consumer protection continues to be the core of CDI's mission.
Today, CDI is the largest consumer protection agency in the state. California is the largest insurance market in the United States and the sixth largest insurance market in the world.
More than 1,300 dedicated employees work at CDI to oversee more than 1,300 insurance companies and license more than 390,000 agents, brokers, adjusters, and business entities. In the normal course of business, CDI annually processes more than 7,000 rate applications, issues approximately 180,000 licenses (new and renewals) and performs hundreds of financial reviews and examinations of insurers doing business in California. CDI annually receives more than 170,000 consumer assistance calls, investigates more than 35,000 consumer complaints and, as a result, recovers more than $63 million a year for consumers. CDI also annually receives and processes roughly 29,000 referrals regarding suspected fraud against insurers and others and conducts cr...iminal investigations resulting in roughly 800 arrests.
All of CDI's functions, including overseeing insurer solvency, licensing agents and brokers, conducting market conduct reviews, resolving consumer complaints, and investigating and prosecuting insurance fraud, are to protect consumers.
Consumers, insurance companies, and licensees rely on CDI to ensure that insurance products and services are available to consumers in a timely way, and that they deliver fair and equal benefits. To meet these expectations, CDI ensures that insurers are solvent, consumer complaints are addressed in a reasonable manner, and insurers and licensees play fairly in the marketplace. CDI regulates insurers with more than $123 billion in annual direct premiums.
In 1988, California voters passed Proposition 103, a citizen-led initiative. Proposition 103 expanded CDI's authority as well as changed the Insurance Commissioner from an appointee of the Governor to an independent statewide officer elected by popular vote. Proposition 103 also required prior approvals of property and casualty rates, including personal auto and homeowner insurance.
CDI enforces the insurance laws of California and has authority over how insurers and licensees conduct business in California.
License fees, assessments, and Proposition 103 recoupment fees are the primary sources of funding for CDI.