Actuarial Jobs in Denver, CO

Job Title

Chief Actuary and Director of the Actuarial Services Section of the Division of Insurance

Job Description

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law.

This work unit assesses company compliance with statutory, regulatory, and actuarial standards for rate filings and financial examinations. In addition, the unit conducts actuarial analyses, including reviewing, evaluating, examining, and monitoring the solvency and actuarial soundness of insurance companies, or certain self-insurers and other insurance-related entities.

Position : SFA 4032 The Chief Actuary works closely with the Deputy Commissioner of Affordability in strategically managing the actuarial section and its responsibilities, including budgeting for staff and resources necessary to carry out the division's mission and responsibilities requiring actuarial analysis. The Chief Actuary is responsible for protecting the public's interests by ensuring the financial soundness of insurers by verifying the adequacy of reserves and actuarially supported fair premium rates, the availability and affordability of insurance and fair treatment of policyholders and claimants while maintaining a positive business climate. Duties include, but are not limited to:

• 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 i.e. incorporation of medical loss ratio standards, or financial examinations (e.g. 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.

Minimum Qualifications, Substitutions, Conditions of Employment & Appeal Rights

MINIMUM QUALIFICATIONS (MQs): There are two ways to qualify for this position: 1) Experience OR 2) A Combination of Education and Experience

Option 1: Experience Ten (10) years of professional* experience performing actuarial work with a regulated insurance company or other related entity, an actuarial consulting firm, or governmental work regulating insurance companies or other financial entities; AND A minimum of two (2) years of experience supervising staff must be included in the six years of actuarial experience.

Option 2: A Combination of Education AND Experience Associate's Degree and Experience: Graduation from an accredited college or university with an associate's degree in actuarial science, economics, finance, mathematics, statistics or in a field of study directly related to the work assignment; AND Eight (8) years of professional* experience performing actuarial work with a regulated insurance company or other related entity, an actuarial consulting firm, or governmental work regulating insurance companies or other financial entities; AND A minimum of two (2) years of experience supervising staff must be included in the six years of actuarial experience.

OR Bachelor's Degree and Experience : Graduation from an accredited college or university with a bachelor's degree in actuarial science, economics, finance, mathematics, statistics or in a field of study directly related to the work assignment; AND Six (6) years of professional* experience performing actuarial work with a regulated insurance company or other related entity, an actuarial consulting firm, or governmental work regulating insurance companies or other financial entities; AND A minimum of two (2) years of experience supervising staff must be included in the six years of actuarial experience.

*Professional work involves exercising discretion, analytical skill, judgment and personal accountability and responsibility for creating, developing, integrating, applying, and sharing an organized body of knowledge that characteristically is: uniquely acquired through an intense education or training regimen at a recognized college or university; equivalent to the curriculum requirements for a bachelor's or higher degree with major study in or pertinent to the specialized field; and continuously studied to explore, extend, and use additional discoveries, interpretations, and application and to improve data, materials, equipment, applications and methods.

Document this experience in your application IN DETAIL, as your experience will not be inferred or assumed. Part-time experience will be prorated.

NECESSARY SPECIAL REQUIREMENTS: Applicants may hold or be eligible to hold credentials as an Associate or Fellow of the Society of Actuaries or the Casualty Actuarial Society, and may be a member of the American Academy of Actuaries.

SUBSTITUTIONS : A combination of professional* work experience as described above, which provided the same kind, amount, and level of knowledge acquired in the required education, may be substituted for the bachelor's degree on a year-for-year basis. There is NO substitution for the professional* actuarial experience or supervisory experience.

PREFERRED QUALIFICATIONS : Experience performing quantitative analysis; Experience developing new processes and identifying new methods to streamline existing work processes for efficiency and accuracy; Project management experience; Experience researching and applying complex legislation to change work processes; Completion of four (4) S.O.A. or C.A.S. actuarial exams; Experience with Principle Based Reserving (PBR) and Own Risk Solvency Assessment (ORSA); Experience using statistical rating models, such as General Linear Models (GLMs). Experience in predictive modeling, statistical programming (e.g., R, Python, SAS), and/or data architecture.

REQUIRED COMPETENCIES The following knowledge, skills, abilities, and personal characteristics are required competencies and may be considered during the selection process (including examination and/or interview). Candidates who do not meet the required competencies will be removed from consideration.

• Demonstrated written communication skills, including the ability to convey information to various stakeholders in a clear, accurate, and concise written manner;
• Demonstrated verbal communication skills, including the ability to effectively convey information to audiences in a concise manner;
• Demonstrated attention to detail;
• Demonstrated critical thinking and analytical skills, including the ability to evaluate information in order to apply knowledge and to decide on the most appropriate course of action;
• Demonstrated prioritization skills, including planning, organizing tasks, and managing work assignments;
• Demonstrated time management skills, including the ability to multitask to effectively manage competing and constantly changing priorities in order to meet tight deadlines;
• Demonstrated ability to understand and abide by workplace principles, practices and behaviors as internally identified and defined by the division and department;
• Demonstrated ability to read, understand, interpret, apply, and explain laws, rules, policies, and procedures;
• Sound judgment and the confidence to make decisions on a routine basis;
• Ability to travel independently, including work in-office, as required by business needs and scheduled by the supervisor;
• Integrity and high ethical standards;
• Accountability, reliability, including attendance;
• Ability to maintain confidential, controversial, or sensitive information;
• Self-starter, including the ability to work independently, learn new processes, utilize own knowledge and that of supervisor, and complete work with minimal supervision;
• Demonstrated professional demeanor;
• Knowledge and understanding in the use of PC software applications including Microsoft Office (Access, Word, Excel, etc.), and Google Suite (Doc's, Sheets, Slides, etc).