Our mission at 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.
Do you want to make a difference while participating in a multifaceted and reciprocal actuarial environment in the public sector? If so, we have an excellent opportunity to join our Actuarial Division.
We are currently seeking a full-time experienced Insurance Actuary (Life/Health) in our Actuarial Division! We offer a Monday through Friday work schedule, however, flexibility is needed in order to meet the needs of the agency.
We are easily accessible for all commuters and conveniently located in the Downtown area of Hartford! Our address is 153 Market Street.
You will play a key role in:
- The Actuarial Division and will work with other actuaries to support major Life and Health 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 Life and Health companies, the NAIC committee works include LATF/HATF and their subcommittees, and RBC, and the product management responsibilities include some supporting for the Health rate filings.
There are four major functions for this exciting actuarial opportunity.
- Review the actuarial opinions, actuarial memorandum, and other financial statements which are required to be by statute for domestic insurers. This financial solvency review also include PBR actuarial reports new 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 life and health, and data analytics.
- Assist the Life and Health 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 equalling 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 relationships with the appointed actuaries of domestic companies;
- Oral and written communication skills to present regulatory positions and determinations to insurance company representatives, Department analysts and field examiners;
- Ability to concurrently manage multiple projects with moving deadlines;
- Familiarity with an array of reserving and valuation software products;
- Designation of MAAA (Member American Academy of Actuaries).
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.
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.