Description
Company Name: Idaho Department of Insurance
Position: Insurance Rate Actuary
Area of practice: Insurance – Other
Job Type: Full time
Job Description:
The Idaho Department of Insurance is seeking to hire a credentialed Actuary to join our team of regulatory professionals. This position serves as a technical expert, performing advanced actuarial work to protect Idaho insurance consumers and ensure market stability. With considerable latitude for the use of initiative and independent judgment, the Actuary reviews insurance rate and form filings, reserves, and other pricing or statistical models using actuarial and statistical methods to determine compliance with state and federal laws. This position advises agency leadership on complex actuarial matters and policy initiatives, and it oversees the work of contract actuaries or analysts.
Apply now and take the next step in your actuarial career: https://lnkd.in/gkmtw9-N
To learn more about the Idaho Department of Insurance and the important work we do, please visit the DOI website.
BENEFITS
This benefited position enjoys:
- Excellent medical, dental, and vision insurance health plans
- Nationally recognized PERSI retirement benefits
- Paid sick and vacation leave accrual upon hire
- Paid parental leave
- 11 paid holidays annually
- A healthy work-life balance
- Career growth and professional development opportunities
For additional information related to benefits and/or State programs visit: https://dhr.idaho.gov/StateEmployees/Benefits.html.
EEO/ADA/VETERAN
The State of Idaho is committed to providing equal employment opportunities and prohibit discrimination against qualified individuals based on their status as protected veterans or individuals with disabilities and prohibit discrimination against all individuals based on their race, color, religion, political affiliation or belief, sex, national origin, genetics, or any other status protected under applicable federal, state, or local laws.
The State of Idaho is committed to access and reasonable accommodation for individuals with disabilities, auxiliary aids and services are available upon request.
Requirements
EXAMPLE OF DUTIES/RESPONSIBLITIES
- Review rate filings, benefits, underwriting classifications, statistical plans, and models to ensure rates are not excessive, inadequate, or unfairly discriminatory
- Communicate with insurers, actuaries, analysts, and attorneys regarding insurance pricing, reserves, and rate filings
- Review and analyze reserves, loss adjustment expenses, reinsurance contracts, and actuarial opinions in annual statements of domestic insurance companies as they relate to solvency and financial stability
- Determine and apply appropriate actuarial methodologies to collect data, test data quality, and develop reports
- Perform actuarial research on emerging issues in insurance regulation
- Advise agency leadership on policy matters, regulatory changes, and legislative initiatives related to insurance rates, reserves, and actuarial standards
- Serve as liaison to NAIC actuarial workgroups, task forces, and committees and monitor NAIC activities related to actuarial practices
- Provide technical guidance and training to Rates and Forms Section staff
MINIMUM QUALIFICATIONS
Good knowledge of:
- Actuarial and statistical methods; may be gained through experience and/or coursework in actuarial science
- Insurance ratemaking, reserving, and modeling
- Actuarial data and statistical analysis tools (R, Python, etc.) and Microsoft Office applications
- Insurance rating laws and regulations
Experience:
- Developing or reviewing insurance rates
- Applying actuarial methodologies to analyze insurance data, pricing, reserves, or financial statements
- Interpreting laws, rules and regulatory guidance
- Communicating actuarial findings and recommendations to technical and non-technical audiences
Professional Designation:
- Candidates who have completed significant actuarial coursework and are actively progressing toward an actuarial designation are encouraged to apply. Successful candidates will be hired at a level commensurate with their qualifications and experience.
- Preference will be given to candidates who have achieved Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS) and are in good standing. The position’s higher pay range is available for applicants who have attained Fellow of the Society of Actuaries (FSA) or Fellow of the Casualty Actuarial Society (FCAS).
SUPPLEMENTAL INFORMATION
The ideal candidate will have the ability to:
- Evaluate the actuarial soundness of insurance rates, rating plans, reserves, and reinsurance contracts
- Perform complex actuarial analyses independently and exercise sound professional judgment with minimal supervision
- Communicate effectively with various stakeholders and explain complex actuarial concepts and rating strategies to both technical and non-technical audiences
- Prepare clear, comprehensive reports containing actuarial findings, conclusions, and recommendations
- Represent the Department professionally in meetings, hearings, and regulatory forums
- Stay current on evolving actuarial standards, insurance market trends, and regulatory developments
- Manage multiple projects and priorities effectively
