Actuary - Life and Health (Exempt)

State of Alaska; Juneau (AK); On-site; USD 110,000 - 160,000; Full time

Benefits offered by this job

Health insurance

Paid leave

Retirement benefits

Job summary

State of Alaska's Department of Commerce, Community and Economic Development, Division of Insurance seeks a Life and Health Actuary in Juneau. You will review premium rates, analyze insurer solvency, and provide technical actuarial support to staff and leadership.

The role requires strong communication, actuarial knowledge, regulatory experience, and the ability to present complex data to diverse audiences within and outside the state government.

Qualifications

• Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or similar degree from an accredited college or university.
• Five to seven years’ actuarial experience.
• Experience reviewing or preparing healthcare rate filings is mandatory; life/annuity/long-term care experience is beneficial.
• Solid understanding of actuarial concepts for life and health products, including pricing, valuation and non-forfeiture concepts.

Responsibilities

• Review life and healthcare rate filings for regulatory compliance.
• Provide technical actuarial support to division staff and directors.
• Analyze data, prepare reports, and present findings to regulators and industry.
• Lead in drafting and monitoring legislation and regulations on insurance issues.
• Travel as required by the director for meetings and investigations.

Skills

Actuarial concepts

Communication

SERFF

Excel

Writing skills

Data analysis

Regulatory knowledge

Education

Bachelor’s degree in Actuarial Science

Tools

SERFF

Microsoft Word

Excel

PowerPoint

Adobe Acrobat

Job description

Job Description

The Department of Commerce, Community and Economic Development, Division of Insurance is recruiting for a Life and Health Actuary

Under the general direction of the Director, this position will serve as The Life and Health Actuary in our Juneau office. This position will provide technical actuarial support for issues involving life and health insurance, including the review of premium rates for use in Alaska, and financial analyses of insurer solvency and reserve adequacy.

Duties of this position include but are not limited to:

• Review rates, forms, and rules for all life and healthcare plans for compliance with Alaska and federal statutes and regulations.
• Verify trend, experience, utilization and other criteria submitted by companies to support their rate filing(s).
• Interact with insurance companies to expedite the rate filing evaluation process.
• Provide technical expertise to other division staff, including the director and filing analysts.
• Perform policy analysis, market research, and data collection.
• Collect statistics; work with other state agencies and research organizations to develop studies in areas such as medical, product, and insured population trends in Alaska.
• Monitor and analyze state and federal studies and proposals; and make recommendations to the director.
• Analyze data, preparing reports, and presenting information to a variety of audiences including members of the industry regulated by the Division of Insurance.
• Analyze issuer major medical rate filings and determine outcome.
• Formulate and interpret statistical data.
• Evaluate insurance issuer operations
• Provide technical support for examinations of companies and producers.
• Respond to inquiries and requests for information from division staff, the public, other state agencies, state insurance departments, and the legislature.
• Take lead role in formulating, drafting, implementing, and monitoring legislation and regulation on life, health, and other insurance-related issues.
• Attend continuing education seminars; participate in webinars and conference calls to keep informed of state and national trends, statutes, and regulations, including the Affordable Care Act.
• Participate on National Association of Insurance Commissioners (NAIC) committees and task forces.
• Develop model laws and regulations, often as the director’s designee; and prepare issue papers, actuarial guidelines, handbooks, and compliance manuals.
• Travel to such locations and with such frequency as the director deems necessary or desirable. Position may require overnight, out-of-town travel at least three times each year.

Our successful candidate will also possess some or all of the following knowledge, skills and abilities (KSA’s)

• Demonstrate strong organizational, time management, and communication skills.
• Work collaboratively in a virtual environment with team members in different locations.
• Demonstrate superior attention to detail and strong writing skills.
• Explain complex actuarial concepts in terms understandable to non-actuaries.
• Knowledge of insurance actuarial procedures and principles.
• Knowledge of insurance finances; insurance principles and coverages and insurance company operations and management.
• Knowledge of financial reporting procedures and policies; loss reserving methodologies
• Higher level mathematics, probability, and statistics.
• Knowledge of insurance laws, rules, and regulations.
• Effectively present information, verbally and in writing, to state insurance regulators, insurance company personnel, and the general public at all organizational levels.
• Communicate effectively, both orally and in writing; develop and manage rate filing tracking system
• Proficiency in System for Electronic Rate and Form Filing (SERFF); Microsoft Word, Excel, and PowerPoint; and Adobe Acrobat.

More information about our division may be found on our website at http://insurance.alaska.gov

Minimum Qualifications

Bachelor’s degree in Actuarial Science, Mathematics, Statistics, or similar degree from an accredited college or university. Five to seven years’ actuarial experience. Experience reviewing or preparing healthcare insurance rate filings is mandatory, and experience reviewing life insurance, annuity, disability income insurance, and/or long-term care insurance product filings would be beneficial. Solid working understanding of actuarial concepts for all life and health products, including but not limited to, pricing and valuation and non-forfeiture concepts, requirements, and actuarial standards.

Licenses, Certificates, Registrations

Designation of Associate from the Society of Actuaries and membership in the American Academy of Actuaries preferred.

EEO Statement

The State of Alaska complies with Title I of the Americans with Disabilities Act (ADA). Individuals with disabilities, who require accommodation, auxiliary aides or services, or alternative communication formats, please call 1-800-587-0430 or [phone] in Juneau or TTY: Alaska Relay 711 or 1-800-770-8973 or correspond with the Division of Personnel & Labor Relations at: P.O. Box 110201, Juneau, AK 99811-0201. The State of Alaska is an equal opportunity employer.

Special Notice

This position is exempt and is not in the classified services.Exempt positions/employees are excluded from title 39, Chapter 25, State Personnel Act and the Personnel Rules adopted under it.

Careers With The State Of Alaska Offer MANY Benefits

Insurance Benefits

• Health insurance, which includes employer contributions toward medical/vision/dental
• The following employee groups are under AlaskaCare Benefits administered by the State: See https://drb.alaska.gov/help/plans.html for additional information.
  • AVTEC
  • Confidential
  • Correctional Officers
  • Marine Engineers
  • Mt. Edgecumbe Teachers
  • Supervisory
  • Unlicensed Vessel Personnel/Inland Boatman's Union
  • Exempt employees (not covered by collective bargaining)
• The following employee groups are covered by Union health trusts. Contact the appropriate Union for additional information.
  • General Government
  • Labor, Trades and Crafts
  • Public Safety Employees Association
  • Masters, Mates & Pilots
• Employer paid Basic Life insurance with additional coverage available (amount depends on Bargaining Unit)

Optional Insurance Benefits

• Group-based insurance premiums for
  • Term life (employee, spouse or qualified same sex partner, and dependents)
  • Long-term and short-term disability
  • Accidental Death and Dismemberment
  • Long-term care (self and eligible family members)
  • Supplemental Survivor Benefits
• Employee-funded flexible spending accounts for tax savings on eligible health care or dependent care expenses

Retirement Benefits

• Membership in the Public Employees Retirement System (PERS)/Teachers' Retirement System (TRS)
• Matching employer contribution into a defined contribution program (new employees)
• Employer contribution into a defined benefit or defined contribution program (current employees)
• Contributions to the Alaska Supplemental Annuity Plan in lieu of contributions to Social Security
• Option to enroll in the Alaska Deferred Compensation Program
• Note: The Defined Contribution Plan, Supplemental Annuity Plan and Deferred Compensation Program offer a variety of investment options

Paid Leave & Other Benefits

• Personal leave with an accrual rate increase based on time served
• Twelve (12) paid holidays a year

This position may require travel, perhaps for up to a week at a time. Are you willing and able to travel as needed for this position?

• Yes
• No
• Required Question