Chief Actuary
State of South Carolina
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Benefits offered by this job
Job summary
The State of South Carolina Department of Insurance seeks a Chief Actuary to lead the Actuarial and Research Office, providing senior actuarial leadership and strategic guidance on financial risk, rate reviews, and regulatory matters.
Under limited supervision, the Chief Actuary will oversee a team of actuaries and researchers, direct data governance, collaborate with Market Services, and contribute to legislation and policy development while maintaining high standards of accuracy and
Qualifications
- A bachelor's degree in mathematics, statistics, actuarial science, finance, or related field.
- 7–10 years' experience in insurance or related field.
- ACAS or ASA designation required; FCAS or FSA preferred.
Responsibilities
- Provide senior actuarial leadership to executives on financial risk and market trends.
- Supervise the Office of Research and Analytics and ensure high-quality research and reporting.
- Review insurance plans, rates, and practices; support major rate reviews.
- Monitor markets and translate findings into policy guidance; contribute to legislation.
- Oversee actuarial staff in reviewing contracts, filings, and reserve examinations.
Skills
Education
Tools
Job description
The mission of the State of South Carolina Department of Insurance is to protect and serve the insurance consumers by promoting a fair, stable, and competitive insurance market through regulation, education, and advocacy. For more information about working at the SC Department of Insurance, please visit www.doi.sc.gov.
Under limited supervision of the Deputy Director, serves as the Department's Chief Actuary. Serves as a consultant to the Department and other state agencies on complex actuarial and other insurance-related issues. Oversees highly technical staff that perform actuarial duties for the Department. Oversees, directs, and spearheads Department research and analytics projects, including data calls, research projects, and reporting, statutorily or otherwise. Recommends, drafts, and testifies upon any related legislative changes.
- Provide senior actuarial leadership, advising executives on financial risk, market trends, regulation, and solvency while overseeing and developing staff, guiding complex actuarial work, and establishing internal actuarial standards and processes.
- Supervise the Office of Research and Analytics by directing project planning, data collection, analytic frameworks, and data governance standards; ensuring high-quality research, statutory reporting, and secure, reliable data practices that produce actionable insights for leadership and stakeholders.
- Oversee and guide actuarial staff in reviewing insurance plans, rates, and practices, interpreting LA&H and P&C insurance law, supporting major rate reviews, evaluating carrier assumptions and methodologies, and coordinating with Market Services.
- Monitor insurance and reinsurance markets, oversee staff participation in NAIC activities, brief executives on emerging issues, translate actuarial findings into actionable policy guidance, and lead actuarial contributions to legislation, regulations, and official bulletins.
- Supervise actuarial staff in reviewing reinsurance contracts, actuarial opinions, statutory filings, and reserve examinations; oversee actuarial support for insurer licensing reviews; and ensure compliance with risk-transfer requirements and related regulatory standards.
- Performs other duties as required by the Deputy Director or Director.
A bachelor's degree in mathematics, statistics, actuarial science, finance, or a related field and relevant experience. Seven to ten years' experience in insurance or related field required. Professional designation of Associate of either the Casualty Actuarial Society (ACAS) or Society of Actuaries (ASA) is required. Must have knowledge of SC statutes pertaining to the regulation of insurance. Excellent oral and written communication skills are required.
- Ability to oversee and manage a team of highly skilled employees who are responsible for evaluating various aspects of insurance contracts, including the appropriateness of rates and related practices, complex insurance arrangements, including insurance and reinsurance agreements, financial statements, including reserves and related items, and actuarial studies.
- Ability to assist direct reports in those evaluations as well.
- Ability to comprehend and evaluate evolving issues in the insurance markets, including complex actuarial issues, and to assess necessary program and/or legislative changes.
- Ability to communicate.
- Ability to organize and direct a research team.
Professional designation as a Fellow of either the Casualty Actuarial Society (FCAS) or the Society of Actuaries (FSA) is preferred. Prior management experience is desired. Strategic planning experience, especially in setting research agendas and long-term analytic roadmaps.
Operates a personal computer and other office equipment. Some overnight travel may be required.
Applicants indicating college credit or degree(s) on the application will be required to submit a sealed, certified copy of the transcript(s) prior to beginning employment. Failure to produce an official, certified transcript will result in any conditional offer of employment being rescinded.
It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees without regard to their race, color, religion, national origin, sex (including, but not limited to, pregnancy, childbirth or related medical conditions and lactation), disability or age.
South Carolina is making our Veterans a priority for employment in state agencies and institutions.
- Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
- 15 days annual (vacation) leave per year
- 15 days sick leave per year
- 13 paid holidays
- State Retirement Plan (pension plan option) and Deferred Compensation Programs
- Employee Assistance Program
- Free counseling sessions for employees and household members
- Free legal counseling
- Free financial counseling
- Flexible Work Schedules
- Compressed work weeks
- Part-time telecommuting
- Flex-time
- Contingent upon completing required probationary period
- Free Gym Access
- Growth Opportunities
- Certifications/designation program allowing for salary increases and bonuses
- Infants at Work Program
- Employees eligible to bring their newborn/infant to the workplace
- Free Parking
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