Managing Actuary

NJ Department of Banking and Insurance; Trenton (NJ); On-site; USD 90,000 - 130,000; Full time

Job summary

NJ Department of Banking and Insurance seeks an Actuarial Services supervisor to lead work programs and staff, oversee rate and form filings, analyze risks, and provide actuarial guidance on rules and regulations.

Under general supervision, you will interpret statutes, monitor proposed legislation, and prepare actuarial reports for carriers. This position requires a math-focused Bachelor's, four years actuarial experience incl. supervisory, and fellowship with SOA or CAS.

Qualifications

• Bachelor's degree including twelve semester hours in mathematics.
• Minimum of four years of actuarial work, with at least one year in supervisory capacity.
• Fellowship by examination in the Society of Actuaries or Casualty Actuarial Society.

Responsibilities

• Attend NAIC meetings and support the Department on actuarial task forces and working groups.
• Prepare the work program of the Department’s Actuarial Services and analyze actuarial data and filings.
• Manage actuarial operations and supervise staff evaluations.
• Devise regulatory measures for the industry the Department regulates.
• Direct valuation and product rate reviews or relevant filing work of the Actuarial Section.
• Review actuarial assumptions, reports, and memoranda for valuation or pricing.
• Administer laws and regulations regarding all types of insurance contracts.
• Prepare actuarial reports containing findings, conclusions and recommendations.

Skills

Actuarial analysis

Regulatory guidance

Supervisory experience

Stakeholder collaboration

Education

Bachelor's degree with math credits

Fellowship by examination (SOA/CAS)

Job description

Under general supervision of a higher-level official in a state department, has charge of the work programs and/or staff of the Actuarial Services; oversees rate and form filing; analyzes potential risks and trends; provides actuarial responses as directed to carriers; interprets and provides guidance relating to applicable rules, laws, statute, and regulations for insurance; monitors and evaluates proposed legislations and regulations providing actuarial point of view and does related work as required.

EXAMPLES OF WORK:

• Attend NAIC meetings and support the Department on various NAIC actuarial task forces (LATF & HATF), working groups and subgroup meetings.
• Prepares the work program of the Department’s Actuarial Services, analyzes technical actuarial and related data and filings, and formulates appropriate policies, rules, procedures, standards, and systems for the area.
• Manages the work operations and/or functional programs and has responsibility for actuarial employee evaluations.
• Devises and promulgates appropriate regulatory measures for the industry the Department regulates.
• Directs the valuation and product rate reviews or relevant filing work of the Actuarial Section.
• Manages and performs the review of companies’ actuarial assumption development for valuation or pricing purpose.
• Manages and performs the review of companies’ actuarial reports, actuarial memorandum, and actuarial opinions
• Administers the laws and regulations regarding all types of insurance contracts.
• Prepare and directs the preparation of actuarial and other reports containing findings, conclusions and recommendations.

REQUIREMENTS

Graduation from an accredited college with a Bachelor's degree including twelve (12) semester hour credits in mathematics.

a minimum of four (4) years of actuarial work in a company or government regulatory agency, one (1) year of which shall have been in a supervisory capacity.

Possession of a Fellowship by examination in the Society of Actuaries of the Casualty Actuarial Society.