Chief life actuary

Full job description

Agency : Department of Insurance

Working Title: Chief Life Actuary

Closing Date/Time: 07/01/2024

Salary: Anticipated Starting Salary $8,697 monthly: Full Range $8,697-$14,516

Job Type: Salaried /Full Time

County: Sangamon

Number of Vacancies: 1

Plan/BU: None

**************** A RESUME IS REQUIRED FOR THIS JOB POSTING ****************

Please attach a DETAILED Resume/Curriculum Vitae (CV) to the MY DOCUMENTS section of your application. You WILL NOT be considered for the position if you attach a CMS100, CMS100b or any other document that is not a Resume or CV.

Answer all application questions thoroughly. DO NOT STATE "SEE RESUME".

Position Overview

The Illinois Department of Insurance is seeking to hire an Actuary III in the Life Actuarial Unit, Actuarial Servies Section of the Financial Solvency Division. This position performs highly responsible professional work in all phases of the actuarial science field as the Chief Life Actuary for the Department involving at least the following: high level life actuarial research; counsel, and advice to management and professional staff; conduct extensive research involving solvency and life reserve analysis; review of current industry practices; review of financial and actuarial examination findings and communicate the findings with Departmental staff; develop guidelines for monitoring insurance company financial conditions and recommend action on matters of solvency and reserve adequacy; serves as full line supervisor; represent the Director with industry and company representatives exercising the authority to make commitments regarding the modification of company compliance issues; review reinsurance agreements, extraordinary dividend requests, and remedial RBC plans to determine statutory compliance; participate in hearings for corporate division and insurance business transfer; develop valuation and cost factors; and participate in the review of existing and proposed legislation to ensure that all matters are both actuarially acceptable and appropriate. We invite all qualified applicants to apply.

Essential Functions

1.Performs highly responsible professional work in all phases of the life actuarial science field as the Chief Life Actuary:

• Conducts extensive research involving actuarial life reserve ,
• Advises departmental staff on compliance issues,
• Develops new procedures when warranted by changes in regulations or standards of practice,
• Provides actuarial expertise at formal and informal hearings,
• Interprets statistical data or experience studies received from insurance companies, other state insurance departments, insurance associations, federal studies and other sources relating to the insurance industry.

2.Develops guidelines for monitoring insurance company financial conditions and recommends action on matters of solvency and reserve adequacy:

• Establishes methods of evaluating and estimating actuarial life reserve liabilities,
• Establishes methods for reviewing asset adequacy analysis, Regulatory Asset Adequacy Issue Summary (RAAIS), and the associated actuarial opinion and memorandum which supplements the annual statement provided by the company,
• Reviews PBR report and AG53 report provided by the company,
• Provides feedback on the external actuarial consultant’s reports on financial examinations of Illinois domestic companies,
• Directs staff to conduct research and special studies.

3.Serves as full line supervisor:

• Assigns and reviews work,
• Provides guidance and training to assigned staff,
• Counsels staff regarding work performance,
• Reassigns staff to meet day-to-day operating needs,
• Establishes annual goals and objectives,
• Approves time off; adjusts first level grievances,
• Effectively recommends and imposes discipline, up to and including discharge,
• Prepares and signs performance evaluations,
• Determines and recommends staffing needs.

4.Travels to represent the Director with industry and company representatives exercising the authority to make commitments regarding the modification of company compliance issues:

• Explains and supports agency policies and positions concerning life actuarial issues,
• Represents the Department at meetings of the Society of Actuaries, NAIC, and the American Academy of Actuaries,
• Serves on various committees and task forces established by these entities.

5.Reviews reinsurance agreements to determine statutory compliance involving contract type, transfer of risks and associate trust agreements if any:

• Provides technical advice to departmental staff.

6.Reviews extraordinary dividend requests and determines whether such requests comply with statutory requirements and the potential impacts on the company and the policyholder after the distribution:

• Reviews risk-based capital (RBC) remedial plan for companies with low RBC ratios,
• Reviews proposed investment agreements and maintenance agreements.

7.Participates in the review of existing and proposed legislation to ensure that all matters are both actuarially acceptable and appropriate:

• Drafts legislative proposals to meet actuarial needs,
• Prepares actuarial opinions of legislative proposals,
• Reviews other state and federal legislation to determine impact on the insurance industry in the State of Illinois.

8.Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

1. Requires knowledge, skill and mental development equivalent to completion of four (4) years of college with courses in higher mathematics, such as calculus, probability, and statistics.
2. Requires five (5) years of professional experience in actuarial work in the life, accident, and health or casualty and property insurance field.

Preferred Qualifications

1. Prefers at least five (5) years of experience gaining thorough knowledge of insurance principles, insurance company practices and state laws and regulations governing operations.
2. Prefers at least five (5) years of experience gaining thorough knowledge of higher mathematics, particularly as related to actuarial computations and accounting principles and practices in the field of insurance.
3. Prefers proven ability to recognize the need for and to make complex actuarial research and statistical computations, studies, and projects to furnish administrators with current and timely information.
4. Prefers proven ability to edit, construct and present comprehensive reports, oral and written, with clarity and precision.
5. Prefers proven ability to maintain satisfactory working relationships with other state agencies, legislative officials, insurance company officials and the general public and to represent the agency in conferences and speaking appearances.
6. Prefers proven ability to supervise and direct the work of others.

Employment Conditions

1. Requires the ability to pass a background check.
2. Requires ability to travel in the performance of duties, with overnight stays as appropriate.
3. The conditions of employment listed here are incorporated and related to any of the job duties as listed in the job description.

About the Agency

The Department of Insurance (DOI) regulates the insurance market in the State of Illinois including, but not limited to, licensing and educating insurance agents, investigating Workers Compensation fraud, and examining the operations and finances of insurance companies domiciled in the state. We are committed to protecting consumers and regulating the insurance industry with innovation and efficiency. DOI has approximately 220 employees who are split between our Chicago and Springfield offices.

State of Illinois employees enjoy a robust benefit package, including:

• Health, Life, Vision, and Dental Insurance
• 13 Paid Holidays annually, 14 on even numbered years
• 10-25 days of Paid Vacation time annually - (10 days in year one of employment)
• 12 Paid Sick Days annually (sick days carry over from year to year)
• 10 Weeks Paid Maternity/Paternity Leave
• 3 Paid Personal Days annually
• Pension Plan
• Deferred Compensation Program and other pre-tax benefit programs (Medical/Daycare)
• Flexible work schedules may be available, dependent upon position
• Tuition Reimbursement Program and Federal Public Service Loan Forgiveness Program eligibility

Visit for more information about our benefits.

Work Hours: M-F; 8:00am - 4:30pm

Work Location: 320 W Washington St, Springfield, Illinois, 62767

Agency Contact: [[recruiterEmail]]

Posting Group: Legal, Audit & Compliance

Agency statement

The Illinois Department of Insurance is seeking to hire an Actuary III in the Life Actuarial Unit, Actuarial Servies Section of the Financial Solvency Division. This position performs highly responsible professional work in all phases of the actuarial science field as the Chief Life Actuary for the Department involving at least the following: high level life actuarial research; counsel, and advice to management and professional staff; conduct extensive research involving solvency and life reserve analysis; review of current industry practices; review of financial and actuarial examination findings and communicate the findings with Departmental staff; develop guidelines for monitoring insurance company financial conditions and recommend action on matters of solvency and reserve adequacy; serves as full line supervisor; represent the Director with industry and company representatives exercising the authority to make commitments regarding the modification of company compliance issues; review reinsurance agreements, extraordinary dividend requests, and remedial RBC plans to determine statutory compliance; participate in hearings for corporate division and insurance business transfer; develop valuation and cost factors; and participate in the review of existing and proposed legislation to ensure that all matters are both actuarially acceptable and appropriate. We invite all qualified applicants to apply.

The main form of communication will be through email. Please check your “junk mail”, “spam”, or “other” folder for communication(s) regarding any submitted application(s). You may receive emails from the following addresses: