STAFF ACTUARY - INSURANCE RATE ACTUARY

State of Idaho•Boise, ID

50d

About The Position

Idaho Department of Insurance Career Opportunity This position will remain open until it is filled; the posting will be closed once a candidate is selected. 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. Hiring managers are continuously considering applications for this position. We highly encourage individuals to apply quickly for this great opportunity at DOI!

Requirements

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
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
Associate of the Society of Actuaries (ASA) OR Associate of the Casualty Actuarial Society (ACAS), in good standing. The position's higher pay range is available for applicants achieving Fellow of the Society of Actuaries (FSA) or Fellow of the Casualty Actuarial Society (FCAS).

Nice To Haves

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

Responsibilities

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