Chief Actuary
State of Nebraska

Job Info

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Description
Are you a credentialed actuary looking for: work-life balance, an opportunity to be directly involved in regulatory changes, a collaborative and supportive management, and an open-door, business friendly culture? Are you ready to join a successful team responsible for regulating one of the largest domestic insurance industries in the United States, including several large life and health insurers? If so, the Nebraska Department of Insurance has an exciting opportunity for you to lead our Actuarial team.

Who we are: The Nebraska Department of Insurance exists for one very important reason, to protect you the consumer. Our mission is to safeguard all those affected by the business of insurance through the fulfillment of our statutory obligations and by promoting the fair and just treatment of all parties to insurance transactions. To fulfill this role, we have approximately 100 team members. We work with other regulators both nationally and internationally, and with the National Association of Insurance Commissioners to fulfill our roles and responsibilities. Additional information about the Nebraska Department of Insurance can be found on our website: https://doi.nebraska.gov.

What we do: Insurance is a unique product in that an insurance company collects premiums upfront with the promise to pay in the future; as a result, there is strong need for financial regulations and related ongoing monitoring to ensure insurance companies remain solvent. Our Financial Examination Division is responsible for monitoring the financial solvency of one of the largest domestic industries in the country. We take a risk focused approach and strive to ensure the regulatory environment is addressing these risks appropriately while still ensuring the markets and product options are available for policyholder needs. Our Financial Examination Division team are experts in monitoring the financial well-being and compliance for more than one hundred (100) insurance companies, which is a very important service to the citizens of Nebraska, as well as citizens in other states. Additional details regarding the responsibilities of the Chief Actuary are included below.

Why work for the Nebraska Department of Insurance? The Nebraska Department of Insurance is nationally one of the most well-respected insurance departments. We take great pride in what we do and strive to provide an excellent work environment for our team. A Life & Health Actuary would enjoy the following benefits while working for the Department: Engaging and challenging work; Supportive management and open-door policy; Knowledge, friendly and fun team; Work-life balance with focus on providing flexibility; Excellent health and wellness benefits; Formal ongoing training and development program to set-up any new team member for success. This is an At-Will position and is under the discretion of the Director of Insurance.
Examples of Work
Participate in, and oversee a team of actuaries that, perform actuarial analysis and examination work to ensure regulatory compliance with Nebraska State Statutes related to life, health, property, and title insurance companies. Complete actuarial analysis of reinsurance arrangements on an as needed basis. In-state and out-of-state travel is required. Duties: One. Determines adequate insurance reserves as specified by law. Two. Effective in making professional conclusions regarding the statutory compliance of a company's reserves and reserving practices. Three. Inspect reserves of all domestic insurance companies to assure soundness and adequacy and compliance with statutory minimums. Four. Performs reviews of company's annual actuarial opinions and memorandums. Five. Participate on committees or task forces of National Association of Insurance Commissioners (NAIC) as requested. Six. Assist with reinsurance reviews of arrangements for reserve offsets and financial trend analysis from statistical data. Seven. Review reinsurance related to risk transfer and transfer of in-force blocks of business. Eight. Assist the field exam team in the completion of the phases of quadrennial examinations, including preparation of any related finding and recommendations. In state and out-of-state travel.
Qualifications / Requirements
REQUIREMENTS: Bachelor's Degree from an accredited college or university in an actuarial science or related field and five years' experience in actuarial work in an insurance company or office of a consulting actuary. A designation of no less than an ASA from the Actuarial Society of America is required. In-state and out-of-state travel is required.

OTHER: Requires a valid driver's license or ability to provide independent authorized transportation.
Knowledge, Skills and Abilities
Knowledge of: Actuarial science, accounting, reinsurance and investments; Nebraska States Statutes and Department of Insurance Rules and Regulations; NAIC guidelines for examination; Insurance rating, underwriting and claims; working knowledge of Microsoft Excel, Word, and Outlook; Analytical mindset; Organized; Detail-oriented; Self-started and ability to work independently with support; Effective leadership skills; Ability to: Analyze financial data, company operations and preparation of reports; Effective communication skills, both orally and written, to present comments, opinions and factual information clearly, concisely and comprehensively

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