Chief Life Actuary

Agency:  Department of Insurance 
Closing Date/Time:  08/12/2024 
Salary:  $9,045 - $15,097 (Anticipated non-state starting salary $9,045/CBA language applies) 
Job Type:  Salaried /Full Time
County:  Cook 
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 req