Property and Casualty Actuarial Director (Actuary III): DORA/Division of Insurance Hybrid

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. The division regulates and monitors insurance companies in Colorado, as well as insurance agents, ensuring all are following the law.

The Property and Casualty Actuarial Section assesses property and casualty insurers' compliance with statutory, regulatory, and actuarial standards which includes conducting actuarial analysis of rate filings; reviewing, evaluating, examining, and monitoring the solvency and actuarial soundness of property and casualty insurers and certain self-insured risk pools. This work unit is responsible for providing technical expertise to the division's leadership, including providing analysis of innovative insurance concepts, technical feedback on proposed legislation and regulations, and developing internal data collection protocols and databases to support key division initiatives.

The Property and Casualty Actuarial Director oversees actuarial policies, procedures, and controls including ongoing risk analysis for rate setting and examinations of property and casualty insurers; works closely with the deputy commissioner for property and casualty insurance in strategically managing the Property and Casualty Actuarial Section and its responsibilities, including budgeting for staff and resources necessary to carry out the division's mission and responsibilities. The position is responsible for protecting the public's interests by ensuring the actuarial soundness of insurers' rates, the availability and affordability of insurance, and fair treatment of policyholders and insureds while maintaining a positive business climate; analyzes and provides technical support on evaluating whether new insurance strategies support the sustainability of the Colorado property and casualty insurance market, including but not limited to: catastrophic bonds, catastrophe and risk modeling, parametric insurance, wildfire mitigation and community resiliency programs, and reinsurance programs; leads and develops the division's actuarial science strategy related to challenges in the property and casualty insurance market due to increasing risks caused by climate change including analyzing and responding to legislative proposals and policy solutions brought by stakeholders and assessing and leading the technical development of solutions for emerging market risks; and the position identifies, investigates, and develops solutions to actuarial problems and statistical issues in the property and casualty insurance industry.

Minimum Qualifications:

There are two ways to qualify for this position: 1)Experience OR 2) A Combination of Education and Experience

Option 1: Experience

• Eight (8) years of full-time professional* work experience in performing relevant actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities; AND
• Of the 8 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.

Option 2: A Combination of Education AND Experience

• Associate's Degree and Experience: Graduation from an accredited college or university with an associate's degree in actuarial science, mathematics, applied mathematics, statistics, finance, economics, data science, business management, or a field of study related to the work assignment; AND


• Six (6) years of full-time professional* work experience in performing relevant actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities; AND
• Of the 6 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.

OR

• Bachelor's Degree and Experience: Graduation from an accredited college or university with a bachelor's degree in actuarial science, mathematics, applied mathematics, statistics, finance, economics, data science, business management, or a field of study related to the work assignment; AND


• Four (4) years of full-time professional* work experience in performing actuarial work in consulting actuarial firms, in government agencies regulating insurance companies, and/or work in insurance entities; AND
• Of the 4 years, at least one (1) year must include leading teams, including distributing and assigning work, ensuring timeliness, and accuracy of work performed, and being accountable for the work product of other team members; OR leading projects, including managing and allocating resources and guiding work, reporting outcomes, and ensuring project milestones and deadlines are met.

Substitutions:

• Partial credit toward the degree requirement will be given for completed college/university coursework that did not result in a degree.A master's or doctorate degree from an accredited college or university in a field of study related to the work assignment will substitute for the bachelor's degree requirement.

Preferred Qualifications:

• Credentialed as an Associate or Fellow in the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS) - currently holds or is working toward credentials by passing at least two or more exams. A copy of a certificate/transcript to verify the associate or fellow in the SOA or CAS must be received by the application deadline;
• Three (3) years of professional* experience working in a State government agency, in the insurance industry, or in the Colorado Division of Insurance;
• Demonstrated professional* experience developing and/or reviewing insurers' rate filings for compliance with statutory and regulatory requirements and adherence to Actuarial Standards of Practice (ASOPs);
• Demonstrated professional* experience working with catastrophe and risk models for underwriting and/or pricing property insurance;
• Demonstrated professional* experience using Microsoft Excel to analyze rates and organize data;
• Demonstrated professional* experience analyzing reports based on research and actuarial analysis;
• Demonstrated professional* experience conducting data and statistical analysis with large volumes of data;
• Demonstrated professional* supervisory experience, including reviewing and evaluating work produced by subordinates to provide feedback and coaching when appropriate;
• Demonstrated professional* experience with project management, including prioritization and delegation of tasks and monitoring progress;
• Demonstrated professional* experience researching and applying complex legislation to existing work processes and establishing new procedures.

Condition of Employment: Candidates who fail to meet the conditions of employment will be removed from consideration.

• The successful passing of a reference check and/or, if required, a background check.
  
  • A reference check may include but is not limited to: contacting previous and current supervisors to verify employment and discuss performance, a review of the personnel file, a review of the performance record, a review of job-related public information,etc.
  • The type of background check depends on the job duties of the position, and can include a review of any criminal record, credit report, and/or driving record.


• Ability to travel independently, including work in-office, as required by business need and scheduled by the supervisor.