Life and Health Actuary II

3 weeks ago

Lincoln, Nebraska, United States State of Nebraska Full time
The work we do matters

Hiring Agency:

Insurance - Agency 22

Location:

Lincoln, NE

Hiring Rate:

$39.070

Job Posting:

JR Life and Health Actuary II (Open)

Applications No Longer Accepted On (If no date is displayed, job is posted as open until closed):

Job Description:


Are you a credentialed L&H actuary, or someone actively pursuing such designation, 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 join our Actuarial team.

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.


These position performs the actuarial analysis and examination work to ensure regulatory compliance with Nebraska State Statutes related to life and health companies.

Provides the necessary reviews of other actuarial items deemed necessary by the Nebraska Department of Insurance. In-state and out-of-state travel is required.

Job duties


Proactively engages with outside actuaries from insurance companies and other state insurance departments to identify actuarial analysis that needs to be performed.

Works with other internal managers within the Department to develop approaches to performing actuarial analysis on reserving, rating, financial issues.

Leads small teams of actuarial students and financial analysts to complete actuarial calculations.

Specific areas of application are the following:

  • Performs analysis or Life reinsurance contracts, reviews reinsurance related to risk transfer and transfer of in-force blocks of business.
  • Performs Reserve Risk analysis for financial examinations of life insurance companies;
  • Reviews the Appointed Actuary annual Statement of Actuarial Opinion on reserves, and the associated actuarial memorandums.
  • Performs analysis of Principal Based Reserves submitted by Life insurers.
  • Determines adequate life insurance reserves as specified by law. Develop conclusions regarding the statutory compliance of a company's reserves and reserving practices. Inspect reserves of all domestic Life insurance companies to assure soundness and adequacy and compliance with statutory minimums.
  • Reviews Life company form filings, Life illustrations, Index Linked Variable Annuity Non-Forfeiture standards in filings.
  • Participate on committees, task forces and workgroups at the National Association of Insurance Commissioners (NAIC) as requested.
  • Provides input in the promulgation of Nebraska rules and proposed legislation.
Requirements/Qualifications

Minimum Qualifications: Bachelor's Degree from an accredited college or university in an actuarial science, statistics or a related field. Within one or two exams of attaining an ASA (Associate of the Society of Actuaries) designation from the Society of Actuaries. AND Previous experience of at least three years of actuarial work in a Life and Health insurance company, office of a consulting actuary, or state insurance department.

Preferred: A designation of ASA from the SOA, plus a designation of MAAA (Member of the American Academy of Actuaries). AND Minimum of five years of experience working in the insurance industry or related field, with diverse work experience involving both establishment and evaluation of reserves.

Other: This position requires travel. As such, the incumbent must be able to present a valid driver's license or another form of reliable transportation.

Regular and reliable attendance is required.

Copies of your Cover Letter, Resume, Designations and References must be provided at the time of the interview.

Compensation:

$38.07 to $52.88 hourly

Pay rate may be commensurate with education and/or experience within fiscal constraints, if approved.

Knowledge, Skills and Abilities

  • General knowledge of Actuarial science, accounting, reinsurance and investments.
  • Knowledge of reserving techniques and practices, insurance rating, underwriting and claims.
  • Working knowledge of Microsoft Excel and Word.
  • Selfstarter with the ability to work with other actuaries at insurance companies and state insurance departments, and to work with other internal managers at the Department. Ability to lead small teams of actuaries and analysts to complete projects.
  • Analytical mindset, organized, and detailoriented.
  • Ability to analyze financial data, company operations and preparation of reports.
  • Ability to communicate effectively, both orally and written.

BENEFITS
Below are a list of benefits we offer

  • 13 paid holidays
  • Vacation and sick leave that begin accruing immediately
  • Military leave
  • 156% (that's not a typo) state-matched retirement
  • Tuition reimbursement
  • Employee assistance program
  • 79% employer paid health insurance plans
  • Dental and vision insurance plans
  • Employer-paid $20,000 life insurance policy
  • Public Service Loan Forgiveness Program (PSLF) through the Federal government
  • Wide variety and availability of career advancement as the largest and most diverse employer in the State
  • Opportunity to be part of meaningful work and make a difference through public service
  • Training and Development based on your career aspirations
  • Fun, inviting teammates
  • A safe and secure environment


At the State, we stand by our core values of treating others with dignity and respect, acting ethically in all situations, and creating an environment where our customer is our top priority.

Apply to join our team today

Benefits


We offer a comprehensive package of pay, benefits, paid time off, retirement and professional development opportunities to help you get the most out of your career and life.

Your paycheck is just part of your total compensation.


Check out all that the State of Nebraska has to offer Benefit eligibility may vary by position, agency and employment status.


For more information on benefits, please visit:
Equal Opportunity Statement


The State of Nebraska values our teammates as well as a supportive environment that strives to promote diversity, inclusion, and belonging.

We recruit, hire, train, and promote in all job classifications and at all levels without regard to race, color, religion, sex.

age, national origin, disability, marital status or genetics.

Current employees of the State of Nebraska should NOT apply on this external career. Instead go to Workday and access the Jobs Hub - Internal Apply app from your home landing page.

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