Property and Casualty Actuarial Director (Actuary III): DORA/Division of Insurance Hybrid
Property and Casualty Actuarial Director (Actuary III): DORA/Division of Insurance Hybrid
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Job Description
Department Information
Hybrid Workplace Arrangement:
Although this position will be designated under the departments hybrid workplace program it will still be required to report to the department office on a scheduled basis and at the discretion of the supervisor based on business needs.
This announcement may be used to fill multiple vacancies.
The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado.
Consumer protection is our mission.
DORA values and promotes diversity supporting a workplace that is inclusive of people from different backgrounds and experiences; creating an environment that is reflective of our communities; promoting positive relationships; and putting forth unique perspectives to fulfill our mission.
Employersponsored RTD EcoPass with offices located at Civic Center Plaza above the RTD Civic Center station and just a few blocks from RTD light rail.
Extensive worklife programs such as flexible schedules training and professional development opportunities on a wide variety of subjects and more!
Employee wellness programs including the Colorado State Employee Assistance Program (CSEAP) which provides free confidential counseling services.
Biketowork programs including access to storage lockers and bike racks.
Flexible retirement benefits including a choice of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan plus optional 401K and 457 plans.
Medical and Dental Health Insurance for employees and optional coverage for their dependents.
Life Insurance for employees and optional coverage for their dependents.
Paid Time Off including 11 paid holidays.
Short and longterm disability coverage.
Tuition assistance program.
Check out our excellentbenefitspackage!Description of Job
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 selfinsured risk pools. This work unit is responsible for providing technical expertise to the divisions 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.
Position: SFA 4338
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 divisions mission and responsibilities. The position is responsible for protecting the publics 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 divisions 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.
Duties include but are not limited to:
- Performing actuarial analysis of annual actuarial opinions reports and memoranda and making recommendations to deputies and the Commissioner;
- Providing requests for changes and other actuarial approvals evaluating insurers qualified actuary status and other financial and solvency standards for property and casualty insurers;
- Establishing and implementing procedures for the timely review and analysis of property and casualty rate filings and working with the Property & Casualty Rates and Forms Director to make policy and/or rate decisions as needed;
- Coordinating the National Council on Compensation Insurances (NCCI) annual workers compensation rate request and annual rate hearing and advising the Commissioner on the appropriate rate change to approve as required by Colorado statute;
- Advising on technical questions and policy matters; testifying at legislative or regulatory hearings on matters related to property and casualty insurance;
- Developing and reviewing regulatory actuarial policies and procedures to address new or evolving standards of insurance regulation due to the diverse and complex nature of emerging insurance products such as parametric catastrophe bonds credit travel pet home warranty immigration bonds consumer selfstorage facility etc.;
- Supervising a statistical analyst position including providing guidance regarding recommendations for insurer corrective measures and filing approvals and denials based on actuarial analyses;
- Coordinating reviewing and making recommendations regarding the Property and Casualty Actuarial Section personnel matters including recruitment hiring discipline and ensuring adherence to human resources policies and procedures; supervising planning directing and monitoring the work of staff conducting property and casualty actuarial analyses and reviewing insurance companies and related entities;
- Advising on technical questions and policy matters and providing guidance to its direct report regarding the process for making recommendations for corrective measures approvals and denials based on analytical reviews rate filings and supporting financial and statistical documents (e.g. Statements of Actuarial Options).
Minimum Qualifications Substitutions Conditions of Employment & Appeal Rights
MINIMUM QUALIFICATIONS (MQs):
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 fulltime 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
- Associates Degree and Experience:Graduation from an accredited college or university with an associates 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 fulltime 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
- Bachelors Degree and Experience: Graduation from an accredited college or university with a bachelors 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 fulltime 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.
Document this experience in your application IN DETAIL as your experience will not be inferred or assumed. Parttime experience will be prorated.
SUBSTITUTIONS:
- Partial credit toward the degree requirement will be given for completed college/university coursework that did not result in a degree.A masters or doctorate degree from an accredited college or university in a field of study related to the work assignment will substitute for the bachelors degree requirement.
*Professional work involves exercising discretion analytical skill judgment and personal accountability and responsibility for creating developing integrating applying and sharing an organized body of knowledge that characteristically is: uniquely acquired through an intense education or training regimen at a recognized college or university; equivalent to the curriculum requirements for a bachelors or higher degree with major study in or pertinent to the specialized field; and continuously studied to explore extend and use additional discoveries interpretations and application and to improve data materials equipment applications and methods.
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. Note: 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.
Required Competencies: The following knowledge skills abilities and personal characteristics are required competencies and may be considered during the selection process (including examination and/or interview):
- Demonstrated written communication skills including the ability to convey information to various stakeholders in a clear accurate and concise written manner;
- Demonstrated verbal communication skills including the ability to effectively convey information to audiences in a concise manner;
- Demonstrated attention to detail;
- Sound judgment and the confidence to make decisions on a routine basis;
- Demonstrated critical thinking and analytical skills including having the ability to evaluate information in order to apply knowledge and to decide on the most appropriate course of action;
- Demonstrated prioritization and time management skills including planning organizing tasks and managing work assignments;
- Customer service skills including the ability to diplomatically interact with difficult customers build relationships and maintain communication with stakeholders;
- Problemsolving skills including the ability to review and analyze information in order to recommend solutions;
- Flexibility and adaptability including the ability to multitask effectively by managing competing and constantly changing priorities to meet tight deadlines and the ability to adapt to changing work environment;
- Interpersonal skills including the ability to collaborate with various stakeholders;
- Ability to represent the department and the Division of Insurance in a positive professional and objective manner and support a positive workplace environment;
- Demonstrated ability to read understand interpret apply and explain laws rules policies and procedures;
- Demonstrated ability to understand and abide by workplace principles practices and behaviors as internally identified and defined by the division and department;
- Strategic thinking including the ability to identify emerging issues anticipate trends and provide recommendations on strategies to minimize risk impacts;
- Leadership skills including the ability to provide guidance to staff assign workload to staff have tough conversations with staff and build a positive consistent culture across teams;
- Ability to travel independently including work inoffice as required by business needs and scheduled by the supervisor;
- Integrity and high ethical standards;
- Accountability reliability including attendance;
- Ability to maintain confidential controversial or sensitive information;
- Selfstarter including the ability to work independently learn new processes utilize own knowledge and that of the supervisor and complete work with minimal supervision;
- Demonstrated professional demeanor;
- Knowledge and understanding in the use of PC software applications including Microsoft Office (Word Excel etc.) and Google Suite (Docs Sheets Slides Calendar etc).
Conditions 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 recorda review of jobrelated public informationetc.
- 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 inoffice as required by business need and scheduled by the supervisor.
Supplemental Information
PLEASE READ Required Application Materials
Interested individuals must submit the following online:
1.A completed State of Colorado Application(login to your current NeoGov account or create a NeoGov account to complete the online application). Note: Incomplete applications including incomplete work history sections or see rsum see attachment or see addendum statements will not be accepted in lieu of a completed application form.
2.A current email addresson your application as all communication pertaining to this position will be conducted via email. Please set up your email to accept messages from and @ addresses and check your email often. Note: The department cannot guarantee the successful delivery of email including incorrect filtering into junk mail folders.
3.A detailed cover letter explaining how you meet the required competencies and how your accomplishments qualifications skills areas of expertise personal characteristics etc. make you a good fit for this position; you may also attach additional documents that demonstrate this.
Comparative Analysis Process: Structured Application Review
Part of if not the entire comparative analysis process for this position will involve a review of the information you submit in your application materials; Therefore it is paramount that in the experience portion of your application and cover letter you describe the extent to which you possess the education experience and competencies outlined in the job announcement as well as the required and/or preferred qualifications/competencies. You are also encouraged to attach additional documents to that effect. Failure to include adequate information or follow instructions may affect your score and prevent you from competing in subsequent measures used to arrive at a top group of applicants.
Veterans Preference: Candidates who wish to assert Veterans Preference should attach a copy of their DD214 to their application. Failure to do so will result in being denied Veterans Preference.
PLEASE NOTE: Former State Personnel System employees who were disciplinarily terminated or resigned in lieu of termination must disclose this information on the application. Colorado Revised Statutes require that all state employees be hired and promoted through competitive examination of merit and fitness. Failure to include the required information failure to follow instructions and/or failure to submit materials by the application deadline may result in your application not being considered for the position and may affect your score or inclusion in the final pool of qualified candidates.
The State of Colorado strives to create a Colorado for All by building and maintaining workplaces that value and respect all Coloradans through a commitment to equal opportunity and hiring based on merit and fitness.
The State is resolute in nondiscriminatory practices in everything we do including hiring employment and advancement opportunities.ADAAA Accommodations: DORA is committed to the full inclusion of all qualified individuals. As part of this commitment our agency will assist individuals who have a disability with any reasonable accommodation requests related to employment including completing the application process interviewing completing any preemployment testing participating in the employee selection process and/or to perform essential job functions where the requested accommodation does not impose an undue hardship. If you have a disability and require reasonable accommodation to ensure you have a positive experience applying or interviewing for this position please direct your inquiries to our ADAAA Coordinator at.
While a salary range is posted for this position an eventual salary offer is determined by a comprehensive salary analysis which considers multiple factors including but not limited to education and experience compared to others in the organization doing substantially similar work.
Check out our excellentbenefitspackage!
Appeal Rights:
If you receive notice that you have been eliminated from consideration for this position you may file an appeal with the State Personnel Board or request a review by the State Personnel Director.
An appeal or review must be submitted on the official appeal form signed by you or your representative. This form must be delivered to the State Personnel Board by email US Mail faxed or handdelivered within ten (10) calendar days from your receipt of notice or acknowledgment of the departments action.
For more information about the appeals process the official appeal form and how to deliver it to the State Personnel Board go to or refer to 4 Colorado Code of Regulations (CCR) 8011 State Personnel Board Rules and Personnel Directors Administrative Procedures Chapter 8 Resolution of Appeals and Disputes at under Rules.
Required Experience:
Director
Employment Type
Full-Time
