About the Position

The Illinois Department of Insurance is seeking to hire an Actuary II in the Property and Casualty Reserve and Solvency Unit of the Actuarial Services Section. This position develops, prepares and participates in reviews of insurance company loss reserves; prepares and evaluates written and oral reports on studies of the loss reserves of insurance entities to determine if reserves are adequate and computed according to accepted actuarial standards; performs in-depth reviews of Statements of Actuarial Opinion and Actuarial Opinion Summaries and prepares and presents written and oral reports on results of the review and risks identified; serves as a consultant relevant to the analysis of reinsurance contracts including quantification of risk transfer, and consults with Division staff concerning approval or disapproval; interacts with the analysis units in the review of annual and quarterly financial reports, and risk-based capital filings submitted by regulated entities; represents the Department of Insurance at meetings sanctioned by the National Association of Insurance Commissioners; confers with company officials, other Department of Insurance personnel, consultants and legislative officials. This position travels to attend meetings. We invite all qualified candidates to apply.

Job Responsibilities

(Job Responsibilities continued)

Minimum Qualifications

1. Requires knowledge, skill and mental development equivalent to completion of four (4) years college with courses in higher mathematics, such as calculus, probability and statistics, for example a major in Mathematics or Actuarial Science.
2. Requires four (4) years professional experience in actuarial work in the property and casualty insurance field.

Preferred Qualifications

1. Prefers meeting the American Academy of Actuaries Qualifications Standards for public service actuaries issuing Statements of Actuarial Opinion in the Property and Casualty area of actuarial practice.
2. Preferably requires the equivalent to the certificate received for successful completion of necessary examinations to qualify as an Associate or Fellow of the Society of Actuaries (ASA or FSA) or the Casualty Actuarial Society (ACAS or FCAS).
3. Prefers at least four (4) years of experience performing responsible and technical actuarial research and/or work regarding reserve adequacy and actuarial soundness of property and casualty insurance entities, including conducting in-depth reviews of Statements of Actuarial Opinion.
4. Prefers at least four (4) years of experience gaining extensive knowledge of actuarial principles and higher mathematics, particulary as related to actuarial computations and accounting principles and practices in the property and casualty insurance field.
5. Prefers at least four (4) years of experience demonstrating advanced ability to recognize the need for and to make complex actuarial research and statistical computations, studies, and projects to furnish administrators with current and timely information.
6. Prefers at least four (4) years of experience demonstrating extensive knowledge of insurance principles, insurance practices and state laws and regulations governing their operations.

7. Prefers ability at an advanced level to evaluate, edit, prepare, and present comprehensive reports, oral and written, with clarity and precision.
8. Prefers at least four (4) years demonstrating ability to maintain satisfactory working relationships with other employees, state agencies, insurance company representatives and the general public and to represent the Department of Insurance in conferences and speaking appearances.

Conditions of Employment

1. Requires ability to travel.

2. Requires ability to pass a background check.

About the Agency

The Department of Insurance (DOI) regulates the insurance market in the State of Illinois including, but not limited to, licensing and educating insurance agents, investigating Workers Compensation fraud, and examining the operations and finances of insurance companies domiciled in the state. We are committed to protecting consumers and regulating the insurance industry with innovation and efficiency. DOI has approximately 220 employees who are split between our Chicago and Springfield offices.

State of Illinois employees enjoy a robust benefit package, including:

• Health, Life, Vision, and Dental Insurance
• 13 Paid Holidays annually, 14 on even numbered years
• 10-25 days of Paid Vacation time annually - (10 days in year one of employment)
• 12 Paid Sick Days annually (sick days carry over from year to year)
• 10 Weeks Paid Maternity/Paternity Leave
• 3 Paid Personal Days annually
• Pension Plan
• Deferred Compensation Program and other pre-tax benefit programs (Medical/Daycare)
• Flexible work schedules may be available, dependent upon position
• Tuition Reimbursement Program and Federal Public Service Loan Forgiveness Program eligibility

Visit https://www2.illinois.gov/cms/benefits/Pages/default.aspx for more information about our benefits.