Life and Health Actuary
State of Nebraska

Job Info

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The work we do matters!

Hiring Agency:
Insurance - Agency 22

Location:
Lincoln, NE

Hiring Rate:
$33.650

Job Posting:
JR2024-00012057 Life and Health Actuary (Open)

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

Job Description:
Are you looking for an actuarial opportunity? We have flexibility! Whether you're a recent college graduate eager to learn and contribute, a credentialed L&H actuary, or actively pursuing such designation, look no further. We have a position that will offer you the ideal work-life balance and the chance to be directly involved in regulatory changes. You'll enjoy a collaborative and supportive management team and an open-door, business-friendly culture. 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.

This 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.

Compensation: We have recently updated our pay scale to reflect competitive market rates and cost of living adjustments. In addition to the starting salary highlighted below, we offer an actuarial development program that provides a $3,000 salary increase with each test passed for the ASA and FSA designations, and a $3,600 salary increase for each test passed for the ACAS and FCAS designations.

•Life and Health Actuary I -$33.65 to $45.67 hourly
•Life and Health Actuary II -$43.27 to $52.88 hourly
•Life and Health Actuary III -$55.29 to $96.15 hourly

Please note that pay rate may be commensurate with education and/or experience within fiscal constraints, if approved.

Look at what we have to 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!

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.

Preferred Qualifications:

• Life and Health Actuary I
  • Have passed at least one or two actuarial exams and have relevant actuarial internships. However, if you don't have internships, that's perfectly fine-just apply and let's discuss your qualifications! The preferred candidate should have some previous work experience in related fields such as finance, insurance, or data analysis, along with strong analytical and communication skills.
• Life and Health Actuary II
  • 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
• Life and Health Actuary III
  • 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
  • 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.

Knowledge, Skills and Abilities

- Self-starter 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 Skills: Strong analytical and problem-solving abilities.

- Technical Skills: Proficiency in Excel, SQL, R, or other data analysis tools.

- Communication Skills: Ability to explain complex concepts to non-technical stakeholders.

- Attention to Detail: Precision and accuracy in work.

- Time Management: Ability to manage multiple tasks and meet deadlines.

- Professional Development: Commitment to continuing education and professional growth.


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: https://statejobs.nebraska.gov/index.html#benefits

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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