Actuarial Director

Responsibilities

• Lead actuarial workstreams within financial condition examinations of life insurers conducted on behalf of state Departments of Insurance
• Define scope, approach, and testing procedures for actuarial review areas
• Develop defensible conclusions and support overall examination findings and recommendations
• Statutory Valuation & Reserving Review
• Evaluate adequacy of statutory reserves, including principle-based reserving (PBR) frameworks (VM-20, VM-21, VM-22 as applicable)
• Review asset adequacy testing (AAT) and cash flow testing methodologies for compliance and reasonableness
• Assess key assumptions (mortality, lapse, interest rates, expenses) and identify potential reserve deficiencies
• Model, Assumption & Calculation Validation Review
• Actuarial models, including methodology, governance, and controls
• Perform independent validation, benchmarking, or recalculation to corroborate company results
• Audit data quality, assumption-setting processes, and model validation frameworks
• Reinsurance & Complex Structures
• Evaluate reinsurance arrangements (including captives and offshore structures) for risk transfer, reserve credit eligibility, and economic substance
• Analyze the financial impact of reinsurance and capital optimization strategies
• Policy Form and Rate Review
• Analyze and evaluate life and A&H premium rate and policy form filing support documents
• Evaluate actuarial justification of requests for significant rate increases
• Perform independent testing of ratemaking, nonforfeiture demonstration or other calculations, as needed.
• General
• Evaluate and leverage work of others, including CPAs, actuarial and risk management professionals, and internal auditors
• Provide support to the Examiner-in-Charge and the examination team related to actuarial process governance and controls
• Apply the Risk Focused approach in performing financial examinations
• Assist regulatory review of reinsurance contracts for compliance with risk transfer and related laws and statutory requirements
• Serve as a professional advisor and subject matter expert on technical matters of an actuarial nature
• Prepare accurate and comprehensive reports containing findings, conclusions, and recommendations of an actuarial nature
• Service clients
• Exercise professionalism both on site and near the company
• Manage the expectations of the client, insurer, your supervisor and other team members
• Provide the client, insurer, and your supervisor with regular status updates
• Exhibit dynamic, flexible demeanor with superior client service skills
• Maintain and meet budgets
• Assist in development of project budgets and proposals
• Manage timelines and budgets for actuarial procedures on assigned projects
• Provide supervisor advance notice when deliverables are near completion
• Ensure quality of work product
• Coordinate actuarial support with non-actuarial project requirements
• Communicate the project objectives and responsibilities of actuarial team members
• Perform/review work completed in a timely manner
• Identify opportunities for improvements
• Identify and work towards resolution of potential issues
• Develop and implement process efficiencies
• Assist other team members as needed
• Expand business and/or network
• Ability to interact with all levels including executives and senior management
• Participate in networking meetings, lunches, and dinners
• Participate in NAIC, AAA and other regulatory development activities
• Develop and maintain relationships with key contacts
• Personal Development
• Participate in performance reviews with Noble staff and project debriefing
• Ensure evaluations are received/administered as per Noble Consulting policy
• Complete basic and continuing education requirements in accordance with actuarial qualification standards
• Maintain up to date knowledge of laws, regulations, actuarial guidelines, actuarial standards of practice and other guidance applicable to life and A&H actuarial practice
• Embrace opportunities to expand responsibility
• Share knowledge of actuarial best practices and actuarial standards of practice within the firm and the regulatory community
• Deliver conclusions and work product
• Communicate proactively throughout engagements
• Provide conclusions in work performed, including summary memos of any findings

Requirements/Qualifications

• Bachelor’s Degree in mathematics, actuarial science, statistics, economics, or other related business field
• 10+ years actuarial experience in a life insurance company, financial services or consulting firm, or regulatory agency in the United States, with strong emphasis on valuation and statutory reporting
• Designation of Fellow of the Society of Actuaries (or equivalent) and membership in the American Academy of Actuaries
• Demonstrated experience with regulatory examinations, financial audits, or consulting engagements supporting insurance regulators
• Deep knowledge of statutory accounting principles (SAP), NAIC model regulations, and actuarial standards of practice (ASOPs)
• Capable of leveraging past experience and expertise to adapt to current projects and challenges outside of core skill set
• Solid communication skills, both verbal and written
• A commitment to the financial strength of the US insurance industry and the regulatory process to maintain that strength

Prior Experience

• Prior experience leading examination workstreams or managing client-facing regulatory engagements
• Familiarity with reinsurance structures, including captives and reserve financing arrangements
• Working knowledge of ERM/ORSA and insurer governance frameworks
• Experience using life actuarial systems - MG-ALFA/Triton, Prophet, Axis, etc. (a plus but not required)