Property and Casualty Actuarial Director (Actuary III) -DORA: DOI Hybrid

This position is designated under the department's hybrid workplace program. While remote work is permitted, the employee will be required to report to the department office on a scheduled basis and at the discretion of the supervisor, based on business need.

This announcement may be used to fill multiple vacancies.

About the Department

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 reflective of our communities, and fostering positive relationships and unique perspectives to fulfill our mission.

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 understand their insurance. The division regulates and monitors insurance companies and agents, ensuring compliance with the law.

About the Role

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. This role works closely with the deputy commissioner for property and casualty insurance to strategically manage the Property and Casualty Actuarial Section, including budgeting for staff and resources necessary to carry out the division's mission.

The position protects the public's interests by ensuring the actuarial soundness of insurers' rates, the availability and affordability of insurance, and fair treatment of policyholders while maintaining a positive business climate. Responsibilities include:

• Analyzing and providing technical support on evaluating new insurance strategies to support the sustainability of the Colorado property and casualty insurance market, such as catastrophic bonds, catastrophe and risk modeling, parametric insurance, wildfire mitigation, community resiliency programs, and reinsurance programs.
• Leading and developing the division's 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.
• Assessing and leading the technical development of solutions for emerging market risks.
• Identifying, investigating, and developing solutions to actuarial problems and statistical issues in the property and casualty insurance industry.

Responsibilities

• 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 ensuring compliance with 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 collaborating with the Property & Casualty Rates and Forms Director to make policy and/or rate decisions.
• Coordinating the National Council on Compensation Insurance's (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 and 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 emerging insurance products (e.g., parametric, catastrophe bonds, credit, travel, pet, home warranty, immigration bonds, consumer self-storage facility).
• Supervising a statistical analyst, including providing guidance on recommendations for insurer corrective measures, filing approvals, and denials based on actuarial analyses.
• Coordinating, reviewing, and making recommendations regarding Property and Casualty Actuarial Section personnel matters, including recruitment, hiring, discipline, and 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.
• Providing guidance to direct reports 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).

Requirements

There are two ways to qualify for this position:

• Option 1: Experience
  • Eight (8) years of full-time professional work experience performing relevant actuarial work in consulting actuarial firms, government agencies regulating insurance companies, and/or insurance entities.
  • Of the 8 years, at least one (1) year must include leading teams (distributing and assigning work, ensuring timeliness and accuracy, and being accountable for the work product of other team members) or leading projects (managing and allocating resources, guiding work, reporting outcomes, and ensuring project success).
• Option 2: Combination of Education and Experience (Details not provided in the posting.)

Benefits

• Employer-sponsored 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 work-life programs, including flexible schedules, training, and professional development opportunities on a wide variety of subjects.
• Employee wellness programs, including the Colorado State Employee Assistance Program (CSEAP), which provides free, confidential counseling services.
• Bike-to-work 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 dependents.
• Life insurance for employees and optional coverage for dependents.
• Paid time off, including 11 paid holidays.
• Short- and long-term disability coverage.
• Tuition assistance program.

Check out the excellent benefits package for more details.