About the Position

The Illinois Department of Insurance is seeking to hire an Actuary I with experience performing actuarial analyses of data, documenting work performed and results of the review, including recommendations. The incumbent of this position will evaluate and prepare written and oral reports on studies of the loss reserves of insurance entities to determine if reserves are adequate and reserve computing methods are within accepted actuarial standards. This position analyzes dividend proposals and presents results of review and effects of such proposals. This position performs statistical analyses of data and prepares formal report documenting the analysis along with conclusions. This position confers with company officials, other state Insurance Department personnel, and consultants when exploring issues at hand and unusual problems that emerge. We invite all qualified candidates to apply.

Job Responsibilities

Minimum Qualifications

1. Requires knowledge, skill and mental development equivalent to completion of four years college with courses in higher mathematics, such as calculus, probability and statistics, for example a major in Mathematics or Actuarial Science.
2. Requires two years professional actuarial experience with property and/or casualty insurance companies or in analysis of property and/or casualty insurance company operations.

Preferred Qualifications

1. Prefers at least two (2) years of experience performing responsible and technical actuarial research and/or work regarding reserve adequacy and actuarial soundness or property and casualty insurance entities, including conducting in depth reviews of Statements of Actuarial Opinion.
2. Prefers at least two (2) years of experience gaining extensive knowledge of actuarial principles and higher mathematics, particularly as related to actuarial problems of property and casualty insurance company operations.
3. Prefers at least two (2) years of experience gaining extensive knowledge of accounting principles and practices as related to insurance company operations.
4. Prefers at least two (2) years of experience gaining extensive knowledge of insurance laws and regulations related to the regulation of property and casualty insurance entities.
5. Prefers extensive knowledge and experience performing actuarial and/or statistical analysis utilizing data analysis software.
6. Prefers ability, at an intermediate level, to evaluate, edit, prepare, and present comprehensive oral and written reports with clarity and precision.
7. Prefers at least two (2) years demonstrating ability to maintain satisfactory working relationships with other employees, state agencies, insurance company representatives and the general public.
8. Preferably requires the equivalent to the certificate received for completion of Parts 1 and 2 and any other parts of the examinations given by the Society of Actuaries and/or the Casualty Actuarial Society.

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.