Job Specification Details

Complex work for the Department of Financial Regulation involving actuarial analysis of property and casualty rate and form filings; research, statistical analysis and reporting on insurance companies and insurance markets; and technical analysis and advice to the Insurance Division including Company Licensing and Market Conduct, as well as the Captive Insurance Division. Exercises authority in facilitating achievement of the Insurance Division's statutory mission to ensure reasonable and orderly competition in Vermont's insurance markets and protection and education of Vermont's insurance consumers. Duties are performed with significant independence under the general direction of the Director of Insurance Regulation. 

Serve as a source of specialized expertise and technical advice for the Director of Rates and Forms, the Director of Insurance Regulation, the Deputy Commissioner of Insurance, and the Commissioner of Financial Regulation related to property and casualty rate filings and related policy issues. Review related rate, policy, and form filings, consult with and manage outside actuarial resources, make recommendations dependent on whether they comply with applicable state laws and regulations. Evaluate insurer rate indications as well as the predictive models used to develop the rating plan; determine if the filed rates meet the statutory requirements that rates not be excessive, inadequate, or unfairly discriminatory; assist in the evaluation of credit, catastrophe, and telematics models; and participate in Workers Compensation filing review, especially the NCCI’s annual loss cost and assigned risk rate filings.

Research, perform statistical analysis, and prepare reports on insurance company activities, insurance marketplaces and insurance regulations relating to areas of focus such as bias, unfair trade practices, climate risk, industry rate and product trends and legislative initiatives. Included in this work is active participation in NAIC committees and legislative initiatives involving areas of expertise, as well as interaction with market participants and other regulators via meetings and interviews. Also, provide technical expertise and analysis on the use of big data, artificial intelligence and machine learning in the insurance marketplace including reviewing predictive models, assessing insurer and vendor activity, and supporting work on related NAIC and legislative issues. 

Support Company Licensing and Financial Examination activities through participation in the examination of the financial condition of traditional and captive insurance companies, fraternal benefit societies and hospital and medical service corporations. Analyze insurance operations and identify problems. Determine and report violations of insurance laws and regulations discovered during examinations. Make recommendations to improve the financial condition and/or market conduct of insurers. Review and analyze insurer applications to do business in Vermont. Ensures that applicants meet statutory requirements governing financial status. 

Provide technical expertise and analysis to assist Market Conduct personnel with complex examinations, investigations, and market analyses through the review of market conduct related documentation and data, statistical analysis, meetings with internal and external resources including companies, outside consultants, and other regulators. Provide analysis, reports and recommendations as requested. 

Consult with Captive Insurance Division as needed on technical matters from an actuarial perspective including the review of captive insurance related documentation and data, statistical analysis, and meetings with internal and external resources including companies, outside consultants, and other regulators. Provide analysis, reports and recommendations as requested. 

Duties are performed in a standard office setting in Vermont. Out-of-state travel is required and work outside normal hours may be needed occasionally. Private means of transportation must be available for travel. There is significant interaction with the personnel of insurance companies, insurance trade organizations, consumers, other state departments, legislators, and regulators from other states, sometimes in adversarial situations.

Extensive knowledge of actuarial practices and standard.

Working knowledge of computers and their capabilities, including NAIC-based databases.

Extensive  knowledge of computerized spreadsheets and macro functions.

Ability to prepare detailed and comprehensive written reports and graphic displays.

Ability to communicate clearly and effectively, orally and in writing.

Ability to establish and maintain respectful and cooperative relationships and deal effectively with others.

Considerable knowledge of the principles, practices and procedures of insurance law.

Considerable knowledge of the laws, rules and regulations governing the insurance industry in Vermont and an ability to apply complex laws, rules and regulations to specific cases, together with an ability to adhere to confidentiality provisions set forth in state statute.
 

Associate or Fellow in the Casualty Actuarial Society.

AND

Four (4) years or more of actuarial experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing property and casualty actuarial insurance work including form review, rate filings, company financials, and/or predictive modeling.

Bachelor's degree or higher in actuarial science, mathematics, statistics, or related field.