Actuary - State of South Carolina : Job Details

Mission Statement:The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visitDepartment of Insurance, SC - Official Website | Official WebsiteThis position reports to the Deputy Director of Actuarial and Market Services.Job Functions:Under limited supervision, serves as one of the Department's actuaries.Serves as a consultant to the department and to other state agencies on complex actuarial matters and other insurance related issues including but not limited to issues related to product design, rating, valuation, and reserving.Analyzes and evaluates insurance plans, rates, and practices, interprets law governing insurance related matters. Reviews requests for significant rate increases. Develops tentative credit rates. Assists in projects involving data calls and research.Monitors insurance, reinsurance, alternative, and residual markets. Monitors the activities of the National Association of Insurance Commissioners, particularly those related to insurance companies and markets as well as actuarial practices. Provide briefs to the department's executive staff on emerging issues. Recommends, drafts, and testifies, as needed, on legislative items.Reviews reinsurance contracts for compliance with risk transfer and related laws. Reviews actuarial opinions and related items in the annual statements of domestic insurance companies. Reviews actuarial aspects of applications for admission for domestic insurance companies, including captives.Other duties as required by the director and/or deputy directors.

A bachelor's degree in mathematics, statistics, actuarial science, finance, or related field and relevant experience. Three to five years' experience in insurance or related field required. Required to hold one of the following professional designations: Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS). A preferred candidate will be a Member of the American Academy of Actuaries (MAAA) and have the professional designation of Fellow of the Society of Actuaries (FSA) or Fellow of the Casualty Actuarial Society (FCAS).

Ability to evaluate various aspects of insurance contracts, including the appropriateness of rates and related practices. Ability to evaluate complex insurance arrangements, including insurance and reinsurance agreements, financial statements, including reserves and related items, and actuarial studies.Ability to comprehend and evaluate evolving issues in the insurance markets, including complex actuarial issues, and to assess necessary program and/or legislative changes.Ability to communicate effectively. Must have (or be able to gain) a knowledge of South Carolina statutes pertaining to insurance companies and markets. Excellent oral and written communication skills are required.Employee receives direction from the Agency Deputy Director.Employee performs assigned duties independently, exercising sound judgement and discretion.Operates a personal computer and other office equipment.Some overnight travel may be required.

Additional Comments

Educational Credentials:Applicants indicating college credit or degree(s) on the application will be required to submit a sealed, certified copy of the transcript(s) prior to beginning employment. Failure to produce an official, certified transcript will result in any conditional offer of employment being rescinded.Equal Opportunity Employer:It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees without regard to their race, color, religion, national origin, sex (including, but not limited to, pregnancy, childbirth or related medical conditions and lactation), disability or age.Veteran Preference Statement:South Carolina is making our Veterans a priority for employment in state agencies and institutions.The Department of Insurance offers an exceptional benefits package for FTE positions that includes:

• Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
• 15 days annual (vacation) leave per year
• 15 days sick leave per year
• 13 paid holidays
• State Retirement Plan and Deferred Compensation Programs
• Employee Assistance Program
  • Free counseling sessions for employees and household members
  • Free legal counseling
  • Free financial counseling
• Flexible Work Schedules
  • Compressed work weeks
  • Part-time telecommuting
  • Flex-time
  • Contingent upon completing a mandatory probationary period
• Free Gym Access
• Growth Opportunities
  • Certifications/designation program allowing for salary increases and bonuses
• Infants at Work Program
  • Employees eligible to bring their newborn/infant to the workplace
• Free Parking

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