What are the responsibilities and job description for the ACTUARIAL ASSISTANT position at State of Illinois?

Agency : Department of Insurance

Class Title : ACTUARIAL ASSISTANT - 00187

Skill Option : None

Bilingual Option : None

Closing Date / Time : 01 / 14 / 2025

Salary : $5,179 - $7,341 Anticipated Monthly Salary

Job Type : Salaried

Category : Full Time

County : Sangamon

Number of Vacancies : 1

Plan / BU : RC062

This position is a union position; therefore, provisions of the relevant collective bargaining agreement / labor contract apply to the filling of this position.

All applicants who want to be considered for this position MUST apply electronically through the illinois.jobs2web.com website. State of Illinois employees should click the link near the top left to apply through the SuccessFactors employee career portal.

Applications submitted via email or any paper manner (mail, fax, hand delivery) will not be considered.

Posting Identification Number 43919

Answer all application questions thoroughly. DO NOT STATE "SEE RESUME".

Why Work for Illinois?

Working with the State of Illinois is a testament to the values of compassion, equity, and dedication that define our state. Whether you’re helping to improve schools, protect our natural resources, or support families in need, you’re part of something bigger—something that touches the lives of every person who calls Illinois home.

No matter what state career you’re looking for, we offer jobs that fit your life and your schedule—flexible jobs that provide the gold standard of benefits. Our employees can take advantage of various avenues to advance their careers and realize their dreams. Our top-tier benefits and great retirement packages can help you build a rewarding career and lasting future with the State of Illinois.

Position Overview

The Illinois Department of Insurance is seeking to hire an Actuarial Assistant in the Health Actuarial Unit, Actuarial Services Section of the Financial Solvency Division. Under general direction of the Health Actuary, this position reviews insurers’ Accident & Health rate filings supporting premium increases to ensure compliance with state laws and regulations, supports Actuarial Examiners and Financial Analysis staff in their reviews of health insurance reserves and Risk Based Capital calculations to ensure compliance with statutory requirements, including actuarial opinion and memorandum requirements, and reviews the latest trends and updates to Illinois health reserve and capital requirements. We invite all qualified applicants to apply.

Essential Functions

Reviews insurers’ rate filings supporting premium increases on accident and health insurance policies to ensure compliance with state laws and regulations : reviews company data and assumptions and applies established criteria to assess whether such increases, particularly on major medical, Medicare supplement, and long-term care insurance policies, are reasonable; reviews Medicare supplement refund filings for compliance with state laws and regulations; utilizes computer applications to prepare reports summarizing premium increase trends and tracking individual companies’ premium increases; reviews current and proposed premium rates on other types of insurance coverages including but not limited to dental, vision, or credit insurance on an as-needed basis; assists with revising state laws and regulations as necessary.

Conducts reviews of Statements of Actuarial Opinion submitted by insurance entities : reviews the Actuarial Opinions for compliance with official guidance contained in the Health Annual Statement Instructions and processes exemption requests from insurers; communicates with insurance companies as necessary to clarify discrepancies; summarizes findings and communicates with other DOI actuarial staff as necessary; advises financial analysis staff of results of the actuarial review.

Supports Actuarial Examiners and Financial Analysis staff in review of health insurance reserves and Risk Based Capital calculations to ensure compliance with statutory requirements, including actuarial opinion and memorandum requirements : interacts with company representatives to discuss calculations; performs actuarial reviews of extraordinary dividend requests and provides recommendations to supervisor regarding whether to approve the requests; reviews reinsurance contracts including quantification of risk as necessary and communicate recommendations to supervisor; performs review of Own Risk and Solvency Assessments (ORSA) reports and provides actuarial assessment; supports other areas of the Department as issues arise, such as helping to resolve consumer complaints relating to actuarial issues.

Reviews latest trends and updates to Illinois health reserves and capital requirements : keeps abreast of new developments in the insurance actuarial field; continues education by attending meetings, on-the-job and off-site training, seminars, and conferences to increase knowledge of current laws, regulations, National Association of Insurance Commissioners (NAIC) requirements, actuarial standards of practice, Access, Excel, and statutory reserving and accounting; interacts with company representatives, Department consultants, other areas of the Department and consumers.

Assists with conducting data calls to regulated entities as necessary in connection with various ad hoc health actuarial projects.

Performs other duties as required or assigned which are reasonably within the scope of the duties enumerated above.

Minimum Qualifications

Requires knowledge, skill, and mental development equivalent to four (4) years of college with a major in Actuarial Science or requires four (4) years of college with coursework in mathematics, numerical analysis, calculus, probability, and statistics, preferably supplemented by the equivalent to the certificate received for completion of Part 1 and any one of Parts 2, 3, or 4 of the examinations administered by the Society of Actuaries.

Preferred Qualifications

Prefers successful completion of at least two (2) actuarial exams administered by the Society of Actuaries / Casualty Actuarial Society (SOA / CAS).

Prefers at least one (1) year of experience in actuarial work in the health insurance field.

Prefers at least one (1) year of experience gaining knowledge of accounting principles and practices as related to insurance company operations.

Prefers experience in performing detailed analysis of numerical and statistical data.

Prefers at least one (1) year demonstrating ability to maintain satisfactory working relationships with other employees, state agencies, insurance company representatives, and the public.

Prefers experience in preparing detailed statistical reports.

Prefers ability to communicate effectively both orally and in writing.

Employment Conditions

Requires the ability to pass a background check.

The conditions of employment listed here are incorporated and related to any of the job duties as listed in the job description.

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.

Work Hours : M-F; 8 : 30-5 : 00

Work Location : 320 W Washington St, Springfield, Illinois, 62767

Email : DOI.HR@illinois.gov

Posting Group : Legal, Audit & Compliance

This position DOES NOT contain “Specialized Skills” (as that term is used in CBAs).

APPLICATION INSTRUCTIONS

Use the “Apply” button at the top right or bottom right of this posting to begin the application process.

If you are not already signed in, you will be prompted to do so.

State employees should sign in to the career portal for State of Illinois employees – a link is available at the top left of the Illinois.jobs2web.com homepage in the blue ribbon.

Non-State employees should log in on the using the “View Profile” link in the top right of the Illinois.jobs2web.com homepage in the blue ribbon. If you have never before signed in, you will be prompted to create an account.

If you have questions about how to apply, please see the following resources :

State employees : Log in to the career portal for State employees and review the Internal Candidate Application Job Aid

Non-State employees : on Illinois.jobs2web.com – click “Application Procedures” in the footer of every page of the website.

The main form of communication will be through email. Please check your “junk mail”, “spam”, or “other” folder for communication(s) regarding any submitted application(s). You may receive emails from the following addresses :

donotreply@SIL-P1.ns2cloud.com

systems@SIL-P1.ns2cloud.com

Salary : $5,179 - $7,341

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