Supervising Actuary

Madison Approach

Albany, NY

$120,000 to $155,000 Yearly
Paid Time Off
Full-Time

Job Description

As a pivotal member of am esteemed insurance provider's team, the Supervising Actuary plays a crucial role in ensuring the financial stability and regulatory compliance of our Fund. Reporting directly to the Chief Actuary, the incumbent will spearhead various actuarial functions, collaborating closely with internal teams and representing our organization in industry forums. With a focus on precision and foresight, the Supervising Actuary will navigate complex regulatory landscapes, assess risk, and drive strategic decision-making to safeguard the interests of our clients, customers and stakeholders.

Salary: $120,000-155,000

Primary Location: New York City or Albany
Travel: Minimal
Schedule: Full-time, on-site with hybrid option

Job Description:

The Supervising Actuary will report to the Chief Actuary and will be responsible for performing the following duties with respect to the Fund which may include, but not be limited to, the following:

Performing actuarial pricing and reserving calculations involving disability insurance in compliance with applicable regulations and statutes;
Estimating the impact of actual and proposed changes in regulations and laws on the DBF;
Representing company on, and/or providing actuarial support to, industry task forces and committees;
Performing difficult actuarial duties requiring extensive knowledge in actuarial theory;
Oversee all actuarial calculations related to the DBF;
Recommend large account pricing;
Supervise Actuarial and non-actuarial staff;
Provide actuarial support for Paid Family Leave coverage;
Analyze trends and drivers;
Prepare, develop and review monthly, quarterly and annual internal and external financial and statistical reports;
Review adequacy of DB and PFL rates and propose changes necessary to ensure proper pricing levels; prepare rate filings;
Calculate premium returns due policyholder via the Return of Premium program and Premium Adjustment program;
Monitor profitability by segment
Analyze proposed new products and contracts;
Develop analytics and models to support executive level decision making;
Advise and assist business partners in the use of actuarial and mathematical techniques to analyze the business.

Basic Qualifications:

A bachelor’s degree or higher; AND
Successful completion of the Society of Actuaries examinations MLC, MFE, and four additional examinations OR be an Enrolled Actuary and successfully completion of the Society of Actuaries examinations MLC, MFE, and three additional examinations; AND
Five years of actuarial experience in one or more of the following activities:

Actuarial or statistical work for operating units or management;
Governmental regulatory actuarial functions;
Governmental or private pension actuarial function; OR
Performing actuarial computations for reserves, premium rates, and/or policy forms.

Preferred Qualifications:

Applicants should be an Associate or Fellow of the Society of Actuaries (ASA, FSA) and a member of the American Academy of Actuaries (MAAA).