The position will manage and direct the valuation of reserve and dividend liabilities, as well as projects related to asset-liability management and adherence to proper valuation procedures in both the United States and Canada. The position also participates in the evaluation of risks and how they can be mitigated.
Supervises and reviews quarterly valuation of reserve and dividend liabilities. Ensures timely financial reporting of actuarial results supporting our quarterly statements and other regulatory requirements.
Establishes, supervises, and reviews projects related to asset liability management, including cash flow testing and duration matching of assets and liabilities. Also closely involved in other risk analysis and evaluation for how risks can be mitigated.
Works closely with U.S. and Canadian auditors and regulators to ensure adequate and appropriate reserves are established and that procedures are followed. This includes providing the Actuarial Opinion on LIMAT ratio calculations, special calculations for Risk Based Capital evaluation, and accountability under the Model Audit Rule process with Internal Audit.
Ensures appropriate valuation procedures are established, followed on a routine basis, and are well-documented. This includes recommending and finalizing experience assumptions used in U.S. cash flow testing, Canadian CALM reserving and DCAT, etc. Solicits peer review from other senior actuaries within the Company when recommending assumptions and methodology. Sets margins for best estimate assumptions under the new principle based reserve regime. This will require a deep understanding of risks associated with each product as well as how each product works, is administrated, and managed. The process for determining margins will need to be validated and documented.
Maintains expertise in U.S. and Canadian valuation topics including keeping abreast of regulatory changes that could affect the Company currently or in the future.
Consults on the development of Life, Annuities, Long-Term Care, and Disability Income Insurance products and analyzes their effect on reserve levels.
Knowledge, Skills and Abilities:
Experience in individual life insurance and annuities with expertise in valuation, product development, dividend scale management, and asset liability management. Experience with long-term care and disability income insurance a plus/
Broad knowledge of valuation topics, financial reporting concepts and requirements, product development, insurance, and investments in both the U.S. and Canada.
Ability to manage a staff and to work closely with business partners both within the Department and with other areas in the Company.
Excellent written and verbal skills: ability to express technical issues in a clear manner, understandable to non-actuarial business partners. Value, promote and act with integrity.
Systems and Technical Knowledge:
Microsoft Office products; GGY AXIS knowledge a plus.
At least a Bachelor’s degree in Mathematics, Statistics, Economics, or Actuarial Science.
Minimum of 10-15 years of related industry experience or equivalent combination or training and experience.
Licensing and Certification:
Attainment of Fellow of the Society of Actuaries (F.S.A.), Fellow, Canadian Institute of Actuaries (F.C.I.A) and Member of the American Academy of Actuaries (M.A.A.A.).
For more information please contact Casey Taylor at 860-674-1636 ext 240 or [email protected]
Since 1995, iTech Solutions Inc., has been providing IT Consulting and Direct Hire Services to the Insurance, Financial, Communications, Manufacturing and Government sectors with local offices in Connecticut, Minnesota, Colorado, Massachusetts, Tennessee, North Carolina, and New Jersey / Pennsylvania area.
Our recruiting strategy is simple, if you want to find qualified IT professionals then use IT professionals to find them. So at iTech Solutions, our personnel are all career IT professionals with a wide range of IT experience. We can honestly say our staff understands the technologies, the complexities of finding and selecting the appropriate personnel and the pressures of running successful IT projects.
Employer will not sponsor applicants for any employment visas, at hiring or in the future, including but not limited to H-1B visas. Corp-to-Corp or subcontract personnel will not be considered for this position.