Apply on Employer Site

State of Washington · 1 day ago

Actuary 3

Walla Walla, WA

Full-time

Hybrid

Senior Level

$11,891/mo - $15,997/mo

7+ years exp

The State of Washington's Office of the Insurance Commissioner (OIC) is seeking a qualified individual for the Actuary 3 position. This role involves leading complex health and disability insurance rate filing reviews to ensure compliance with regulations and actuarial standards, while also contributing to broader policy initiatives and safeguarding the financial stability of insurers.

AssociationCommunitiesEducationEmploymentEventsGovernmentInformation TechnologyNewsNon Profit

Responsibilities

Lead the review of complex health and disability insurance rate filings, including Affordable Care Act (ACA) filings, to determine compliance with Washington state and federal laws, regulations, and actuarial standards

Apply actuarial principles and professional judgment to evaluate the reasonableness of data, assumptions, methodologies, and calculations used by insurers to support proposed rates

Determine whether filed rates are actuarially sound and legally compliant, and take final regulatory action on assigned filings in accordance with established OIC and SERFF procedures

Draft detailed and well-supported objection letters and regulatory correspondence identifying deficiencies, compliance issues, and actuarial concerns in rate filings

Communicate directly with insurer actuarial and filing staff to answer questions, resolve issues, and facilitate timely and complete filing submissions

Prepare clear, accurate filing summaries, decision memoranda, and supporting documentation for internal use and for public posting on OIC’s health insurance transparency website

Enter and maintain complete and accurate filing information in regulatory systems such as SERFF and SIMBA, following established division and agency procedures

Develop and maintain actuarial guidance, review handbooks, instructions, checklists, and process documentation to support consistent and efficient filing reviews

Create exhibits, charts, and analyses for management reporting, special projects, and policy initiatives using data from rate filings, financial reports, and other sources

Lead actuarial support for company solvency monitoring and financial examinations, including planning and executing the actuarial scope of work in coordination with the Examiner-in-Charge

Perform and review reserve calculations, actuarial analyses, and Statements of Actuarial Opinion (SAOs) as part of financial examinations and ongoing solvency oversight

Prepare actuarial work papers, written reports, and recommendations that clearly document methods, assumptions, findings, and conclusions

Communicate actuarial findings, risks, and recommendations to examination teams, agency leadership, and other stakeholders in a timely and effective manner

Identify and refer potential non-compliance or regulatory concerns to Legal or Market Conduct Oversight as appropriate

Participate in cross-division collaboration, training, and knowledge-sharing to promote consistency in regulatory review and strengthen actuarial practices

Contribute to process improvements and development of tools to increase the accuracy, efficiency, and transparency of rate and financial reviews

Maintain professional actuarial knowledge through continuing education, training, and actuarial examinations, and participate in NAIC task forces or workgroups as assigned

Qualification

Actuarial scienceHealth actuarial experienceASAFSA certificationMicrosoft ExcelStatistical programmingFinancial examinationCommunication skillsTeam collaborationProblem-solving skills

Required

Bachelor's degree involving major study in actuarial science, economics, mathematics, statistics or a closely related field and membership in the American Academy of Actuaries

Associate (ASA) or Fellow (FSA) of the Society of Actuaries (SOA)

Seven (7) years of full-time professional health actuarial experience

Intermediate-level skills and experience in Microsoft Outlook, Word, and Excel

Preferred

Advanced Microsoft Excel skill level including complex macro development experience

Two (2) years of programming experience in VBA and other statistical programming languages (e.g., R, Python, SAS)

Three (3) years of individual and small group ACA health plan rate filing review or pricing experience

Four (4) years of experience in actuarial financial examination, statutory reserving, or financial reporting for health carriers

Benefits

Comprehensive benefits package: Health, dental, vision, retirement, paid leave (vacation, sick, etc.) and much more!

Supportive work environment: We value diversity, professional growth, and collaborative atmosphere.

Wellness programs: Invest in your well-being with on-site resources and initiatives.

Work-life balance: Flexible schedules with telework opportunities.

Public service fulfillment: Contribute to a cause that matters and feel the satisfaction of serving the public good.

Training & Development: Continuously learn and grow with tuition reimbursement, Public Service Loan Forgiveness, and other programs.

Free parking (Tumwater) & Public transportation pass (Thurston County): Save on commuting costs.

Insurance Benefits: Employees and their families are covered by medical (including vision), dental and basic life insurance. There are multiple medical plans with affordable monthly premiums that offer coverage throughout the state.

Dependent care assistance allows the employee to save pre-tax dollars for a child or elder care expenses.

Other insurance coverage for auto, boat, home, and renter insurance is available through payroll deduction.

The Washington State Employee Assistance Program promotes the health and well-being of employees.

Retirement And Deferred Compensation: State Employees are members of the Washington Public Employees' Retirement System (PERS). New employees have the option of two employer contributed retirement programs.

Employees also have the ability to participate in the Deferred Compensation Program (DCP). This is a supplemental retirement savings program (similar to an IRA) that allows you control over the amount of pre-tax salary dollars you defer as well as the flexibility to choose between multiple investment options.

Public Service Loan Forgiveness: If you are employed by a government or not-for-profit organization, and meet the qualifying criteria, you may be eligible to receive student loan forgiveness under the Public Service Loan Forgiveness Program.

Holidays: Full-time and part-time employees are entitled to paid holidays and one paid personal holiday per calendar year.

Sick Leave: Full-time employees earn eight hours of sick leave per month.

Vacation (Annual Leave): Full-time employees accrue vacation leave at the rates specified in WAC 357-31-165(1) or the applicable collective bargaining agreement (CBA).

Military Leave: Washington State supports members of the armed forces with 21 days paid military leave per year.

Bereavement Leave: Most employees whose family member or household member dies, or for loss of pregnancy, are entitled to five (5) days of paid bereavement leave.