Actuary III - DORA: Division of insurance Hybrid

***Hybrid Workplace Arrangement: ***

***Although this position will be designated under the department's hybrid workplace program, it will still be required to report to the department office on a scheduled basis and at the discretion of the supervisor, based on business needs. ***

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**This announcement may be used to fill multiple vacancies.**


**The Department of Regulatory Agencies (DORA) is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado.**

***Consumer protection is our mission.***

DORA values and promotes diversity, supporting a workplace that is inclusive of people from different backgrounds and experiences; creating an environment that is reflective of our communities; promoting positive relationships; and putting forth unique perspectives to fulfill our mission.

• Employer-sponsored RTD EcoPass, with offices located at Civic Center Plaza, above the RTD Civic Center station and just a few blocks from RTD light rail.
• Extensive work-life programs such as flexible schedules, training and professional development opportunities on a wide variety of subjects, and more!
• Employee wellness programs, including the Colorado State Employee Assistance Program (CSEAP), which provides free, confidential counseling services.
• Bike-to-work programs, including access to storage lockers and bike racks.
• Flexible retirement benefits, including a choice of the PERA Defined Benefit Plan or the PERA Defined Contribution Plan, plus optional 401K and 457 plans.
• Medical and Dental Health Insurance for employees and optional coverage for their dependents.
• Life Insurance for employees, and optional coverage for their dependents.
• Paid Time Off, including 11 paid holidays.
• Short- and long-term disability coverage.
• Tuition assistance program.
  
  

Check out our excellent [benefits](https://dhr.colorado.gov/state-employees/state-of-colorado-employee-benefits){rel="noopener noreferrer" target="_blank"}

package!

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## Description of Job

The Colorado Division of Insurance (DOI) regulates the insurance industry in Colorado. The DOI helps consumers by answering their questions, investigating their complaints, and helping them to understand their insurance. DOI regulates and monitors the insurance companies in Colorado and insurance agents to ensure everyone follows the law.

The actuarial work unit exists to assist the division with protecting consumers by implementing and executing statutory requirements and provisions of actuarial work regarding rate filings and financial statement filings. This position provides actuarial support to the chief actuary and to other sections of the division. This position assists with monitoring and regulating actuarial aspects of insurers and non-traditional insurers.

• Position:** SFA 4014
  
  

This position facilitates the actuarial reviews performed by staff members by providing statistical and quantitative analysis needed in various projects; provides technical evaluations of actuarial or statistical models; provides technical explanations of statistical issues to other DOI employees, to other state agencies, and to consumers; ensures effective review of insurance rates against inadequacy, excessiveness, unfair discrimination, and consistency with risks identified by appropriate and available public and non-public data from insurance companies, statewide databases, consultants, and other emergent sources; examines actuarial assumptions used, insurance plan benefits, and provider and insurer compliance with new and existing state an federal legislation, regulations, bulletins, and other guidance; and seeks to gain consensus in a timely, respectful, and professional manner among diverse stakeholders in hearings, rate reviews, and other feedback sessions.

Duties Include, But Are Not Limited To

• Reviewing rate filings and rating plans that are referred in accordance with established referral procedures from the Rates and Forms Section for conformity to applicable statutes, regulations, and actuarial standards of practice;
• Participating in rate and network hearings in the event of issues uncovered in rate review;
• Managing the work of external actuarial consultants for rating questions that arise on an ad hoc basis, i.e. compliance with emerging federal legislation;
• Responding to requests from the legislature, fiscal, and budget analysts in the Governor's office, the division communications manager, and various other parties in a timely manner. These requests include reports on premium reductions achieved, reinsurance and consumer rate impact, and the effectiveness of annual rate filing review (as measured by the number of filings approved or disapproved);
• Developing statistical models and assisting with research on claim cost utilization issues, either supporting or refuting insurers' filed increases in premium rates;
• Assisting the section manager in developing procedures for the division's future reviews of research models;
• Reviewing all aspects of health insurance plans that are required to be offered by Colorado insurers for compliance with the 2010 Affordable Care Act (PPACA) and Colorado House Bill 21-1232, including health benefits covered by the plans (provisions), the level of insurer reimbursement for those benefits, and the premiums that Colorado consumers will pay for them; AND
• Developing regulations, bulletins, and other insurance guidance for Colorado standardized insurance plans, and monitoring providers and hospital fee schedules for consistency with external benchmarks found in existing and emerging legislation at the federal and state level.
  
  

MINIMUM QUALIFICATIONS (MQs)

**There are two ways to qualify for this position: 1) Experience OR 2) A Combination of Education and Experience**

**Option 1: Experience**

• Eight (8) years of professional* work experience in a regulated insurance company, in a consulting actuarial firm, in a governmental work regulating insurance companies, or in other financial or insurance entities by performing and providing support with actuarial work.
  
  

**Option 2: A Combination of Education AND Experience **

• **Associate's Degree and Experience:** Graduation from an accredited college or university with an associate's degree in actuarial science, mathematics, applied mathematics, statistics, finance, economics, data science, business management, or a field of study related to the work assignment; AND
• Six (6) years of professional* work experience in a regulated insurance company, in a consulting actuarial firm, in a governmental work regulating insurance companies, or in other financial or insurance entities by performing and providing support with actuarial work.
  
  

**OR**

• **Bachelor's Degree and Experience:** Graduation from an accredited college or university with a bachelor's degree in actuarial science, mathematics, applied mathematics, statistics, finance, economics, data science, business management, or a field of study related to the work assignment; AND
• Four (4) years of professional* work experience in a regulated insurance company, in a consulting actuarial firm, in a governmental work regulating insurance companies, or in other financial or insurance entities by performing and providing support with actuarial work.
  
  

**Document this experience in your application IN DETAIL, as your experience will not be inferred or assumed. Part time experience will be prorated.**

Substitutions

• Partial credit toward