Associate Actuary

Associate Actuary

Associate Actuary

The Financial Services Commission (FSC) is an integrated Financial Services regulator. Our mission is to regulate and supervise the Securities, Insurance and Private Pensions industries for the protection of their users thereby enhancing public confidence through the efforts of a competent workforce. 

We are seeking individuals who are self-directed, results-oriented, and have a passion for providing excellent service.

The FSC has an immediate opening for the position of Associate Actuary (Contract).

Position Summary:

The Associate Actuary participates in the implementation of regulatory programs under the Insurance and Pensions Acts and performs mathematical and actuarial analysis on regulated entities. These analyses are performed especially with respect to the valuation of actuarial liabilities and other relevant matters.  The Associate Actuary supports the Chief Actuary in the effort to achieve prudent supervision of the regulated entities.

Key Responsibilities:

• Perform actuarial analysis of insurance rates, rating procedures, rating plans and schedules of insurance companies; review and analyse insurance operations, reserves and underwriting procedures; and provide technical assistance regarding actuarial matters to policy examiners and other technical staff.
• Evaluate legislative proposals, draft proposals for new regulations, guidelines and/or circular letters, and respond to inquiries from consumers and governmental agencies, among others.
• Develop and document procedure manuals for the examination of actuarial liabilities of the pension and life and general insurance business written by the regulated entities.
• Deliver balanced, consistent, timely and effective reports on the status of the actuarial liabilities of pension and life and general insurance business written by the regulated entities.
• Provide the necessary actuarial support required by the various FSC examination teams.
• Develop and/or maintain computer models, using a variety of corporate software tools.
• Design and document research projects and seek approval for appropriate assumptions and methods to use in models.
• Perform analysis, testing and evaluation of produced outcomes under appropriate actuarial supervision.

• Evaluate product line performance and the risk and appropriateness of assumptions used by regulated entities in their models.
• Analyse solvency submissions to determine if insurance companies are compliant with statutory capital adequacy requirements and preparing required reports with recommendations.
• Assess whether insurance products sold to policy holders provide fair value and sound business and financial practices were observed in their development.

Education

• Associate Actuary Status and actively pursuing the Fellowship Designation
• Master’s Degree or its equivalent Professional Level Certification in disciplines such as: Actuarial Science, Mathematics or related field.

Skills/Knowledge Required at the Professional Level

• Financial Analysis
• Technical Writing, Technical Presentation, and other Communicative Skills
• Research and Statistical Methods
• Risk Assessment
• Knowledgeable in the use of a range of Applications/ IT tools such as: R, AXIS, Risk Integrity or other Actuarial Software

Experience

• The job requires at least 5 years regulatory work experience in a comparable position and business/work environment such as: an insurance or pension industry or regulatory body.