In the Department of Insurance, this class is accountable for directing and/ or conducting actuarial work involving casualty or life and health insurance, and conducting research and special studies.
Receives direction from the Insurance Commissioner or Deputy Commissioner or other administrative official of higher grade.
May direct the actuarial staff and technical and clerical employees as assigned.
EXAMPLES OF DUTIES
Conducts analytical studies of insurance and health care center rate filings, rating plans and various special programs (such as experience rating, retrospective rating, and participating programs) and recommends action; conducts and reviews periodical examinations of rating organizations; may review an insurer's loss experience; reviews rates, rating plans, and self-insurance program; provides consulting service with respect to the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans; initiates recommendations with respect to improvements in rating plans and techniques; participates in Department hearings in connection with appeals of insureds regarding classifications and other rating matters; reviews insurance and health care reserves including cash flow testing of liabilities and asset adequacy testing; reviews reinsurance agreements; supervises the handling of complaints and inquiries concerning rates and related matters from the public, insurance companies, agents, brokers and rating organizations; serves as advisor on actuarial and related matters; prepares accurate and comprehensive reports containing findings, conclusions and recommendations; may act on behalf of the Commissioner at technical and professional conferences; performs related duties as required.
KNOWLEDGE, SKILL AND ABILITY
Considerable knowledge of the relevant federal and state laws and regulations pertaining to insurance companies; considerable knowledge of actuarial principles, standards and methods; considerable knowledge of statistical methods and computer models as they relate to insurance rates and rating procedures; knowledge of the operation of relevant insurance programs; knowledge of the methods used by other states in the regulation of insurance companies; knowledge of relevant insurance coverages, rates, rating plans and special programs; knowledge of insurance company financial statements; considerable interpersonal skills; considerable oral and written communication skills; supervisory ability.
MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE
Ten (10) years of experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing actuarial insurance work.
MINIMUM QUALIFICATIONS - SPECIAL EXPERIENCE
Two (2) years of the General Experience must have included experience setting insurance rates and/or reserves for insurance companies or health care centers.
MINIMUM QUALIFICATIONS - SUBSTITUTIONS ALLOWED
1. College training in mathematics or statistics may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years.
2. A Master's degree in Mathematics or Statistics may be substituted for one (1) additional year of the General Experience.
An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required. For Life and Health area, membership in the Society of Actuaries is required.
JOB CLASS DESIGNATION
(15)-Insurance Programs and Control
(16)-ADMIN & RESID (P-5)
This replaces the existing specification for the class of Insurance Actuary in Salary Group MP 70 approved effective January 22, 2020. (Revised to change bargaining unit designation, EEO Code and Pay Plan) Action No. 21-013