$56.63-$77.21 Hourly / $4,530.15-$6,176.97 BiWeekly /
In the Department of Insurance, this class is accountable for directing the programs and activities of the actuarial work involving life, health, property and casualty insurance, and conducting research and special studies.
Receives executive direction from the Commissioner or Deputy Commissioner or other employee of a higher grade.
Directs the staff and operations of the division; coordinates, plans and manages the division activities; formulates program goals and objectives; develops or assists in the development of related policy; interprets and administers pertinent laws; evaluates staff; prepares or assists in preparation of division budget; maintains contacts with individuals both within and outside of the division who might impact on actuarial activities; manages life, health, property and casualty insurance rating, statutory reserves and expense reserves; provides consultation to the Commissioner or Deputy Commissioner on actuarial issues; conducts and reviews examinations of life, health, property and casualty companies; represents the agency on various National Association of Insurance Commissioners (NAIC) committees and task forces; analyses the financial statements of life and health insurance companies in Connecticut to determine ability to pay claims and remain solvent and in compliance with regulatory valuation requirements; reviews the work and calculations of company actuaries; performs independent tests of needed reserves; supervises the work of consulting specialists engaged to assist in statutory examinations of domestic life, health, property and casualty companies; performs related duties as required.
Considerable knowledge of and ability to apply management principles and techniques; considerable knowledge of relevant state and federal laws, statutes and regulations; considerable knowledge of valuation; considerable knowledge of actuarial principles, standards and methods; knowledge of statistical methods and computer models as they relate to insurance statutory reserving; knowledge of insurance company financial statements and statutory accounting; knowledge of relevant insurance coverages; knowledge of the operation of insurance and reinsurance programs; knowledge of reinsurance treaties and risk transfer mechanisms; knowledge of insurance investment strategies that complement asset adequacy analysis; knowledge of statutory risk based capital requirements; knowledge of current development of Principles Based Reserving for life products; considerable interpersonal skills; considerable oral and written communication skills.
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.
Two (2) years of the General Experience must have included setting insurance rates and/or reserves for insurance companies or health care centers.