Department of Administrative Services

Chief Property Casualty Insurance Actuary (RC) (0774AR)

$60.07-$81.91 Hourly / $4,805.98-$6,553.03 BiWeekly /
$125,436.00-$171,034.00 Yearly


PURPOSE OF JOB CLASS (NATURE OF WORK)

The classification of Chief Property Casualty Insurance Actuary, class code 0774, is administratively Red Circled as an interim step toward eliminating the class. THERE WILL BE NO REFILLS OF OR RECLASSIFICATIONS TO THIS CLASS CODE. When the current incumbent(s) vacate(s), this class will be inactivated.

In the Department of Insurance, this class is accountable for directing the programs and activities of the actuarial work involving property casualty insurance and conducting research and special studies.

SUPERVISION RECEIVED

Receives executive direction from the Commissioner or Deputy Commissioner or other employee of a higher grade.

SUPERVISION EXERCISED

Directs the staff of the division.

EXAMPLES OF DUTIES

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 property casualty rating, loss, loss adjustment, expense reserves; provides consultation to the Commissioner or Deputy Commissioner on actuarial property casualty issues; provides the agency's position on property casualty issues; conducts and reviews examinations of property casualty companies; represents the agency on various National Association of Insurance Commissioners (NAIC) committees and task forces; analyzes the financial statements of property casualty insurance companies in Connecticut to determine ability to pay claims and remain solvent; reviews the work and calculations of company actuaries; performs independent tests of needed reserves; reviews selected rate filings; performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

Considerable knowledge of and ability to apply management principles and techniques; considerable knowledge of relevant state and federal laws, statues and regulations; considerable knowledge of actuarial principles, standards and methods, considerable knowledge of statistical methods and computer models as they relate to insurance reserving, rates and rating procedures; considerable knowledge of insurance company financial statements and statutory accounting; knowledge of relevant insurance coverages, rates, rating plans and special programs; knowledge of the operation of relevant insurance and reinsurance programs; knowledge of reinsurance treaties and risk transfer mechanisms; knowledge of statutory risk based capital requirements; considerable oral interpersonal skills; considerable oral and written communication skills.

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.

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 equaling 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.

SPECIAL REQUIREMENTS

1. Incumbents in this class must possess and retain an Associate membership, by examination, of the Casualty Actuarial Society.
2. Incumbents in this class may be required to travel.

JOB CLASS DESIGNATION

Classified/Non-Examined

JOB CLASS DESIGNATION

Classified/Non-Examined

OCCUPATIONAL GROUP

(15)-Insurance Programs and Control

BARGAINING UNIT

(16)-ADMIN & RESID (P-5)

EEO

(2)-Professional

SALARY INFORMATION

AR2 72

CANCELLATION CLAUSE

This replaces the existing specification for the class of Chief Property Casualty Insurance Actuary (RC) in Salary Group MP 72 approved effective January 22, 2020. (Revised to change bargaining unit designation, EEO Code and Pay Plan) Action No. 21-013

EFFECTIVE DATE

04/29/2021

CLASS: 0774AR; EST: ; REV: 5/7/2021;