State of Connecticut Executive Branch

Insurance Actuary Associate (4986AR)

$49.89-$68.02 Hourly / $3,990.46-$5,441.15 BiWeekly /
$104,151.00-$142,014.00 Yearly

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for independently performing a full range of tasks in actuarial work involving casualty or life and health insurance, and conducting research and special studies.

SUPERVISION RECEIVED

Works under the general supervision of an Insurance Actuary, Insurance Actuary Supervisor, or an employee of higher grade.

SUPERVISION EXERCISED

May lead/supervise lower level employees as assigned.

EXAMPLES OF DUTIES

  • Conducts analytical studies of insurance rate filings, rating plans, and various special programs; 
  • Provides support for the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans; 
  • Reviews insurance company’s loss and loss adjustment incurred but not reported reserves and insurance valuations; 
  • Reviews actuarial opinions, actuarial reports and actuarial memorandum; 
  • Prepares and reviews reports and agreements; 
  • Reviews fields exams regarding actuarial subjects; 
  • Participates in committees;
  • Performs related duties as required. 

KNOWLEDGE, SKILL AND ABILITY

  • Knowledge of
    • relevant federal and state laws and regulations pertaining to insurance companies; 
    • actuarial principles, standards and methods; 
    • statistical methods and computer models as they relate to insurance rates and rating procedures; 
    • the operation of relevant insurance programs; 
    • the methods used by other states in the regulation of insurance companies; 
    • relevant insurance coverages, rates, rating plans and special programs; 
    • insurance company financial statements; 
  • Considerable
    • interpersonal skills; 
    • oral and written communication skills; 

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Seven (7) 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 - SUBSTITUTIONS ALLOWED

  • College training in mathematics, actuarial sciences, statistics or a related field 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.
  • A Master's degree in mathematics, actuarial sciences, statistics or a related field may be substituted for one (1) additional year of the General Experience.

SPECIAL REQUIREMENTS

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

Classified/Non-Examined

OCCUPATIONAL GROUP

(15)-Insurance Programs and Control

BARGAINING UNIT

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

EEO

(2)-Professional

SALARY INFORMATION

AR2 66

ACKNOWLEDGEMENT

As defined by Sec. 5-196 of the Connecticut General Statutes, a job class is a position or group of positions that share general characteristics and are categorized under a single title for administrative purposes. As such, a job class is not meant to be all-inclusive of every task and/or responsibility.

CANCELLATION CLAUSE

New class. Item No. 23-086R

EFFECTIVE DATE

03/18/2024
CLASS: 4986AR; EST: 3/18/2024; REV: 3/19/2024;