Connecticut StateDepartment of Administrative Services

Insurance Actuary

Recruitment #190321-0051MP-001

Introduction

The State of Connecticut, Insurance Department (CID) located at 153 Market Street in Hartford, CT is seeking an Insurance Actuary (Property & Casualty) for the Property & Casualty Division.  The position is full-time (40) hours per week, M-F,  however, must be flexible in order to meet the needs of the agency.

The selected candidate will review, analyze and finalize all applicable Property & Casualty (P&C) rate filings submitted to the Insurance Department.  These rate filings include Workers' Compensation, Personal Auto, Homeowners, Medical Malpractice and other P&C filings; reviews of ISO, AAIS and NCCI loss costs filings as well as residual market rate filings for AIPSO, NCCI and the Fair Plan. Secondary responsibilities include supporting the P&C Division, with product development issues and by creation and development of reports that will analyze market trends and overall competitiveness. 

The selected candidates will need to provide documentation to support meeting the General Qualification Standards (including continuing education requirements) promulgated by the American Academy of Actuaries.  Please ensure your application is complete and you have included your Resume in the 'Resume Tab' of your application. 

Should you have questions pertaining to this recruitment, please contact CID's Human Resources Department at cid.hr@ct.gov, (860) 297-3936.

PURPOSE OF JOB CLASS (NATURE OF WORK)

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

EXAMPLES OF DUTIES

Conducts analytical studies of property and casualty insurance 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 carrier 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.

PREFERRED QUALIFICATIONS

Preference will be given to candidates who demonstrate the following:

*  Interpersonal skills to develop and maintain working relationships with the actuaries responsible for developing the rate filings submitted for review
* Oral and written communication skills to present regulatory positions and determinations to insurance company representatives, Department staff and the Office of the Insurance Commissioner
* Ability to concurrently manage multiple projects with moving deadlines
* Proficiency in Microsoft Office, particularly Excel, Word, Access, and Outlook
* Familiarity with pricing techniques and actuarial standards of practice, as well as strong knowledge of General Linear Models (GLM’s) and different techniques used on their development
* Designation of MAAA (Member American Academy of Actuaries) is a preferred requirement.

SPECIAL REQUIREMENTS

An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required.

Conclusion

AN AFFIRMATIVE ACTION/EQUAL OPPORTUNITY EMPLOYER

The State of Connecticut is an equal opportunity/affirmative action employer and strongly encourages the applications of women, minorities, and persons with disabilities.







The State of Connecticut is an Affirmative Action/Equal Opportunity Employer and strongly encourages the application of women, minorities and persons with disabilities.