State of Connecticut Executive Branch

Insurance Actuary (0051AR)

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$59.82-$81.57 Hourly / $4,785.25-$6,524.83 BiWeekly /
$124,895.00-$170,298.00 Yearly

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for performing the most complex tasks in work involving casualty or life and health insurance, and conducting research and special studies.

SUPERVISION RECEIVED

Works under the limited supervision of an Insurance Actuary Supervisor or other employee of higher grade.

SUPERVISION EXERCISED

May lead lower level actuarial, 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; 
  • 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; 
  • Participates in committees;
  • May participate in technical and professional conferences; 
  • May review an insurer’s loss experience; 
  • Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

  • Considerable 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; 
  • Knowledge of
    • 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; 
  • Supervisory ability.

MINIMUM QUALIFICATIONS - GENERAL EXPERIENCE

Eight (8) 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

One (1) 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

  • 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 70

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

This replaces the existing specification for the class of Insurance Actuary in Salary Group AR2 70 approved effective April 29, 2021. (Revised to add Acknowledgement section and modify content) Item No. 23-086R

EFFECTIVE DATE

03/18/2024
CLASS: 0051AR; REV: 3/19/2024;