State of Connecticut Executive Branch

Chief Insurance Actuary (0773MP)

$67.29-$91.75 Hourly / $5,382.84-$7,339.55 BiWeekly /
$140,492.00-$191,562.00 Yearly


PURPOSE OF JOB CLASS (NATURE OF WORK)

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

SUPERVISION RECEIVED

Receives executive direction from the Commissioner, Deputy Commissioner or other administrative official of higher grade.

SUPERVISION EXERCISED

Administers programs and operations of division; directs all staff.

EXAMPLES OF DUTIES

  • Administers staff and operations of the division;
  • Coordinates, plans and manages division activities;
  • Formulates program goals and objectives;
  • Develops or assists in development of related policy;
  • Interprets and administers pertinent laws;
  • Evaluates staff;
  • Prepares or assists in preparation of division budget;
  • Maintains contacts with individuals within and outside of 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 agency on various National Association of Insurance Commissioners (NAIC) committees and task forces;
  • Analyses 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 work and calculations of company actuaries;
  • Performs independent tests of needed reserves;
  • Supervises work of consulting specialists engaged to assist in statutory examinations of domestic life, health, property and casualty companies;
  • Leads the recruitment and hiring of staff, including outreach, interview and selection;
  • Performs related duties as required.

KNOWLEDGE, SKILL AND ABILITY

  • Considerable knowledge of
    • and ability to apply management principles and practices;
    • relevant state and federal laws, statutes and regulations;
    • valuation;
    • actuarial principles, standards and methods;
  • Knowledge of
    • statistical methods and computer models relevant to insurance statutory reserving;
    • insurance company financial statements and statutory accounting;
    • relevant insurance coverages;
    • operation of insurance and reinsurance programs;
    • reinsurance treaties and risk transfer mechanisms;
    • insurance investment strategies that complement asset adequacy analysis;
    • statutory risk-based capital requirements;
    • current development of Principles Based Reserving for life products;
  • Considerable
    • interpersonal skills;
    • 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 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 for a Bachelor's degree.
  • 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

  • Incumbents in this class must possess and retain an Associate membership, by examination, of the Society of Actuaries (SOA) or Casualty Actuarial Society (CAS).
  • Incumbents in this class may be required to travel.

JOB CLASS DESIGNATION

Classified/Non-Examined

OCCUPATIONAL GROUP

(15)-Insurance Programs and Control

BARGAINING UNIT

(02)-MANAGERIAL

EEO

(1)-Officials And Administrators

SALARY INFORMATION

MP 73

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 Chief Insurance Actuary in Salary Group MP 72 approved effective April 22, 2022. (Revised to increase Salary Grade from MP 72 to MP 73 and modify content) Item No. 23-086R

EFFECTIVE DATE

03/18/2024

CLASS: 0773MP; EST: 5/2/2014; REV: 3/19/2024;