State of Connecticut Executive Branch

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.

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

• 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.

• 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.

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.

Two (2) years of the General Experience must have included experience setting insurance rates and/or reserves for insurance companies or health care centers.

• 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.

• 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.