State of Connecticut Executive Branch

Insurance Actuary Supervisor (4985AR)

$64.70-$88.22 Hourly / $5,175.56-$7,056.94 BiWeekly /
$135,082.00-$184,186.00 Yearly

PURPOSE OF JOB CLASS (NATURE OF WORK)

In the Department of Insurance this class is accountable for supervising actuarial staff engaged in actuarial work involving casualty or life and health insurance, and conducting research and special studies.

SUPERVISION RECEIVED

Receives general direction from the Chief Insurance Actuary or other administrative official of higher grade.

SUPERVISION EXERCISED

Supervises the actuarial, technical and clerical employees as assigned.

EXAMPLES OF DUTIES

  • Schedules, assigns, oversees and reviews work of staff;
  • Provides staff training and assistance;
  • Conducts performance evaluations;
  • Determines priorities of unit work;
  • Establishes and maintains unit procedures;
  • Develops or makes recommendations on development of policies and standards;
  • Acts as liaison with other operating units, agencies, and outside officials regarding unit policies and procedures;
  • Prepares reports and correspondence;
  • Reviews and conducts analytical studies of insurance rate filings, rating plans, and various special programs and recommends action; 
  • 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; 
  • Participates in Department hearings; 
  • Reviews and conducts insurance company’s loss and loss adjustment incurred but not reported reserves and insurance valuations; 
  • Conducts reviews of fields exams regarding actuarial subjects in pricing and reserving; 
  • Participates in committees; 
  • Supervises the handling of complaints and inquiries concerning rates and related matters; 
  • 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

Nine (9) 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.
  • 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 72

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: 4985AR; EST: 3/18/2024; REV: 3/19/2024;