JOB TITLE: CHIEF ACTUARY, INSURANCE

JOB CODE: 04160

DEFINITION: This is highly responsible professional and advisory actuarial work in financial solvency regulation and analysis of insurance rates, rating procedures, and plans for the Department of Insurance.

The employee in this job serves as the chief actuary of the Department of Insurance advising and assisting the Insurance Commissioner and Deputy Insurance Commissioners on property and casualty, life, accident and health, non-profit hospital and medical-surgical, and related actuarial programs. Work involves developing and implementing policies related to commonwealth responsibilities in financial examination, solvency monitoring, and rate regulation. Work includes reviewing and analyzing complex insurance operations, such as loss reserve discounting, asset liability matching, modeling, simulation, and stress testing. Work also includes advising the Insurance Commissioner and Deputy Insurance Commissioners concerning ratemaking, assisting them in drafting and reviewing new or amended legislation, and representing the department at conferences. The employee also oversees and conducts research in connection with ratemaking formulas and principles, reviews and analyzes the reserves of insurance companies, and provides consultative guidance and direction to department actuaries. Work is performed independently and is reviewed by the Insurance Commissioner and Deputy Insurance Commissioners through meetings, conferences, and reports.

EXAMPLES OF WORK: (NOTE: The examples of work are representative of the work, but every position classified to this job may not perform all examples of work listed. Conversely, this is not an all-inclusive list of work examples.)

• Plans, develops, and implements policies relating to commonwealth financial solvency and rate regulation programs.

• Participates in National Association of Insurance Commissioner (“NAIC”) activities by attending working group and task force meetings of an actuarial nature, representing Pennsylvania on committees, and attending national meetings.

• Develops and delivers department opinions on complex and controversial financial solvency monitoring, funding studies, and rate issues.

• Provides guidance and actuarial support for financial examinations as required by Pennsylvania law and NAIC requirements.

• Aids the department in meeting NAIC accreditation program standards through the provision of accredited actuarial training and support to departmental staff.

• Oversees the review of reserves, rating plans, underwriting procedures, statistical plans, and other aspects of insurance company operations.

• Represents the department before the legislature, insurance industry, and trade groups.

• Assists in drafting, reviewing, implementing, and amending insurance legislation.

• Leads department actuaries on special projects by assigning tasks and reviewing completed assignments.

• The employee in this job may participate in the performance of subordinates’ work consistent with operational or organizational requirements.

• Performs the full range of supervisory duties.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of Casualty Actuarial Society Statements of Principles and Code of Conduct and the American Academy of Actuaries Actuarial Standards of Practice.

• Knowledge of advanced probability and statistical principles and other techniques related to actuarial work.

• Knowledge of the principles and practices of financial analysis and advanced mathematics.

• Knowledge of insurance company operations, including financial reporting, investments, capital modeling, and enterprise risk management.

• Knowledge of insurance company underwriting and claims practices, including those of long-tailed lines of insurance such as Workers’ Compensation and Medical Professional Liability.

• Knowledge of laws and regulations governing the operation of insurance companies including Risk Based Capital requirements.

• Knowledge of the use and functionality of Microsoft Office Suite software.

• Ability to perform actuarial and statistical studies.

• Ability to analyze insurance company financial statements for compliance with NAIC guidance and requirements.

• Ability to present factual material in oral, written, or graphic form.

• Ability to communicate effectively in writing.

• Ability to communicate effectively orally.

• Ability to establish and maintain effective working relationships.

MINIMUM EXPERIENCE AND TRAINING: (NOTE: Based on the Entry Level Knowledges, Skills, and Abilities)

• Ten years of actuarial experience in the insurance field, including five years working with long-tailed lines of insurance, and a bachelor’s degree in mathematics, statistics, actuarial science, insurance, risk management, or a related field;

or

• An equivalent combination of experience and training.

SPECIAL REQUIREMENTS:

• This position requires fellowship in a recognized U.S. based professional actuarial organization.