05/01/1977 04560

LIFE AND HEALTH INSURANCE ACTUARY 2

DEFINITION:

This is advanced technical work in the actuarial analysis of life and health insurance rates, rating procedures, rating plans, and schedules.

An employee in this class applies advanced actuarial techniques in the analysis and evaluation of rates on health and accident insurance, credit life insurance and credit health insurance to determine adequacy and equity. Employees in this class also review life insurance and annuity contracts by analyzing the cash values, premium schedules and benefit structure to determine that the contract and rates are not unjust or unfairly discriminatory and that the product is actuarial sound in order to protect the solvency of the company. The employee either independently approves or disapproves or recommends approval or disapproval of the filing to the superior depending upon the complexity. Work includes reviewing and analyzing reserves and underwriting procedures for policy soundness and to prevent unfair discrimination. Duties also involve analysis of insurance company annual statements for actuarial employee in this class prepares detailed and comprehensive actuarial studies of considerable difficulty in accordance with specific assignments. Work involves providing technical assistance to Life and Health Insurance Policy Examiners, other members of the Insurance Department, and other state agencies in actuarial matters and risk management. Work is performed independently, but guidelines are provided by department or bureau policies, regulations and procedures. Work is reviewed by administrative superior through a review of reports and studies and conferences.

EXAMPLES OF WORK:

Performs actuarial studies of considerable difficulty in the determination of rates, rating plans and reserves of life and accident and health insurance companies and non-profit hospital and medical surgical plans.

Prepares comprehensive statistical analysis of past experience of specific life and accident and health insurance data, including expenditures, business volume and trend in order to provide more complete market information.

Performs complex actuarial studies of life insurance premium structures, cash value formulae and reserve levels to determine whether they meet statutory requirements.

Reviews annuity contracts with special consideration given to separate accounts, including variable life, variable annuity, and investment annuities.

Performs actuarial analysis on specific problem as presented by other agencies of the Commonwealth such as the proposal to self- insure life annuities as submitted to the State Lottery Commission, and the review of the State Employees Retirement System and the Public School Employees' Retirement System.

Provides information services in the development presentation of studies, drafts and tabulations.

Performs related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES:

Knowledge of mathematics as related to actuarial work.

Knowledge of statistical principles and techniques.

Knowledge of life and health insurance premium derivations.

Knowledge of life and health insurance principles and practices, including principles and practices of underwriting and claims and the socio-economic influences of insurance.

Knowledge of life insurance cash value and reserve requirements.

Knowledge of state laws and regulations governing the operation of insurance companies.

Ability to analyze insurance company financial statements.

Ability to perform actuarial and statistical studies and prepare accurate and comprehensive reports.

Ability to establish and maintain effective working relationships with associates, insurance companies or other business representatives, as well as the general public.

MINIMUM EXPERIENCE AND TRAINING:

One year of experience as a Life and Health Insurance Actuary 1;

                                                                                                                                            or

Successful completion of five parts of the Society of Actuaries examination program;

                                                                                                                                            or

Four years of actuarial work in the life and/or accident and health insurance field; and a bachelor's degree with major course work in mathematics or statistics;

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Any equivalent combination of experience and training.