JOB TITLE: LIFE, ACCIDENT, AND HEALTH INSURANCE ACTUARY SUPERVISOR

JOB CODE: 04600

DEFINITION:

This is supervisory professional work in the actuarial analysis of life, accident, and health insurance rates, rating procedures, and rating plans; and the statistical analysis of related data.

An employee in this job supervises the review, analysis, and approval or disapproval of life, accident, and health insurance rates, rating plans and procedures, and schedules to ensure they conform with statutory requirements and department guidelines. Work involves supervising the review and analysis of statistical plans, underwriting procedures, and other facets of insurance operations; supervising the collection and analysis of data supporting the approval or disapproval of insurance rate filings; drafting regulations and guidelines; and assisting in drafting legislation relating to life, accident, and health insurance rates and the rate review process. Supervision is exercised over a professional and technical staff of actuaries and statisticians. Work is performed with considerable independence and reviewed by the bureau director through 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.)

• Supervises the activities of a staff of actuaries and technical personnel to ensure operations conform with statutory requirements and department guidelines.

• Supervises actuarial and valuation testing and the preparation of comprehensive reports to predict or verify losses, expenses, and economic reserves related to proposed life, accident, and health insurance rates or rating plans.

• Supervises the preparation of analytical summaries, interpretations, and reports of insurers' enrollment and claims experience applicable to life, accident, and health insurance.

• Supervises the preparation of information and testimony to be used in administrative hearings and court proceedings and appears as a witness as necessary.

• Reviews the intake of new insurance filings and assigns them to an appropriate staff member.

• Drafts regulations and guidelines and assists in drafting legislation relating to life, accident, and health insurance rates and the rate review process.

• Corresponds and confers with insurance company officials regarding life, accident, and health insurance rate filings.

• Performs the full range of supervisory duties.

• Employees in this job may participate in the performance of subordinates’ work consistent with operational and organizational requirements.

• Performs related work as required.

ENTRY LEVEL KNOWLEDGES, SKILLS, AND ABILITIES:

• Knowledge of actuarial principles and rate making formulae as they apply to life, accident, and health insurance.

• Knowledge of the principles and techniques of statistical analysis.

• Knowledge of mathematics as related to actuarial work.

• Knowledge of regulatory statutes relevant to insurance rates.

• Knowledge of life, accident, and health insurance principles and practices, including underwriting and claims practices.

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

• Ability to analyze insurance company financial statements.

• Ability to effectively present data in the form of charts, graphs, maps, or other media.

• Ability to communicate effectively orally.

• Ability to communicate effectively in writing.

• Ability to establish and maintain effective working relationships.

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

• Two years of experience as a Life and Health Insurance Actuary 2 (commonwealth title);

or

• Six years of life, accident, or health insurance actuarial experience, and a bachelor's degree with major coursework in mathematics or statistics;

or

• Designation as a Fellow of the Society of Actuaries, and two years of experience in life, accident, or health insurance actuarial work;

or

• Designation as an Associate of the Society of Actuaries and three years of life, accident or health actuarial work;

or

• An equivalent combination of experience and training.