01/01/1988 04620

PROPERTY AND CASUALTY INSURANCE ACTUARY SUPERVISOR

DEFINITION:

This is supervisory work of the actuarial analysis of property and casualty insurance rates, rating procedures, and rating plans and the statistical analysis of related data in accordance with insurance laws and regulations.

The employee in this class supervises the review, analysis and approval or disapproval of property and casualty insurance rates, rating plans, rating procedures and schedules to ensure they conform with statutory requirements so as they not be excessive, inadequate or unfairly discriminatory. Work includes supervising the review and analysis of statistical plans, underwriting procedures and other facets of insurance operations. Work also involves supervising the collection and analysis of data supporting decisions regarding the approval or disapproval of insurance rate filings. The employee drafts regulations and guidelines, and assists in drafting legislation relating to property and casualty insurance rates and the rate review process. Supervision is exercised over a professional and technical staff engaged in actuarial and statistical work. Work is performed with considerable independence under the general direction of the Director, Property and Casualty Rate and Policy Form Review who supervises work through conferences and reports.

EXAMPLES OF WORK:

Supervises the review, analysis and approval or disapproval of property and casualty insurance rates, rating plans, rating procedures and values to insure they conform with statutory requirements so as they not be excessive, inadequate or unfairly discriminatory.

Supervises the review and analysis of statistical plans, underwriting procedures and other facets of insurance operations.

Supervises the collection and analysis of data supporting decisions regarding the approval or disapproval of property and casualty insurance rate filings.

Supervises the conduct of tests and the preparation of comprehensive reports to ascertain or verify the losses, expenses and economic reserves related to proposed property and casualty insurance rates or rating plans.

Supervises the preparation of analytical summaries, interpretations and reports of insurers' experience applicable to property and casualty insurance.

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

Drafts regulations and guidelines, and assists in drafting legislation relating to property and casualty insurance rates and the rate review process.

Corresponds and confers with insurance company officials regarding property and casualty insurance rate filings.

Plans and organizes work, assigns work, determines work priorities, sets goals and reviews and evaluates employees and performance.

Assesses training needs of staff and develops plans to meet those needs.

Performs related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES:

Knowledge of actuarial principles, rate making formulae and statistical analysis of insurance data as they apply to property and casualty insurance.

Knowledge of mathematics as related to actuarial work.

Knowledge of statistical principles and techniques.

Knowledge of property and casualty insurance rate regulatory statutes.

Knowledge of property and casualty insurance principles and practices, including underwriting and claims practices.

Knowledge of principles and practices of supervision.

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

Ability to analyze insurance company financial statements.

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

Ability to establish and maintain effective working relationships with associates, insurance company representatives, rating organizations, and the general public.

MINIMUM EXPERIENCE AND TRAINING:

Two years of experience as a Property and Casualty Insurance Actuary 2;

                                                                                                                                       or

Six years of property and/or casualty insurance actuarial experience, and a bachelor's degree with major coursework in mathematics or statistics;

                                                                                                                                      or

Designation as a Fellow of the Casualty Actuarial Society, and two years of experience in property and casualty insurance actuarial work;

                                                                                                                                     or

Designation as an Associate of the Casualty Actuarial Society and three years of property and/or casualty actuarial work;

                                                                                                                                     or

Any equivalent combination of experience and training.