05/01/1977 04570

PROPERTY AND CASUALTY INSURANCE ACTUARY 1

DEFINITION:

This is technical work in the actuarial analysis of property and casualty insurance rates, rating procedures, rating plans and the statistical analysis of related data.

An employee in this class applies basic actuarial techniques in the analysis and evaluation of insurance rates procedures in property and casualty insurance to ensure that they are not excessive inadequate or unfairly discriminatory. Employees either independently approve or disapprove or recommend approval or disapproval of the filing to the supervisor depending upon the complexity. Work includes reviewing and analyzing statistical plans and underwriting procedures and other assistance regarding actuarial matters to Property and Casualty Insurance Work involves the preparation of comprehensive and detailed actuarial reports in accordance with specific assignments from the Chief Actuary. Work is performed independently on technical problems, but guidelines are provided by laws, regulations and established procedures. Work is supervised by the Chief Actuary and reviewed through reports and conferences for soundness of judgment and recommendations.

EXAMPLES OF WORK:

Reviews and analyzes property and casualty insurance company reports and filings to determine adequacy of rates and soundness of rating plans, benefits and coverages.

Prepares comprehensive and detailed actuarial studies related to the property and casualty insurance field.

Reviews proposed legislation and regulations regarding property and casualty insurance matters form an actuarial standpoint.

Examines property and casualty insurance policy forms to determine their actuarial soundness.

Represents the department at hearings in order to present testimony and cross- examine witnesses.

Reviews and approves statutory statistical plans.

Complies rating information for inclusion in department consumer publications.

Answers inquiries from the public and other government agencies concerning property and casualty insurance rating matters.

Performs related work as required.

REQUIRED KNOWLEDGE, SKILLS, AND ABILITIES:

Knowledge of mathematics as related to actuarial work.

Knowledge of statistical principles and techniques.

Knowledge of property and casualty insurance rate-making procedures and rate regulatory statues.

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

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

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

MINIMUM EXPERIENCE AND TRAINING:

Successful completion of four parts of the Casualty Actuarial Society examination program; or three years of actuarial experience in property and casualty insurance; and a bachelor's degree with major course work in mathematics or statistics; or any equivalent combination of experience and training.