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Commonwealth of Pennsylvania |
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POSITION DESCRIPTION FOR JOB POSTING |
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Position Number: 50681095 |
Description Activated On: 3/4/2025 1:51:11 PM |
Position Purpose: Describe the primary purpose of this position and how it contributes to the organization’s objectives. Example: Provides clerical and office support within the Division to ensure its operations are conducted efficiently and effectively. This position performs the application of actuarial and statistical principles and methods that relate to the analysis and evaluation of insurance rates, rating procedures, rating plans, and schedules of life, accident, and health rate filings, which may include review of reserves, reserve valuations, and nonforfeiture values. May review any combination of basic life, accident, and health insurance rate filings gaining support from other Actuary 1, Actuary 2, or Actuary Supervisor, as needed, to determine if the rates are actuarially sound and comply with federal and state laws. |
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Description of Duties: Describe in detail the duties and responsibilities assigned to this position. Descriptions should include the major end result of the task. Example: Types correspondence, reports, and other various documents from handwritten drafts for review and signature of the supervisor. Independently reviews, and coordinates with other actuaries when needed, in the analysis and evaluation of life, accident, and/or health (L&H) rate filings, to ensure that proposed rates are not excessive, inadequate, or unfairly discriminatory and that the filings comply with applicable federal and state laws. Assists in the rate review process to verify consistency of the pricing and product design, by researching, compiling, and preparing analysis of the data, assumptions, formulas, and company financials to determine if filing is complete, equitable, and adequate. Corresponds with insurers to obtain additional information, request revisions, and identify potential federal or state law violations as it pertains to rates, seeking guidance from other actuaries or actuary supervisor when needed. If a violation seems probable, information is provided to and coordinated with, other areas of the Department for review and follow-up. Uses their experience in rate making standards and procedures to provide initial reviews of rates for hospital, medical/surgical, major medical, supplemental coverages for vision, dental, prescription drug, long term care, Medicare supplement, and experience rating formulas verified by other actuaries or actuary supervisor. Develops experience in leveraging guidelines, standard operating procedures, actuarial practices, statutes, and regulations when reviewing rate filings seeking guidance and makes recommendations from other actuaries or actuary supervisor when necessary. May assist in the review calculations of nonforfeiture values in life insurance policies, annuity contracts, and reserve valuations of domestic life insurance companies or fraternal benefit societies. Will assist to determine if the reserves are computed using sound actuarial principles and comply with minimum statutory requirements. Assists actuaries to coordinate with policy examiners in the review of policy form filings to identify if benefits are actuarially sound or if policy form updates are needed. May assist to review, prepare, or research information needed for bulletin publication, testimony, legislation, policy, and department regulations as it pertains to L&H insurance. Participates as an interested regulator in NAIC working groups to stay abreast of health care trends, cost containment initiatives, actuarial standards of practice updates to report to other actuaries and actuary supervisor on insurance-related matters as needed. Alerts supervisor of unusual or unique filings, updates rate logs, data bases, and administers and/or assists with data calls as needed. Assists the actuarial supervisor with training of new L&H actuarial trainees and interns. Completes projects assigned by the actuarial supervisor. Increases insurance and actuarial knowledge and skills through exams, seminars, webinars, literature or other available resources. Completes other related duties and projects assigned by the actuarial supervisor. |
Decision Making: Describe the types of decisions made by the incumbent of this position and the types of decisions referred to others. Identify the problems or issues that can be resolved at the level of this position, versus those that must be referred to the supervisor. Example: In response to a customer inquiry, this work involves researching the status of an activity and preparing a formal response for the supervisor’s signature. The Actuarial Supervisor assigns and prioritizes work. Work is conducted in accordance with the Actuarial Supervisor's prioritization and bureau procedures. This role works independently and with supervision by other actuaries and supervisor when needed to recommend dispositions on standard or routine filings depending upon bureau procedures and the Actuarial Supervisor’s instructions. Presents any issues, unique or unusual filings to other actuaries or supervisor for guidance. Supervisor provides direction for special projects. Supervisor communicates new laws, regulations, and guidelines affecting work and reviews with actuaries. |
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Requirements Profile: Identify any specific experience or requirements, such as a licensure, registration, or certification, which may be necessary to perform the functions of the position. Position-specific requirements should be consistent with a Special Requirement or other criteria identified in the classification specification covering this position. Example: Experience using Java; Professional Engineer License Experience: N/A Licenses, registrations, or certifications: 1. N/A 2. N/A 3. N/A 4. N/A 5. N/A 6. N/A |
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Essential Functions: Provide a list of essential functions for this position. Example: Transports boxes weighing up to 60 pounds.
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