Classified/Non-Examined 
Class Code Pay Plan Class Title Eff.Date
0051  MP - 70 INSURANCE ACTUARY  Sep 1, 1999
PURPOSE OF CLASS:
In the Department of Insurance, this class is accountable for directing and/ or conducting actuarial work involving casualty or life and health insurance, and conducting research and special studies.
SUPERVISION RECEIVED:
Receives direction from the Insurance Commissioner or Deputy Commissioner or other administrative official of higher grade.
SUPERVISION EXERCISED:
May direct the actuarial staff and technical and clerical employees as assigned.
EXAMPLES OF DUTIES:
Conducts analytical studies of insurance and health care center rate filings, rating plans and various special programs (such as experience rating, retrospective rating, and participating programs) and recommends action; conducts and reviews periodical examinations of rating organizations; may review an insurer's loss experience; reviews rates, rating plans, and self-insurance program; provides consulting service with respect to the approval or disapproval of requests made by insurance companies and rating organizations for changes in rates and rating plans; initiates recommendations with respect to improvements in rating plans and techniques; participates in Department hearings in connection with appeals of insureds regarding classifications and other rating matters; reviews insurance and health care reserves including cash flow testing of liabilities and asset adequacy testing; reviews reinsurance agreements; supervises the handling of complaints and inquiries concerning rates and related matters from the public, insurance companies, agents, brokers and rating organizations; serves as advisor on actuarial and related matters; prepares accurate and comprehensive reports containing findings, conclusions and recommendations; may act on behalf of the Commissioner at technical and professional conferences; performs related duties as required.
MINIMUM QUALIFICATIONS REQUIRED
KNOWLEDGE, SKILL AND ABILITY:
Considerable knowledge of the relevant federal and state laws and regulations pertaining to insurance companies; considerable knowledge of actuarial principles, standards and methods; considerable knowledge of statistical methods and computer models as they relate to insurance rates and rating procedures; knowledge of the operation of relevant insurance programs; knowledge of the methods used by other states in the regulation of insurance companies; knowledge of relevant insurance coverages, rates, rating plans and special programs; knowledge of insurance company financial statements; considerable interpersonal skills; considerable oral and written communication skills; supervisory ability.
EXPERIENCE AND TRAINING:
General Experience:
Ten (10) years of experience as an actuary with an insurance company, an insurance regulatory agency, or in a consulting actuary's office performing actuarial insurance work.
Special Experience:
Two (2) years of the General Experience must have included experience setting insurance rates and/or reserves for insurance companies or health care centers.
Substitutions Allowed:
1.
College training in mathematics or statistics may be substituted for the General Experience on the basis of fifteen (15) semester hours equalling one-half (1/2) year of experience to a maximum of four (4) years.
2.
A Master's degree in Mathematics or Statistics may be substituted for one (1) additional year of the General Experience.
SPECIAL REQUIREMENT:
An Associate membership, by examination, in a relevant actuarial society. For Property and Casualty, membership in the Casualty Actuarial Society is required. For Life and Health area, membership in the Society of Actuaries is required.
Note:
Non-Examined refers to Section 5-219 of the Connecticut General Statutes which permits appointment of candidates to competitive positions without formal examination when a professional license, professional degree, accreditation or certificate is a mandatory requirement for appointment to a class.
This replaces the existing specification for the same class in the same Salary Group MP 70 approved effective September 23, 1996.
0051A 9/1/99 pzd
CC Final#  Occup. Group Bargaining Unit EEO
0051  255  (15)-Insurance Programs and Control
(02)-MANAGERIAL
(1)-Officials And Administrators