INSURANCE ACTUARIAL ANALYST 2

State of Nevada; Carson City (NV); On-site; USD 85,000 - 115,000; Full time

Benefits offered by this job

Health Insurance

Vacation

Sick Leave

Holidays

retirement

Deferred Compensation

Public Service Loan Forgiveness

No Nevada state income tax

Job summary

State of Nevada’s Department of Business and Industry seeks an Insurance Actuarial Analyst 2 to review complex rate filings for personal lines and to perform actuarial studies and regulatory analyses in Carson City or Las Vegas.

The role requires a Bachelor’s degree in actuarial science, statistics or mathematics and at least two years of relevant experience, with duties spanning examinations, hearings, and legislative interactions. Strong communication and analytical skills are essential.

Qualifications

• Bachelor’s degree in actuarial science, statistics or mathematics and two years of actuarial analysis experience or equivalent.
• Experience interpreting statutes/regulations related to rate filings or related regulatory work.
• Ability to prepare opinions and present at hearings; analyze complex rate filings.

Responsibilities

• Conduct actuarial and statistical studies and support consulting actuary reports.
• Analyze premium rate requests and data to ensure rates comply with regulations.
• Evaluate rate filings for mathematical accuracy and regulatory compliance.
• Draft technical regulations and assist at legislative hearings as needed.
• Review insurance filings for completeness and regulatory conformance.
• Respond to informational requests from the public, industry, and officials.

Skills

Actuarial analysis

Regulatory analysis

Statistical methods

Communication skills

Education

Bachelor's degree in actuarial science, statistics or mathematics

Two years actuarial/regulatory experience

Tools

SAS

R

Excel

Job description

• No Nevada state income tax.

Job Summary

The Department of Business and Industry is recruiting to fill an Insurance Actuarial Analyst 2 position within the Division of Insurance. This position can be filled in Carson City or Las Vegas depending on the chosen candidate and the needs of the agency. The incumbent reviews complex rate, rule, and form filings for personal lines of insurance from Life & Health insurers in Nevada. These reviews include making determinations on whether rate proposals are adequate, excessive, or unfairly discriminatory. They also conduct actuarial and statistical studies, analyzes legislation, drafts regulations, and represents the Division at hearings and responds to requests form the governor, legislators, consumers, insurance industry representatives, and other interested parties. Additionally, the incumbent participates in market conduct examinations of insurance companies and is responsible for training assigned staff and overseeing their work assignments and reviews. Effective collaboration and communication with peers, co-workers, management, and staff from various state agencies, members of the public, public officials, and vendors are essential for success in this position.

Essential Qualifications

Bachelor's degree from an accredited college or university in actuarial science, statistics or mathematics, accounting, economics and two years of experience in performing actuarial analysis that included interpretation and application of statutes and regulations pertaining to rate filings; resolving consumer complaints and responding to other inquiries; preparing written opinions and making presentations before a hearing body; or two years of experience in the preparation, analysis, application and review of rates and rating plans in a regulatory agency, insurance company or other rate setting organization; OR two years of experience as an Insurance Actuarial Analyst I in Nevada State service; OR an equivalent combination of experience and education as described above.

Job Duties

• Conduct actuarial and statistical studies; provide analysis for consulting actuary’s reports; and conduct studies that may involve research, statistical sampling, project development and recommendations.


• Analyze premium rate requests from insurance companies; analyze exposure and loss experience data, insurance classification, operating expenses and profit ratios to determine if requested rates conform to State regulations.


• Analyze rate filings to determine compliance with all pertinent State and federal statutes, regulations and mandates.


• Evaluate rates and amendments by applying actuarial principles and methodology to determine mathematical accuracy and appropriateness.


• Analyze and draft technical regulations, opinions and bulletins to implement and clarify highly complex State and federal statutes; analyze new and proposed legislation, and represent the agency at legislative hearings.


• Receive and review insurance complaints and consult with parties involved; recommend administrative intervention as appropriate.


• Review business practices and initiate or recommend administrative actions including cease and desist orders; assist and cooperate with enforcement personnel who investigate, evaluate and identify statutory violations.


• Respond to informational requests from consumers, industry representatives, elected officials, the general public, and other interested parties regarding contracts, rates, mandated benefits and other insurance issues.


• Analyze forms submitted by insurers for completeness and compliance with statutes and regulations.


• Perform related duties as assigned.

Under general supervision, incumbents perform the full range of duties described in the series concept. In addition, incumbents independently interpret and apply statutes and regulations to form and rate filings, testify at regulation hearings, analyze cost stabilization methods, and represent the division at legislative hearings on proposed legislation. This is the journey level in the series.

Knowledge, Skills, And Abilities

This job specification lists the major knowledge, skills and abilities of the job and is not all inclusive. Incumbent(s) will be expected to have knowledge, skills and abilities from a previous level.

Working knowledge of: statutes and regulations as related to the insurance industry; higher mathematics and advanced statistical principles and techniques related to actuarial analysis; computer concepts, applications and capabilities of statistical software packages; economic, financial, and econometric modeling principles; corporate financial accounting systems; auditing principles and generally accepted accounting principles and practices.

Ability to: interpret and apply legal decisions pertaining to insurance and business law.

Skill in: performing advanced mathematical and statistical computations.

The State of Nevada is an equal opportunity employer dedicated to building diverse, inclusive, and innovative work environments with employees who reflect our communities and enthusiastically serve them. All applicants are considered without regard to race, color, national origin, religion or belief, age, disability, sex, sexual orientation, gender identity or expression, pregnancy, domestic partnership, genetic information (GINA), or compensation and/or wages.

Benefits Include

• Health Insurance: Medical, dental, life, and disability insurance programs for employees and their dependents/family are offered through the Public Employees’ Benefits Program (PEBP).


• Vacation: Accrual of three weeks of annual leave each year.


• Sick Leave: Accrual of three weeks of sick leave each year.


• Holidays: 12 paid holidays per year.


• Retirement: Participation in the Nevada Public Employees Retirement System (PERS). Employees do not contribute to Social Security but will contribute to PERS if their position is at 50% or more full-time equivalency. For more information on how PERS service may impact Social Security benefits, visit the SSA publication.


• Deferred Compensation: The State offers a voluntary Deferred Compensation Program.


• No Nevada state income tax.


• Public Service Loan Forgiveness: Eligible due to public sector employment.


• Longevity Payments Eligibility: Employees who have received a performance rating of “standard” or better and have completed eight (8) or more years of continuous service are eligible for longevity pay.

Additional benefits may apply to employees covered under a Collective Bargaining Agreement (CBA), depending on their designated bargaining unit. For more information, visit the Labor Relations Unit (LRU).

For more details about your rights and responsibilities as a State of Nevada employee, please review the State of Nevada Employee Handbook (PDF).

State Holidays The holiday schedule for State employees is established by the Legislature.

The Following Are Legal Holidays

• January 1.............................................. New Year's Day


• Third Monday in January.................. Martin Luther King, Jr.'s Birthday


• Third Monday in February................ Washington’s Birthday


• Last Monday in May........................... Memorial Day


• June 19................................................ Juneteenth Day


• July 4.................................................... Independence Day


• First Monday in September.............. Labor Day


• Last Friday in October....................... Nevada Day


• November 11........................................ Veterans' Day


• Fourth Thursday in November........ Thanksgiving Day


• Friday following the Fourth Thursday in November...................... Family Day


• December 25........................................ Christmas Day

When January 1, June 19, July 4, November 11, or December 25 falls on a Saturday, the preceding Friday is the observed legal holiday. If these days fall on Sunday, the following Monday is the observed holiday. Eligibility for holiday pay is covered by the provisions of NAC 284.255