INSURANCE ACTUARIAL ANALYST 2

State of Nevada (NV); Carson City (NV); On-site; USD 90,000 - 120,000; Full time

Job summary

The Nevada Department of Business and Industry, Division of Insurance, seeks an Insurance Actuarial Analyst 2 in Carson City or Las Vegas. The incumbent reviews complex rate, rule, and form filings for personal lines of Life & Health insurers in Nevada and determines adequacy of rate proposals.

They conduct actuarial studies, analyze legislation, draft regulations, and represent the Division at hearings. Collaboration with peers and public officials is essential.

Qualifications

• Bachelor's degree in actuarial science, statistics or mathematics, accounting or economics with two years actuarial analysis or equivalent regulatory experience.
• Experience interpreting and applying statutes and regulations for rate filings; presenting before a hearing body.
• Conduct actuarial and statistical studies and draft analyses and recommendations.

Responsibilities

• Analyze premium rate requests; evaluate exposure and loss experience to determine compliance with state regulations.
• Assess rate filings for conformity with state and federal statutes, regulations and mandates.
• Apply actuarial principles to evaluate rates and amendments for mathematical accuracy.
• Draft technical regulations, opinions and bulletins; monitor legislation and represent the agency at hearings.
• Review complaints and assist in administrative interventions as appropriate.
• Respond to inquiries from consumers, industry, and public officials regarding contracts and rates.

Skills

Actuarial analysis

Statistical modeling

Analytical skills

Communication skills

Education

Bachelor's degree in actuarial science, statistics or mathematics, accounting, economics

Tools

Actuarial software

Statistical software

Job description

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.

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.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.

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.