INSURANCE ACTUARIAL ANALYST 2

State-of-Nevad; Nevada (IA); On-site; USD 90,000 - 120,000; Full time

Job summary

The Nevada Department of Business and Industry, Division of Insurance, is recruiting an Insurance Actuarial Analyst 2 to review rate filings for personal lines from Life & Health insurers in Nevada. The incumbent applies actuarial principles to determine rate adequacy and conducts analyses, drafts regulations, and represents the division at hearings.

The position can be filled in Carson City or Las Vegas and requires a bachelor's degree in actuarial science, statistics, mathematics, accounting

Qualifications

• Bachelor's degree in actuarial science, statistics, mathematics, accounting or economics and two years of actuarial analysis experience.
• Equivalent combination of education and experience may be considered by the agency.
• Experience interpreting statutes and regulations related to rate filings and approvals.
• Experience presenting before a hearing body or regulatory panel.

Responsibilities

• Analyze premium rate requests from insurers and assess exposure, loss data, and profitability.
• Review rate filings for compliance with state and federal statutes and regulations.
• Apply actuarial methods to evaluate rate adequacy and mathematical accuracy.
• Draft technical regulations, opinions and bulletins to implement laws and rules.
• Respond to consumer inquiries and coordinate with stakeholders as needed.
• Review insurer business practices and assist enforcement personnel as required.
• Respond to information requests from the public, industry and officials.
• Analyze submitted forms for completeness and regulatory compliance.
• Perform related duties as assigned.

Skills

Actuarial analysis

Regulatory knowledge

Statistical analysis

Communication skills

Education

Bachelor's degree in actuarial science

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.