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ACTUARIAL&COMPLIANCE ANALYST 2

Class Title: ACTUARIAL&COMPLIANCE ANALYST 2
Bargaining Unit: Use for all Job Titles
Class Code: 075662
Education and Experience: Graduation from an accredited college or university with a bachelor’s degree in mathematics, statistics, business, finance, law or other related acceptable field and experience equivalent to one year of full-time professional actuarial, insurance underwriting, insurance claims handling or insurance compliance work; qualifying full-time professional actuarial, insurance underwriting, insurance claims handling or insurance compliance experience may be substituted for the required education, on a year-for-year basis, to a maximum of four years; additional pertinent graduate coursework may be substituted for the required experience on a year-for-year basis.

Other Requirements:

Necessary Special Qualifications: None.
Examination Method: Education and Experience, 100%, for Preferred Service positions.

Job Overview:

Summary: Under general supervision, is responsible for professional actuarial work of average difficulty in reviewing and analyzing insurance company forms, sales materials, rates, and benefits to determine legality, equitability, accuracy, and completeness of coverage; and performs related work as required.
Distinguishing Features: This is the working level class in the actuarial sub-series. An employee in this class uses basic actuarial techniques and mathematical calculations in the analysis and evaluation of insurance rates, rating procedures, rating plans, and schedules. Work involves the preparation of comprehensive and detailed actuarial studies in accordance with specific procedures. Work includes reviewing and analyzing requests for rate increases or adjustments and analyzing insurance company reserves and underwriting procedures. This class differs from that of Actuary 1 in that an incumbent of the latter is responsible for performing actuarial work at the entry level under immediate supervision. This class differs from that of Actuarial Officer in that an incumbent of the latter is responsible for supervising a section of subordinate actuaries within the Department of Commerce and Insurance.

Work Activities:

Making Decisions and Solving Problems:
  1. Makes decisions on approval, modifications or denial of insurance company or rate service organization requests for form’s, rule’s or classification language.
  2. Makes decisions on approval, modifications or denial of insurance company or rate service organization requests for rate increases or adjustments.
Resolving Conflicts and Negotiating with Others:
  1. Attempts to resolve problems with insurance rates, benefits provided, and company procedures, contract language, and practices.
Evaluating Information to Determine Compliance with Standards:
  1. Ensures that insurance contract actuarial formulae meet the requirements of state laws and regulations.
  2. Determines legal compliance of contract language with statutes, regulations, and bulletins of filings submitted to the department.
  3. Determines actuarial information required by statutes, regulations, and bulletins relative to rates is included in filings submitted to the department.
  4. Determines information required by statutes, regulations, and bulletins relative to forms/rules is included in filings submitted to the department.
  5. Determines legal compliance of annuity, life, and other insurance policies developing cash value through the use of actuarial formulae.
Interpreting the Meaning of Information for Others:
  1. Interprets statutes for insurance companies, consumers, and other interested parties in relation to statutory compliance.
  2. Provides interpretation of insurance policy language for consumers.
  3. Assists in the development of bill analysis for new legislation.
Analyzing Data or Information:
  1. Performs detailed analysis of insurance forms, contracts, and sales material used by insurance companies in Tennessee to determine legality, accuracy, and clarity of information.
  2. Analyzes nationwide and statewide rating statistics to determine the validity of insurance rate change request.
  3. Analyzes pending or existing insurance legislation and developments in the insurance industry and develops and revises legislation to ensure protection of the policy holder.
  4. Prepares detailed actuarial studies from insurance company and rate service organization filings.
  5. Analyzes pertinent pending or existing legislation or developments in the insurance industry to determine the effects on the regulation of insurance rates, forms, sales material, and benefits.
  6. Analyzes insurance company reports to determine adequacy of rates and rating plans, and soundness of insurance benefits and coverage.
Provide Consultation and Advice to Others:
  1. Advises insurance company on acceptable practice, procedures and language related to filings and other issues.
  2. May provide advice to upper management regarding insurance topics related to the section mission.
Identifying Objects, Actions, and Events:
  1. Identifies inconsistencies and differences with insurance company filings as compared to industry standard.
Processing Information:
  1. Performs detailed actuarial calculations on allowable insurance rates, values, and benefits.
  2. Compiles information from products submitted by insurance companies.
Training and Teaching Others:
  1. Trains actuarial and clerical staff on the performance of job duties.
Coaching and Developing Others:
  1. Mentors less experienced actuaries on general insurance knowledge and the performance of work duties.
Communicating with Persons Outside Organization:
  1. Develops reports for presentation to the legislature as required by statute or the legislature.
  2. Answers inquiries from the general public.
  3. Discuss contract issues with other state insurance departments.
  4. Represents the department at conferences relating to insurance programs, procedures, or theory.
  5. Signs affidavit in lieu of appearance at a court proceeding.
  6. May appear as a witness at legal hearings to defend the position of the insurance division.
Developing Objectives and Strategies:
  1. Assists actuarial officer in the development of strategies for implementation of new legislation and other state and federal directives.
Getting Information:
  1. Reviews rate, rule, and form filings that companies or rate service organizations propose to use within the state of Tennessee for compliance with Tennessee statutes, regulations and bulletins.
  2. Researches pertinent pending or existing legislation or developments in the insurance industry to determine the effects on the regulation of insurance rates, forms, sales material, and benefits.
  3. Researches pending or existing insurance legislation and developments in the insurance industry and develops and revise legislation to ensure protection of the policy holder.
  4. Obtains information from surveys received from companies relative to business activity within the state.
Documenting/Recording Information:
  1. Prepares and maintains a variety of routine to complex records and reports including statistical data, actuarial and mathematical analytic reports and accompanying written narratives.
Establishing and Maintaining Interpersonal Relationships:
  1. Establishes and maintains a variety of personal contacts with departmental associates, upper management, insurance company representatives, attorneys, accountants, lobbyist, legislators and the general public to explain, interpret, and enforce actuarial and insurance rating laws, rules and regulations and policies and procedures.
Interacting With Computers:
  1. Accesses electronic filings from electronic filing system used by the insurance industry.
  2. Utilizes office productivity software in order to maintain correspondence with companies and consumers.
  3. Enters and updates data into database and/or spreadsheet in order to track filings, input survey data and update rate changes.
Updating and Using Relevant Knowledge:
  1. Remains up-to-date on new federal and state legislation that affects the insurance industry.
  2. May attend industry meetings as necessary or required. 
Organizing, Planning, and Prioritizing Work:
  1. Prioritizes filing review in order to meet statutory deadlines.
Communicating with Supervisors, Peers, or Subordinates:
  1. Updates supervisor on problematic filings.
  2. Discusses contract issues with peers and subordinates.
Performing Administrative Activities:
  1. Responds to emails, phone calls, and other correspondence as required.
  2. Enters personal time and leave/overtime requests into the appropriate database as required.
  3. Matches correspondence to open files submitted by insurance companies for review.
Thinking Creatively:
  1. Designs spreadsheets used both internally and externally that document information regarding insurance company rate changes and enrollment data.
  2. Creates surveys used to request information from insurance companies.
Monitor Processes, Materials, or Surroundings:
  1. Reviews reports summarizing company operations and activities to determine the adequacy of rates and rating plans and the soundness of insurance benefits and coverage.
  2. Monitors rate trends in the marketplace for the impact on Tennessee residents.
  3. Monitors insurance coverage trends in the marketplace for the impact on Tennessee residents.
  4. Monitors response time associated with insurance company filings in order to address deviations from the standard.
Coordinating the Work and Activities of Others:
  1. Assigns work to clerical staff.

Competencies (KSA’s):

Competencies:
  1. Functional/Technical Competency
  2. Decision Quality
  3. Timely Decision Making
  4. Written Communication
  5. Technical Learning
  6. Action Oriented
  7. Negotiating
  8. Priority Setting
  9. Perseverance
  10. Patience
Knowledge:
  1. Intermediate Knowledge of Insurance Terminology and Concepts
  2. Knowledge of Basic Computer Applications
  3. Intermediate Knowledge of Law and Government
  4. Knowledge of Statistics
  5. Knowledge of Algebra
  6. Knowledge of Customer and Personal Service
Skills:
  1. Reading Comprehension
  2. Critical Thinking
  3. Writing Skills
  4. Active Learning
  5. Active Listening
Ability:
  1. Inductive Reasoning Ability
  2. Oral Expression
  3. Written Expression
  4. Written Comprehension
  5. Oral Comprehension
  6. Memorization Ability

Tools and Equipment Used:

  1. Copier
  2. Scanner
  3. Fax Machine
  4. Telephone
  5. Computer
  6. Printer

 

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