INSURANCE ACTUARIAL ANALYST 3

Insurance Actuarial Analyst 3 Position

***This recruitment may close without further notice depending on the number of applications received. Applicants are encouraged to apply as soon as possible***

The Department of Business and Industry is recruiting to fill an Insurance Actuarial Analyst 3 position within the Division of Insurance in Carson City. 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/not rate proposals are adequate, excessive, or unfairly discriminatory. They also conduct actuarial and statistical studies, analyze legislation, draft regulations, and represent the Division at hearings and respond to requests from the governor, legislators, consumers, insurance industry representatives, and other interested parties. Additionally, the incumbent participates in market conduct examinations of insurance companies and trains assigned staff as well as oversees staff work assignments and reviews. Effective collaboration and communication with peers, co-workers, management, 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 three 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 three 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 II 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 direction, incumbents supervise lower level actuarial staff and perform the full range of duties described in the series concept. Incumbents are responsible for the most difficult analysis requiring the application of advanced actuarial principles such as actuarial analysis of data to arrive at rates, analysis of data submitted in required industry reports, and analysis of reserves to determine the solvency of insurance companies.

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. Detailed knowledge of: actuarial principles and methodologies; 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. Working knowledge of: methods of establishing insurance rates; federal insurance laws and regulations; corporate financial and accounting systems; auditing principles and generally accepted accounting principles and practices; and business law. Ability to: interpret legal decisions pertaining to insurance.

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.