State of Washington Class Specification
Positions in this level serve as the actuary for life, disability and/or health, or property and/or casualty insurance; review insurance policy provisions and rate filings. Positions provide training, support and assistance to actuarial analysts. Researches, develops and designs new and alternative actuarial methods for use by staff. Positions are also responsible for final completion and presentation of actuarial staff's analyses in rate-making, reserving, management reporting and special studies.
Reviews and analyzes benefits, reserves, rating plans, underwriting procedures, statistical plans, and other facets of insurance company operations;
Participates in departmental hearings in connection with appeals of consumers;
Assists in the drafting and review of legislation and departmental regulations, develop and implement regulations;
Performs statistical analysis of rating plans and reports of insurance experience applicable to specific regulatory issues;
Performs analysis in reserving and accounting for losses, loss adjustment expenses, retrospective rating return premiums, and pensions;
Performs analysis in rate-making for classification ratings, experience rating, retrospective rating, scheduled rating, overall rate level of funds;
Performs actuarial research; develops and tests actuarial methodologies; develops methods to test quality of data;
Evaluates actuarial impact of proposed legislation;
Provides input in creating department policy;
May supervise lower level staff.
There may be instances where individual positions must have additional licenses or certification. It is the employer’s responsibility to ensure the appropriate licenses/certifications are obtained for each position.
Positions typically require a Bachelor's degree involving major study in actuarial science, insurance, mathematics, accounting, or allied field and a member of the American Academy of Actuaries with specialization in the property/casualty, life, disability, and/or health field
Seven years of experience in one or more of the following categories: (a) As an actuarial officer whose duties included formulation of actuarial policies in an insurance company, health care service contractor, or health maintenance organization; or (b) As a consultant providing actuarial management services to insurance companies, health care service contractors, or health maintenance organizations, with duties equivalent to those indicated in (a) above; or (c) In an actuarial position not lower than the second-in-charge of actuarial practice of a government agency, including those regulating insurance company operations
Fellow (FCAS) of the Casualty Actuarial Society (CAS) and six years of property and/or casualty actuarial experience
Class Specification History
New class effective January 1, 2006; Actuary 3 (replaces 04980 Actuary - Insurance Policy and Rate Regulation and 05071 Actuary).