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State of Washington Class Specification

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ACTUARY 2
504B
Category: Science & Engineering

Class Series Concept

Positions in this occupational category resolve complex actuarial problems. Researches, develops and designs new and alternative actuarial methods for use by staff. Some positions manage the department's actuarial unit, supervising and directing actuarial staff. Provides training, support, and assistance to actuarial analysts. Reviews and analyzes benefits, reserves, rating plans, underwriting procedures and statistical plans. Performs analysis in rate-making for classification ratings, experience rating, retrospective rating and scheduled rating.

Definition

Performs full range of actuarial analyses and interprets calculations for rate-making, reserving, management reporting, and special studies. Full range of actuarial analyses includes reserving and accounting in estimating liabilities, rate-making, loss adjustment, underwriting expenses, performance analysis of groups of insured, rate level of funds, and financial analysis of insurance entities which involve forecasting, cash flow analysis, and asset liability matching.

Typical Work

Performs actuarial analysis in reserving and accounting for losses, loss adjustment expenses, retrospective rating return premiums and pensions;

Performs actuarial analysis of overall rate level of funds;

Develops and tests actuarial methodologies;

Develops methods to test the quality of data;

Evaluates actuarial impact of proposed legislation;

Presents actuarial analysis to external customers;

Consults and coordinates actuarial activities with units and staff;

Testifies in court and commission hearings;

May supervise lower level staff.

Legal Requirement(s)

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.

Desirable Qualifications

Positions typically require a Bachelor's degree.

And, associate (ACAS) of the Casualty Actuarial Society (CAS) with successful completion of seven CAS exams and four years of property and/or casualty actuarial experience.

Or, for life and disability or health care positions, must be an associate (ASA) of the Society of Actuaries (SOA) with successful completion of six SOA courses and four years of actuarial experience in their appropriate specialties.

Class Specification History

New class effective January 1, 2006; Actuary 2 (replaces 05070 Actuary Associate).

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