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State of Washington Class Specification

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ACTUARIAL ANALYST 3
503C
Category: Science & Engineering

Definition

Positions perform complex actuarial calculations and assigned portions of actuarial analyses for rate-making, pricing, reserving, management reporting, and specific studies. Reviews and approves or disapproves insurers' rate and form filing and/or provides technical assistance to financial examiners in review of reserves and other actuarial elements of financial reporting by regulated entities.

For property and casualty, assigned portions of actuarial analyses include analyzing of losses and loss adjustment expenses, retrospective rating return premiums, pensions classification rating, experience rating, retrospective rating, analyzing actuarial presentations, and communicating results to management and to insurers.

For life and disability, assigned portions of actuarial analyses include portions of multi-scenario cash flow testing in support of statements of actuarial opinion, testing actuarial data, testing actuarial methods, analyzing actuarial presentations of rate adjustments, testing claim reserves, active life reserves and policy reserves, and communicating results to management and insurers.

For health care, assigned portions of actuarial analyses include testing actuarial data, testing actuarial methods, analyzing actuarial presentations of rate adjustments, testing adequacy of claim reserves and active life reserves, and communicating results to management and industry.

Typical Work

Creates exhibits and charts in rate-making, reserving, management reporting, and special projects;

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

Tests actuarial methodologies;

Prepares and makes presentations;

Consults with and coordinates activities within department;

Assists with training of actuarial staff;

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, for property and casualty, successful completion of four Casualty Actuarial Society (CAS) examinations and three years of property and/or casualty actuarial experience

Or, for life and disability or health care positions, successful completion of four courses of the Society of Actuaries (SOA) and three years of life and disability or health actuarial experience

Class Specification History

New class effective January 1, 2006; Actuarial Analyst 3 (replaces 05062 Actuarial Analyst 3).

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