State of Washington Class Specification
Positions independently perform complex actuarial calculations for property and casualty, life and disability, or health care insurance. Assist with analysis in rate-making, pricing, reserving, and management reporting. Reviews and approves or disapproves insurers' rate and form filings 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, complex calculations include classification rating, checking economic indices, estimating credibility parameters, experience rating, estimating cost of capital, claims-made rate making, forecasting, using life annuity tables, multivariate regression, retrospective rating, fitting size of loss distributions, estimating the variability of aggregate losses, and using wage tables.
For life and disability, complex calculations include mortality and morbidity tables, calculating contractual benefits, calculating reserves, checking economic indices, estimating credibility parameters, estimating future incurred claims, and reviewing experience rating results.
For health care, complex calculations include checking economic indices, estimating credibility parameters, estimating future incurred claims, estimating overall rate levels, validation of expense assumptions, reviewing experience rating results, forecasting, multivariate regression, and tracking industry experience.
Performs complex actuarial calculations;
Performs actuarial analysis in estimating liabilities in losses, loss adjustment expenses, and retrospective rating return premiums;
Performs analysis in rate-making for classification rating, experience rating, and retrospective rating;
Performs analysis of loss adjustment and underwriting expenses;
Performs analysis of group of insured;
Produces management reports;
Tests quality of data;
Consults with internal and external customers;
Reviews actuarial analysis of actuarial staff;
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 in actuarial science, mathematics, statistics, engineering, physical science, economics, or equivalent field,
And, for property and casualty, successful completion of two Casualty Actuarial Society (CAS) examinations and eighteen months of property and/or casualty actuarial experience.
Or, for life and disability, and for health care, successful completion of two courses of the Society of Actuaries (SOA) and eighteen months of life and disability or health actuarial experience.
Class Specification History
New class effective January 1, 2006; Actuarial Analyst 2 (replaces 05061 Actuarial Analyst