Class Code: 00466
IOWA DEPARTMENT OF ADMINISTRATIVE SERVICES –
HUMAN RESOURCES ENTERPRISE
ACTUARIAL ADMINISTRATOR
DEFINITION
Administers and directs insurance regulation
programs and staff involved in oversight and application of actuarial science principles
to all facets of business under the jurisdiction of the Iowa Insurance
Division; performs related work as required.
The Work Examples and Competencies listed are for illustrative purposes only and not intended to be the primary basis for position classification decisions.
WORK EXAMPLES
Supervises staff engaged in the review of
property/casualty rates and premiums used by all property/casualty insurers
authorized to do business in Iowa.
Reviews property/casualty rates and policies prior to
their use to assure that the proposed premiums charged are fair and reasonable
in view of the scope of coverage provided by the policies.
Review prior approved premiums submitted to the
Division to determine the fairness of such premiums by insuring application of
all appropriate actuarial techniques.
Determines whether submitted filings are of such
importance or involve such complex and broad-based issues to require
contracting with outside expert consulting actuaries for review; oversees the
consultant's work product by providing Division concurrence in that work
product.
Directs the analysis of premium filings from an
actuarial perspective by preparing and providing testimony for or against the
filing in administrative hearings, as appropriate.
Directs and coordinates the responsibilities of the
Division as they relate to the statutory system for workers' compensation
insurance.
Prepares reports for the Division as they relate to
property casualty matters and filing of reports with the Executive and Legislative
Branches in a timely fashion.
Monitors the effectiveness of the Iowa Open
Competition system for liability insurance, including Auto, Homeowners, or such
other lines, by advising the Insurance Commissioner as to the effectiveness of
such programs and whether or not they should be continued.
Reviews insurers' filed annual statements and
correlation of proposed loss data submitted in support of premium filings with
actual experience reflected in the annual statements, and adjustment of
premiums accordingly.
Implements and monitors the Division's Open
Competition Program for Workers' Compensation Insurance.
Provides assistance to the Chief Examiner and the
Examination Bureau of the Division in the conduct of financial audits of
insurers by: reviewing final reserve levels for audited insurers; reviewing
reinsurance transactions for audited insurers to assure appropriateness of the
scope of reinsurance involved; determine the actuarial sufficiency of an
insurers overall rates and rating plans to determine long-term financial
viability of the insurer.
COMPETENCIES REQUIRED
Knowledge of higher mathematics as it relates to
actuarial problems, such as computational mathematics, actuarial science theory
and practice, and statistical theory.
Knowledge of the provisions of state law
governing the Department of Commerce Insurance Division programs.
Ability to apply technical actuarial knowledge and
theories to the solution of all types of insurance rates, policies and
premiums.
Ability to analyze information, extrapolate data and
prepare reports explaining interpretations as well as defining trends.
Ability to effectively direct and supervise staff in
the compilation, analysis, and interpretation of actuarial studies or
associated insurance regulation programs.
Displays high standards of ethical conduct. Exhibits honesty and integrity. Refrains from theft-related, dishonest or
unethical behavior.
Works and communicates with internal and external
clients and customers to meet their needs in a polite, courteous, and cooperative
manner. Committed to quality service.
Displays a high level of initiative, effort and
commitment towards completing assignments efficiently. Works with minimal supervision. Demonstrates responsible behavior and attention
to detail.
Responds appropriately to supervision. Makes an effort to follow policy and
cooperate with supervisors.
Aligns behavior with the needs, priorities and goals
of the organization.
Encourages and facilitates cooperation, pride, trust,
and group identity. Fosters commitment
and team spirit.
Expresses information to individuals or groups effectively, taking into account the audience and nature of the information. Listens to others and responds appropriately.
EDUCATION, EXPERIENCE, AND SPECIAL
REQUIREMENTS
Graduation from an accredited college or
university with major course work in actuarial science or mathematics and five
years of experience involving the application of actuarial science principles
and programming to multiple facets of the property, casualty and liability
insurance fields which involved the supervision of employees involved in the
development and conduct of actuarial programming and analysis within areas
which are new or have not to date been subjected to actuarial analysis.
NOTE:
Applicants must successfully complete the ten
professional actuarial examinations necessary for national accreditation as a
Fellow of the Casualty Actuarial Society prior to appointment.
Applicants
for this class should be sure to list the information noted above in the Special
Requirements Section found on the last page of the Iowa Department of
Administrative Services – Human Resources Enterprise application form.
Effective
Date: 8/24/89 BW