Class Code: 00467
IOWA DEPARTMENT OF ADMINISTRATIVE SERVICES –
HUMAN RESOURCES
ACTUARY A.S.A.
DEFINITION
As a designated associate or fellow of the
American Society of Actuaries (A.S.A), performs professional
mathematical/statistical work in conducting actuarial studies used in the
administration of state insurance or unemployment insurance laws; 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
Reviews insurance policy forms for compliance
with legal requirements and departmental regulations.
Analyzes formulas used in the computation of net
premium, reserves, and nonforfeiture values; determines that benefits and
nonforfeiture values are sound and equitable.
Reviews sales material in connection with the approval
or disapproval of policy forms.
Confers and corresponds with insurance companies and the
general public.
Investigates complaints from the general public
concerning illegal or improper activities of insurance agents and companies;
recommends appropriate action.
Develops and recommends rules and regulations relating
to health, life and casualty insurance policy forms.
Conducts studies on unemployment insurance benefit
financing using such statistical procedures as regression analysis, significance
tests, confidence intervals, and frequency distributions.
Participates in planning research projects; assists in
writing project specifications; implementing projects, documenting results, and
distributing project conclusions.
Analyzes insurance rate filings to determine their
actuarial soundness.
COMPETENCIES
REQUIRED
Knowledge of higher mathematics as it relates to
actuarial problems, such as computational mathematics, actuarial theory and
practice, and statistical theory.
Knowledge of the provisions of state law governing
either the unemployment insurance or insurance programs.
Ability to apply technical actuarial knowledge to
the solution of insurance or unemployment insurance benefit
problems.
Ability to communicate effectively with peers in the
field.
Ability to analyze data and prepare
reports.
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. Follows policy and cooperates 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 coursework in mathematics, statistics, or actuarial science, experience
equal to five years of full-time work conducting actuarial studies, and an
associate or fellow designation from the American Society of
Actuaries;
OR
graduate level coursework in actuarial science or
statistics may be substituted for up to one year of the required experience on
the basis of 30 semester hours equals one year of
experience.
SELECTIVE
CERTIFICATION
For designated positions the appointing
authority, with Iowa Department of Administrative Services – Human Resources
Enterprise prior approval, may request those applicants possessing a minimum of
twelve semester hours of education, six months of experience, or a combination
of both, or a specific certificate, license, or endorsement in the following
areas:
359 life and
health insurance
533 property
and casualty insurance
Applicants wishing to be considered for such designated
positions must list applicable coursework, experience, certificate, license, or
endorsement on the application.
Effective Date: 5/05
JG