INSURANCE ANALYST 2 RATING DEFINITION:
Under supervision of an Insurance Analyst 1 (Rating) or other supervisory official in the Division of Actuarial Services, Property/Liability, Department of Insurance, performs the review and analysis of the most difficult filings submitted by insurance companies and rating organizations representing insurance companies pursuant to the requirements of the rating and form filing laws and prepares recommendations for the approval or disapproval thereof; does related work as required.
NOTE: The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed.
EXAMPLES OF WORK:
Performs the study and analysis of premium and loss experience data and other technical material filed by insurance companies and rating organizations pursuant to the requirements of the rating and forms filing laws to determine compliance with statutory and department standards.
Assumes responsibility for all phase of the work assigned in examinations at the divisional office or site of rating organizations, advisory organizations, joint underwriting associations, insurance companies, agents, and brokers.
Prepares clear, sound, accurate, and informative statistical and other reports containing findings, analysis, conclusions, and recommendations.
Prepares written responses to inquiries and complaints received from the public concerning rates, rules, and policy forms.
Utilizes computer programs to assist in rate analysis and verification in connection with pricing change requests for all kinds of insurance and to verify rates as a result of an inquiry from an insured.
Will be required to learn to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
REQUIREMENTS:
NOTE: Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience.
Seven (7) years of professional experience in work involving the analysis of property/liability rating systems and policy forms used by insurance companies and/or rating organizations, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science. Successful completion of at least four parts of the Chartered Property Casualty Underwriters Program (CPCU) or two Actuarial Exam of the Casualty Actuarial Society, or a Certified Insurance Counselor (CIC) designation, or an Accredited Adviser in Insurance designation, or an Associate in Underwriting, or an Associate in Insurance Accounting and Finance from the Insurance Institute of America.
OR
Possession of a Bachelor's degree from an accredited college or university, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science. Successful completion of at least four parts of the Chartered Property Casualty Underwriters Program (CPCU) or two Actuarial Exam of the Casualty Actuarial Society, or a Certified Insurance Counselor (CIC) designation, or an Accredited Adviser in Insurance designation, or an Associate in Underwriting, or an Associate in Insurance Accounting and Finance from the Insurance Institute of America.; and three (3) years of the above-mentioned professional experience.
OR
NOTE:Possession of a Bachelor's degree from an accredited college or university, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science; and five (5) years of the above-mentioned professional experience.
NOTE: "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions.
LICENSE:
Appointee will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
KNOWLEDGE AND ABILITIES:
Knowledge of the principles of rating and insuring procedures followed by insurance companies and rating organizations.
Knowledge of the procedures and problems involved in the analysis of premium and loss experience data.
Ability to analyze and interpret the state and other laws and regulations pertaining to insurance company operations.
Ability to organize assigned work, analyze rating problems, and develop effective work methods.
Ability to review and analyze detailed and complex material submitted in filings made pursuant to the rating and form filing laws and to prepare appropriate recommendations based thereon.
Ability to make studies and analysis of policy contracts, forms, orders, and endorsements.
Ability to learn to operate P/C computers and pertinent software.
Ability to take the lead in examinations of rating organizations, joint underwriting associations, insurance companies, agents, and brokers.
Ability to prepare clear, sound, technically accurate and informative reports containing findings, conclusions, and recommendations.
Ability to learn to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
Ability to read, write, speak, understand, or communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication.
Persons with mental or physical disabilities are eligible as long as they can perform essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.
