Chief Actuary, Department of Insurance, CEA
California State Personnel Board Specification
Definition
Under the direction of the Insurance Commissioner, to do highly skilled actuarial work in the Department of Insurance; to plan and direct the work of professional and clerical assistants; and to do other related work.
Typical Tasks
Plans and directs the work of the actuarial section; analyzes and reviews statements, reports, and valuations from an actuarial standpoint; cooperates and works with the California Inspection Rating Bureau in formulating rates for compensation insurance; confers with staff members concerning examinations of insurance companies; makes actuarial valuations and verifies the accuracy and adequacy of premiums and reserves of a life insurance company or of a combined life and casualty insurance company; advises the departmental legal staff as to the actuarial aspect of all policy forms requiring approval; determines the accuracy and sufficiency of the reserve for permanent total disability benefits under life insurance policies, and for noncancellable disability policies; passes on the substantial equity of dividend distribution systems; maintains relationships with professional actuarial groups in dealing with actuarial problems in connection with regulation of insurance companies.
Minimum Qualifications
Experience: Broad and extensive experience in actuarial work, at least five years of which shall have been in one or a combination of the following:
1. In a responsible governmental position involving the supervision and regulation of the actuarial practices of insurance companies; or
2. As an actuarial officer of a legal reserve life insurance company. (This experience must have been in a position equivalent to that of a senior actuarial officer who has responsibility for direction of an actuarial department and for formulation of actuarial policies and practices in a company with assets of approximately $10,000,000.) or
3. As an actuary in general consulting practice. and Education: Either
1. Equivalent to graduation from college, preferably with specialization in mathematics. (Additional qualifying experience may be substituted for the required education on a year-for-year basis.) or
2. Possession of a fellowship in the Society of Actuaries.
Knowledge and Abilities
Knowledge of: Insurance principles and actuarial science; legal principles as applied to insurance policy contracts; financial structure of various types of insurance companies; Department's Affirmative Action Program objectives; a manager's role in the Affirmative Action Program and the processes available to meet affirmative action objectives.
Ability to: Make complex and extensive actuarial and statistical computations; appraise accurately the financial structure of insurance companies from actuarial and statistical data presented; write clear and concise reports; analyze situations accurately and adopt an effective course of action; effectively contribute to the Department's affirmative action objectives.
