Analyzes and evaluates insurance plans, rates, and practices and interprets law governing property and casualty, or life, accident and health insurance.
Employees work under limited supervision managing actuarial activities and serve as a consultant on complex actuarial and other insurance-related issues.
Serves as a consultant on complex actuarial and other insurance-related issues including product design, rating, valuation and reserve, non-forfeiture, life, accident and health (LAH) insurance, property and casualty (P&C) insurance, reinsurance, and alternative markets of last resort for LAH and P&C markets. Analyzes and evaluates insurance plans, rates, and practices and interprets law governing LAH and P&C insurance. Reviews requests for significant rates increases. Develops tentative credit accident and health insurance rates. Assists in projects involving data calls. Monitors insurance, reinsurance, and alternative markets. Monitors the activities of the National Association of Insurance Companies as related to LAH and P&C issues. Recommends drafts and testifies upon legislative changes. Reviews reinsurance contracts for compliance with risk transfer and related laws. Reviews actuarial opinion and related items in the annual statements of domestic LAH and P&C companies, including captives. Performs or coordinates the performance of examinations of reserves and related actuarial items for domestic LAH ad P&C insurers. Reviews actuarial aspects of applications for admission for domestic LAH and P&C insurers including captives.
Ability to evaluate various aspects of insurance contracts including the appropriateness of rates and standard no forfeiture benefits. Ability to evaluate complex insurance arrangements, financial statements, including reserves and related items, and actuarial studies. Ability to comprehend and evaluate evolving issues in the insurance markets, including complex actuarial issues. Ability to assess necessary program and/or legislative changes. Knowledge of South Carolina statutes pertaining to life and health insurance, property and casualty insurance, and financial solvency. Skill in operating a personal computer and other office equipment. Ability to exercise sound judgment and discretion. Ability to communicate effectively, both orally and in writing.
Positions may require professional certification by the Society of Actuaries or Casualty Actuary Society.
A bachelor’s degree in mathematics, statistics, actuarial science, finance, or related field and relevant experience.