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Life Actuary Series

Life Actuary Series

California State Personnel Board Specification

Series established February 3, 1982

Scope

This series specification describes three levels of classes used by the Department of Insurance to perform a wide variety of consultative and analytical assignments associated with the actuarial aspects of the regulation and examination of insurers conducting the business of life, health or disability insurance. Incumbents conduct and/or review actuarial studies and statistical surveys; formulate procedures, policies and program alternatives; review and analyze proposed legislation and advise management on impact or potential impact of this legislation; and participate or act as team, conference, or task force leaders on large studies and surveys.

 

Life Actuary Series Specification - Class Titles and Codes
Schem Code Class Code Class
LP16 6089 Associate Life Actuary
LP14 6086 Senior Life Actuary
LP12 6084 Supervising Life Actuary

Definition of Series

Classes in this series are involved in the analysis and review of statements, reports and valuations based on actuarial and statistical data; the verification of the accuracy and the adequacy of premiums and reserves including but not limited to, those applicable for benefits for disability insurance, health insurance, life annuities, life insurance and those pension plans that are regulated by the California Department of Insurance; and the review and substantial determination of the equity of dividend and experience refund distribution systems.

Factors Affecting Position Allocation

The scope and level of responsibilities assigned, complexity of work, independence and consequence of action, impact of decision making on affected programs, degree of supervision exercised and received serve as differentiating factors between individual levels.

Definition of Levels

Associate Life Actuary

This is the journey level. Incumbents perform the more responsible, varied and complex technical actuarial work and provide consultative services to management and other. Such duties include participating as an actuarial consultant in the conduct of financial examination of insurers.

Senior Life Actuary

This is the full professional level. Incumbents work independently on the most complex actuarial analysis projects, draft guidelines for the conduct of the actuarial aspects of financial examination of insurers and provide statements of actuarial opinion for specific certification of insurers solvency in the future.

Supervising Life Actuary

This is the full supervisory level. Incumbents supervise actuarial statisticians and life actuaries and act as consultants on the most complex and sensitive program issues.

Minimum Qualifications

Associate Life Actuary

Either I

 

One year of experience in the California state service performing the duties of a Supervising Actuarial Statistician; or

 

Two years of experience in the California state service performing the duties of a Senior Actuarial Statistician.

Or II

 

Experience: Three years of experience in either: (1) a responsible actuarial position in a life or health insurance company; (2) a responsible position as a consulting actuary involving life insurance, life annuities and health or disability insurance; or (3) a comparable actuarial position in another governmental agency. (Experience in the California state civil service applied toward this requirement must be at the level of responsibility provided in the promotional pattern.) and

 

Education: Equivalent to graduation from college preferably with a specialization in mathematics, insurance or accounting. (Additional qualifying experience may abe substituted for the required education on a year-for-year basis.)

Senior Life Actuary

Either I

 

One year of experience in the California state service performing the duties of an Associate Life Actuary.

Or II

 

Experience: Four years of experience in either: (1) a responsible actuarial position in a life or health insurance company; (2) a responsible position as a consulting actuary involving life insurance, life annuities health or disability insurance, or (3) a comparable actuarial position in another governmental agency. (Experience in the California state service applied toward this requirement must be at the level of responsibility provided in the promotional pattern.) and

 

Education: Equivalent to graduation from college preferably with a specialization in mathematics, insurance or accounting. (Additional qualifying experience may be substituted for the required education on a year-for-year basis.)

Supervising Life Actuary

Either I

 

One year of experience in the California state service performing the duties of a Senior Life Actuary; or

 

Two years of experience in the California state service performing the duties of an Associate Life Actuary.

Or II

 

Experience: Five years of experience in either: (1) A responsible actuarial position in a life or health insurance company; (2) a responsible position as a consulting actuary involving life insurance, life annuities, health insurance or disability insurance, or (3) a comparable actuarial position in another governmental agency. (Experience in the California state service applied toward this requirement must be at the level of responsibility provided in the promotional pattern.)

Knowledge and Abilities

All Levels:

Knowledge of: Insurance principles and actuarial science particularly with respect to life, health and disability insurance and the financial structure of various types of life and health insurance companies.

 

Ability to: Make complex and extensive actuarial and statistical computations; appraise accurately from actuarial and statistical data the financial structure of life and health insurance companies examined; prepare difficult and technical actuarial statistical reports and correspondence; and to analyze situations accurately and adopt an effective course of action.

Supervising Life Actuary

Knowledge of: All of the above, plus principles of personnel management and supervision; the 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: All of the above, plus plan, organize, and direct the work of others; evaluate employee performance; contribute effectively to the Department's affirmative action objectives.

Additional Desirable Qualifications

Associate Life Actuary

Possession of an Associateship in the Society of Actuaries.

Senior Life Actuary

Membership in the American Academy of Actuaries, and possession of a fellowship in the Society of Actuaries.

Supervising Life Actuary

Member of the American Academy of Actuaries, and possession of a fellowship in the Society of Actuaries.

Class History

Life Actuary Series History - Dates Established, Revised, and Title Changed
Class Date Established Date Revised Title Changed
Associate Life Actuary 02/03/1982 -- --
Senior Life Actuary 02/03/1982 -- --
Supervising Life Actuary 02/03/1982 -- --
  Updated: 6/3/2012
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