Job Information

LOCATION OF (1) POSITION(S) TO BE FILLED: DEPARTMENT OF COMMERCE & INSURANCE, INSURANCE DIVISION, DAVIDSON COUNTY

Qualifications

Summary

Responsibilities

1. Makes decisions on approval, modifications or denial of insurance company or rate service organization requests for form's, rule's or classification language.
2. Makes decisions on approval, modifications or denial of insurance company or rate service organization requests for rate increases or adjustments.

1. Attempts to resolve problems with insurance rates, benefits provided, and company procedures, contract language, and practices.

1. Ensures that insurance contract actuarial formulae meet the requirements of state laws and regulations.
2. Determines legal compliance of contract language with statutes, regulations, and bulletins of filings submitted to the department.
3. Determines actuarial information required by statutes, regulations, and bulletins relative to rates is included in filings submitted to the department.
4. Determines information required by statutes, regulations, and bulletins relative to forms/rules is included in filings submitted to the department.
5. Determines legal compliance of annuity, life, and other insurance policies developing cash value through the use of actuarial formulae.

1. Interprets statutes for insurance companies, consumers, and other interested parties in relation to statutory compliance.
2. Provides interpretation of insurance policy language for consumers.
3. Assists in the development of bill analysis for new legislation.

1. Performs detailed analysis of insurance forms, contracts, and sales material used by insurance companies in Tennessee to determine legality, accuracy, and clarity of information.
2. Analyzes nationwide and statewide rating statistics to determine the validity of insurance rate change request.
3. Analyzes pending or existing insurance legislation and developments in the insurance industry and develops and revises legislation to ensure protection of the policy holder.
4. Prepares detailed actuarial studies from insurance company and rate service organization filings.
5. Analyzes pertinent pending or existing legislation or developments in the insurance industry to determine the effects on the regulation of insurance rates, forms, sales material, and benefits.
6. Analyzes insurance company reports to determine adequacy of rates and rating plans, and soundness of insurance benefits and coverage.

1. Advises insurance company on acceptable practice, procedures and language related to filings and other issues.
2. May provide advice to upper management regarding insurance topics related to the section mission.

1. Identifies inconsistencies and differences with insurance company filings as compared to industry standard.

1. Performs detailed actuarial calculations on allowable insurance rates, values, and benefits.
2. Compiles information from products submitted by insurance companies.

1. Trains actuarial and clerical staff on the performance of job duties.

1. Mentors less experienced actuaries on general insurance knowledge and the performance of work duties.

1. Develops reports for presentation to the legislature as required by statute or the legislature.
2. Answers inquiries from the general public.
3. Discuss contract issues with other state insurance departments.
4. Represents the department at conferences relating to insurance programs, procedures, or theory.
5. Signs affidavit in lieu of appearance at a court proceeding.
6. May appear as a witness at legal hearings to defend the position of the insurance division.

1. Assists actuarial officer in the development of strategies for implementation of new legislation and other state and federal directives.

1. Reviews rate, rule, and form filings that companies or rate service organizations propose to use within the state of Tennessee for compliance with Tennessee statutes, regulations and bulletins.
2. Researches pertinent pending or existing legislation or developments in the insurance industry to determine the effects on the regulation of insurance rates, forms, sales material, and benefits.
3. Researches pending or existing insurance legislation and developments in the insurance industry and develops and revise legislation to ensure protection of the policy holder.
4. Obtains information from surveys received from companies relative to business activity within the state.

1. Prepares and maintains a variety of routine to complex records and reports including statistical data, actuarial and mathematical analytic reports and accompanying written narratives.

1. Establishes and maintains a variety of personal contacts with departmental associates, upper management, insurance company representatives, attorneys, accountants, lobbyist, legislators and the general public to explain, interpret, and enforce actuarial and insurance rating laws, rules and regulations and policies and procedures.

1. Accesses electronic filings from electronic filing system used by the insurance industry.
2. Utilizes office productivity software in order to maintain correspondence with companies and consumers.
3. Enters and updates data into database and/or spreadsheet in order to track filings, input survey data and update rate changes.

1. Remains up-to-date on new federal and state legislation that affects the insurance industry.
2. May attend industry meetings as necessary or required.

1. Prioritizes filing review in order to meet statutory deadlines.

1. Updates supervisor on problematic filings.
2. Discusses contract issues with peers and subordinates.

1. Responds to emails, phone calls, and other correspondence as required.
2. Enters personal time and leave/overtime requests into the appropriate database as required.
3. Matches correspondence to open files submitted by insurance companies for review.

1. Designs spreadsheets used both internally and externally that document information regarding insurance company rate changes and enrollment data.
2. Creates surveys used to request information from insurance companies.

1. Reviews reports summarizing company operations and activities to determine the adequacy of rates and rating plans and the soundness of insurance benefits and coverage.
2. Monitors rate trends in the marketplace for the impact on Tennessee residents.
3. Monitors insurance coverage trends in the marketplace for the impact on Tennessee residents.
4. Monitors response time associated with insurance company filings in order to address deviations from the standard.

1. Assigns work to clerical staff.

Competencies

1. Functional/Technical Competency
2. Decision Quality
3. Timely Decision Making
4. Written Communication
5. Technical Learning
6. Action Oriented
7. Negotiating
8. Priority Setting
9. Perseverance
10. Patience

1. Intermediate Knowledge of Insurance Terminology and Concepts
2. Knowledge of Basic Computer Applications
3. Intermediate Knowledge of Law and Government
4. Knowledge of Statistics
5. Knowledge of Algebra
6. Knowledge of Customer and Personal Service

1. Reading Comprehension
2. Critical Thinking
3. Writing Skills
4. Active Learning
5. Active Listening

1. Inductive Reasoning Ability
2. Oral Expression
3. Written Expression
4. Written Comprehension
5. Oral Comprehension
6. Memorization Ability

Tools & Equipment

1. Copier
2. Scanner
3. Fax Machine
4. Telephone
5. Computer
6. Printer