STATE OF NEW HAMPSHIRE
CLASSIFICATION: INSURANCE RATE ANALYST
Class Code: 5294-28 Date Established: 10-22-93
Occupational Code: 7-2-4 Date of Last Revision: 12-28-01
BASIC PURPOSE: To analyze insurance company rates, contracts and policies to determine conformity to state and departmental regulations.
CHARACTERISTIC DUTIES AND RESPONSIBILITIES:
· Reviews and analyzes information and data on contracts filed by casualty, property, liability, life and accident, and health insurance companies.
· Holds hearings and participates with Hearings Officers on other hearings, while referring difficult cases to the Commissioner.
· Subpoenas records from companies, appears as expert witness representing the commission in court hearings and testifies before legislative committees.
· Reviews rates, forms and marketing potentials of new companies seeking to be licensed in New Hampshire.
· Audits insurance companies records and has authority to revoke licenses if warranted.
· Supervises professional, technical and support staff with responsibility for work assignments and reviews and recommends personnel actions including hiring, merit increases, disciplinary action and performance appraisals.
Skill: Requires skill in analyzing and interpreting data, policy and procedures OR in using equipment in order to arrive at logical conclusions or recommendations.
Knowledge: Requires logical or scientific understanding to analyze problems of a specialized or professional nature in a particular field.
Impact: Requires responsibility for achieving major aspects of long-range agency objectives by planning short- and long-term organization goals, reviewing recommendations for procedural changes, and developing or revising program policies. Errors at this level result in incorrect decisions at an administrative level, and are detected subsequent to implementation in an overall evaluation process.
Supervision: Requires direct supervision of programs or of employees doing work which differs from the supervisor, including disciplining employees, solving personnel problems, recommending hiring and terminating employees, and developing work methods. The supervisor in this position manages a working unit or section with responsibility for employee performance appraisal.
Working Conditions: Requires performing regular job functions in a controlled environment with minimal exposure to disagreeable job elements and little risk of hazard to physical or mental health.
Physical Demands: Requires light work, including continuous walking or operating simple equipment for extended periods of time as well as occasional strenuous activities such as reaching or bending.
Communication: Requires acting as the official representative of the agency, including explaining and defending current and long-range goals or objectives which directly affect public policy decisions regarding major state programs and services.
Complexity: Requires formulating the combination of overall job functions in order to address highly diverse or novel situations requiring new concepts and imaginative approaches to a wide range of intellectual and practical problems.
Independent Action: Requires independent judgment in planning and evaluating work procedures and in supervising the development of professional, technical and managerial standards under administrative direction and according to broad departmental guidelines.
Education: Bachelor's degree from a recognized college or university with major study in mathematics, finance, accounting or economics. Each additional year of approved formal education may be substituted for one year of required work experience.
Experience: Eight years' experience in the insurance industry preferably concerned with the application of accounting principles or statistical analysis, at least three years of which shall have been specialized in fire and casualty insurance, or life, and accident and health.
License/Certification: None required.
RECOMMENDED WORK TRAITS: Thorough knowledge of accounting and statistical procedures, principles and practices used in establishing rates for fire and casualty or life and accident and health insurances. Thorough knowledge of the principles and practices of field investigations and law enforcement. Thorough knowledge of the regulations of the placement of risks with unlicensed insurees. Thorough knowledge of state laws and regulations relating to insurance companies. Considerable knowledge of the principles and practices of office management and supervision. Ability to analyze rate schedules and classification in compliance with laws. Ability to prepare complex technical reports and present same before hearings. Ability to objectively evaluate information received to make sound recommendations. Ability to present ideas clearly and concisely in oral, written and graphic form. Ability to establish and maintain effective working relationships with representatives of insurance companies and the general public. Must be willing to maintain appearance appropriate to assigned duties and responsibilities as determined by the agency appointing authority.
DISCLAIMER STATEMENT: This class specification is descriptive of general duties and is not intended to list every specific function of this class title.
Last Updated 01/07/03