What are the responsibilities and job description for the Rates Analyst position at State of South Carolina?
Mission Statement
The mission of the State of South Carolina Department of Insurance is to protect the insurance consumers, the public interest, and the insurance marketplace by ensuring the solvency of insurers; by enforcing and implementing the insurance laws of the State; and by regulating the insurance industry in an efficient, courteous, responsive, fair, and equitable manner. For more information about working at the SC Department of Insurance, please visit http://www.doi.sc.gov
Under limited supervision of the Property and Casualty Unit Manager, serves as an analyst in the Office of Actuarial and Market Services (i.e., Rates and Forms).
What are some of the duties of a Rates Analyst? Insurance companies licensed to do business in South Carolina must submit their products to the South Carolina Department of Insurance for review prior to offering to our residents. The products (filings) are submitted through an electronic system, System for Electronic Rate and Form Filing (SERFF). The Rates Analyst is responsible for receiving and reviewing these filings for compliance with statutory requirements (laws, regulations, bulletins and other regulatory guidance). The Rates Analyst will correspond with insurers via SERFF, email, telephone, and in-person regarding filing requirements and the status of filings, including explanations of how filings fail to comply with the requirements of applicable law and regulatory guidance. The Rates Analyst will maintain appropriate documentation and checklists and follow all internal filing review policies and procedures.
- Review of Insurance Products – You will review, analyze and evaluate various types of insurance products (filings) in a timely manner to ensure compliance with statutory requirements. The review consists of verifying each proposed change is supported by actuarial data. The changes may be for a single variable or multiple variables and may include predictive modeling. Insurance companies have to submit filings for approval to adjust rates offered to consumers for various property & casualty insurance types (homeowners, auto, rental, flood, etc).
- Corresponds with insurers – You will correspond with insurers via electronic, telephone, and in-person methods regarding filing requirements and the status of filings, including detailed explanations of how filings fail to comply with the requirements of applicable law and regulatory guidance, as well as viable options and solutions for the insurer to reach compliance.
- Policies and Procedures – You will follow all internal filing review policies and procedures. You will maintain appropriate documentation and checklists. You will be responsible for maintaining an organized workflow that ensures timely reviews and responses.
- Noncompliant insurers – You will study, research, and summarize problems, emerging issues, etc. and make recommendations as to the appropriate action. You will prepare correspondence, internal and external reports of findings, conclusions, and recommendations to resolve issues with noncompliant insurers.
- Departmental Assistance – You will assist members of the Department, the insurance industry and the public by providing technical assistance with questions about filing procedures; insurance statutes, regulations, bulletins, and regulatory positions; and the state of the marketplace for the insurance lines assigned.
- A bachelor's degree in insurance, business administration, economics, mathematics, or a related field and related insurance experience. Related insurance experience may substitute for the required bachelor’s degree on a year-for-year basis
- A working knowledge of Microsoft Office applications.
- Applicants must submit a writing sample with the application for consideration for the position.
- Mathematics, Statistics and/or Analytics skills.
- A working knowledge of Excel formulas and the ability to verify calculations and regressions.
- Ability to familiarize yourself with and recall relevant sections of the Code of Laws and Code of Regulations
- Ability to learn insurance principles, products, and practices.
- Ability to understand algorithms and actuarial methodologies.
- Ability to work with others, and to communicate efficiently both written and orally
Why does the Department of Insurance review these insurance products? To protect the citizens of our state and to ensure that the appropriate rates are being charged for the products are reasonable in relationship to the benefits provided and that they are in compliance with all applicable laws. In addition to protecting the consumer, it is important that adequate rates are charged for insurance products to ensure that the insurance companies remain solvent and have enough money to pay claims as needed.
Educational Credentials:
Applicants indicating college credit or degree(s) on the application will be required to submit a sealed, certified copy of the transcript(s) prior to beginning employment. Failure to produce an official, certified transcript will result in any conditional offer of employment being rescinded.
Equal Opportunity Employer:
It is the policy of the South Carolina Department of Insurance to provide equal employment opportunities to all job applicants and employees and applicants without regard to their race, color, religion, national origin, sex (including, but not limited to, pregnancy, childbirth or related medical conditions and lactation), disability or age.
Veteran Preference Statement:
South Carolina is making our Veterans a priority for employment in state agencies and institutions.
The Department of Insurance offers an exceptional benefits package for FTE positions that includes:
- Health, Dental, Vision, Long Term Disability, and Life Insurance for Employee, Spouse, and Children
- 15 days annual (vacation) leave per year
- 15 days sick leave per year
- 13 paid holidays
- State Retirement Plan and Deferred Compensation Programs
- Employee Assistance Program
- Free counseling sessions for employees and household members
- Free legal counseling
- Free financial counseling
- Flexible Work Schedules
- Compressed work weeks
- Part-time telecommuting
- Flex-time
- Free Gym Access
- Growth Opportunities
- Certifications/designation program allowing for salary increases and bonuses
- Infants at Work Program
- Employees eligible to bring their newborn/infant to the workplace
- Free Garage Parking
Disaster Response
This position is considered essential in the event of an emergency or major disaster. Incumbent is required to participate in emergency or major disaster response activities as outlined in the DOI Disaster Response Plan. During such times, the incumbent should regard himself/herself as being on 24-hour call and subject to duty when such an event occurs or is anticipated to occur.
Salary : $47,500 - $52,500
