Role Overview: - Review and analyze accident and health rate filings and rating plans submitted to the Indiana Department of Insurance (IDOI).
- Make recommendations regarding the premium rates proposed by licensed entities.
- Review rating methodologies and actuarial calculations for compliance with Indiana law, commonly accepted actuarial principles, and fair insurance rating methodology.
- Contribute to the development of filing standards, thresholds, and procedures.
- Provide opinions and recommendations concerning any filed methodology that results in inadequate, excessive, or unfairly discriminatory insurance premiums.
- Evaluate reasonableness of carrier data and actuarial methods.
- Perform actuarial review and analysis of annual actuarial reports and memorandums.
- Develop and implement policies, procedures, technical interpretations, and regulations to implement and enforce statutes as they relate to actuarial concerns.
- Perform special actuarial and statistical studies and projects as assigned.
- Assist in the review of rating methodologies for compliance with Indiana law.
- For ACA submissions, perform reviews using IDOI review tools and federal Plan Management tools.
- Communicate results to carriers and IDOI management.
- Update and review all instructions to carriers that are part of the IDOI website.
- Support maintenance and improvement of the rate filing database.
- Negotiate with carriers to adjust rates requested if necessary.
- Update and review all instructions to carriers that are part of the IDOI website.
- Monitor the Centers for Medicare and Medicaid Services and the National Association Insurance Commissioners subgroup, working group, and task force calls.
Salary:The salary for this position traditionally starts at $93,002.00 but may be commensurate with education and work experience. Use our
Compensation Calculator to view the total compensation package.
A Day in the Life:The essential functions of this role are as follows:
- Reviews and analyzes rate filings and rating plans;
- Performs actuarial review and analysis of annual actuarial reports and memorandums;
- Develops and implements policies, procedures, technical interpretations, and regulations to implement and enforce statutes as they relate to actuarial concerns;
- Performs special actuarial and statistical studies and projects as assigned;
- Assists in the review of rating methodologies for compliance with Indiana law;
- For ACA submissions, performs reviews using IDOI review tools and federal Plan Management tools;
- Communicates results to carriers and IDOI management;
- Negotiates with carriers to adjust rates requested if necessary;
- Updates and reviews all instructions to carriers that are part of the IDOI website;
- Monitors CMS and NAIC subgroup, working group, and task force calls.
The job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee. Other duties, responsibilities and activities may change or be assigned at any time.
This position is exempt from overtime compensation for additional work hours which may be required to complete essential functions or other assigned work. Exempt employees may work more than 75 hours in a pay period without additional compensation and must report a minimum of 75 hours per pay period of work hours and/or paid leave taken to receive their base biweekly salary.
What You'll Need for Success:The ideal candidate in this role should minimally have either
- a Master's Degree with 1+ years of experience, or
- a Bachelor's Degree with 2-3+ years of experience, and
- a minimum of two (2) actuarial exams passed and be taking exams toward completion of the ASA or ACAS designation.
Related certifications and coursework may be considered for education or experience.
- Ability to handle multiple tasks simultaneously;
- Ability to communicate with consumers, companies, and agents.
- Able to perform essential functions with or without reasonable accommodation.
Supervisory Responsibilities/Direct Reports:This role may be utilized in a supervisory capacity based on agency needs.
Benefits of Employment with the State of Indiana:The State of Indiana offers a comprehensive benefit package for full-time employees which includes:
- Three (3) medical plan options (including RX coverage) as well as vision and dental plans
- Wellness Rewards Program: Complete wellness activities to earn gift card rewards
- Health savings account, which includes bi-weekly state contribution
- Deferred compensation 457(b) account (similar to 401(k) plan) with employer match
- Two (2) fully-funded pension plan options
- A robust, comprehensive program of leave policies covering a variety of employee needs, including but not limited to:
- 150 hours of paid New Parent Leave and up to eight weeks of paid Childbirth Recovery Leave for eligible mothers
- Up to 15 hours of paid community service leave
- Combined 180 hours of paid vacation, personal, and sick leave time off
- 12 paid holidays, 14 on election years
- Education Reimbursement Program
- Group life insurance
- Referral Bonus program
- Employee assistance program that allows for covered behavioral health visits
- Qualified employer for the Public Service Loan Forgiveness Program
- Free Parking for most positions
- Free LinkedIn Learning access
Current Employee? Click here to apply. 
