This information is for reference only. These classifications are no longer valid and were replaced 7/1/2020.
This is mid-level professional work within the Missouri Department of Insurance, Financial Institutions, and Professional Registration reviewing and analyzing insurance contracts, underwriting rules, actuarial rate filings, reports, and marketing materials to determine regulatory and legal compliance with Missouri insurance laws.
Applicants must meet one of the following eligibility requirements:
(The following minimum qualifications will determine merit system eligibility. Allowable experience and education substitutions are provided in italics below the corresponding minimum qualification statement; no other substitutions will be permitted. These minimum qualifications may also be used to evaluate applicants for Missouri Uniform Classification and Pay System positions not requiring selection from merit registers.)
One or more years of experience as an Insurance Compliance Review Specialist I with the Missouri Department of Insurance, Financial Institutions, and Professional Registration.
OR
Two or more years of experience as an Insurance Product Analyst III with the Missouri Department of Insurance, Financial Institutions, and Professional Registration.
OR
A Bachelor’s degree from an accredited college or university with a minimum of 15 earned credit hours in one or a combination of the following: Business or Public Administration, Actuarial Science, Risk Management, or a closely related field; and,
Five or more years of professional experience in insurance regulation; contract review or analysis; risk management; actuarial review; or legal research or analysis.
(24 or more earned graduate credit hours from an accredited college or university in the specified fields may substitute for one year of the required experience.)
(A Master’s degree from an accredited college or university in the specified fields may substitute for two years of the required experience.)
This description may not include all of the duties, knowledge, skills, or abilities associated with this classification.
Researches and analyzes various complex insurance markets and evaluates the impact of contracts, underwriting rules, and/or rates (product submissions) to Missouri insurance consumers; determines and applies the appropriate regulatory action on less complex issues; and recommends appropriate regulatory action on more complex issues.
Evaluates and analyzes insurance contract provisions, and detailed statistical and actuarial justification related to rate or underwriting rule filings.
Reviews premium and loss statistics; identifies developing trends; and determines whether rates being filed are excessive, inadequate, and/or discriminatory.
Verifies the accuracy of information submitted by an insurance company; researches the company’s historical product submissions; and develops detailed information on company filing and market.
Identifies critical information regarding filing submissions; requests additional information (actuarial justification or legal opinions) from insurance companies; and notifies insurance companies of compliance or non-compliance and corrective measures.
Negotiates with insurance company officials, attorneys, and actuaries regarding identified areas of non-compliance; cites applicable Missouri insurance laws; and explains the interpretation underlying the assessment of non-compliance.
Responds to inquiries from insurance company representatives, producers, and other departmental or governmental staff regarding general insurance industry practices and technical insurance matters.
Assists in the orientation and training of lower-level Insurance Compliance Review Specialists.
Exercises considerable independence, judgment, and initiative in the performance of assignments within established policies and procedures; receives general administrative direction.
Performs other related work as assigned.
Comprehensive knowledge of common insurance products, features, and industry practices.
Intermediate knowledge of insurance principles and practices.
Intermediate knowledge of the principles and objectives of state insurance regulatory agencies and processes.
Intermediate knowledge of the structure, makeup, and competitiveness of Missouri insurance markets.
Intermediate knowledge of insurance laws, applicable federal laws, and court decisions impacting insurance products or insurance regulatory practices.
Introductory knowledge of how Missouri insurance laws deviate from national standards or model laws and factors impacting or affecting the Missouri insurance market.
Introductory knowledge of the National Association of Insurance Commissioners (NAIC) and collaborative multi-state regulatory processes.
Skill in negotiating identified areas of non-compliance with company officials, attorneys, and/or actuaries.
Ability to interpret, apply, and explain Missouri Insurance laws.
Ability to work independently and accomplish multiple reviews and projects concurrently.
Ability to recognize deviations from insurance contract provisions.
Ability to comprehend the basic fundamentals of statistics and statistical analysis.
Ability to gather and analyze data and policy language, apply logic, draw valid conclusions, and make appropriate recommendations.
Ability to review complex insurance information and prepare detailed and concise reports.
Ability to establish and maintain effective working relationships.
Ability to communicate and present ideas clearly and effectively.