This information is for reference only. These classifications are no longer valid and were replaced 7/1/2020.
This is advanced professional work in the Department of Insurance reviewing and analyzing complex insurance products such as policy contract, rule and rate filings to ensure compliance with statutes and regulations as specified by the Missouri Insurance Code.
An employee in this class is assigned to the Life & Health or Property & Casualty Section and is responsible for reviewing, analyzing, approving or disapproving complex insurance policy contract, endorsement, rider, advertising, rule and rate filings, and corresponding with company officials to communicate deficiencies, omissions and recommended revisions. Work also includes monitoring premium rates and loss ratio data to ensure compliance with published rates and minimum loss ratio standards. In addition, the employee serves as team leader on special projects, participates in the orientation and training of lower-level Insurance Product Analysts, and provides supervision to the section in the absence of the Insurance Product Section Supervisor. General supervision is received from the Insurance Product Section Supervisor; however, the employee is expected to exercise considerable independent judgment in the performance of assigned responsibilities.
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 year as an Insurance Product Analyst II or two years as an Insurance Product Analyst I in the Missouri Department of Insurance.
OR
Three years of professional experience in insurance regulation, underwriting, policy contract review and/or development, claims adjusting, risk management or closely related areas; and graduation from an accredited four-year college or university with specialization in insurance, risk management, business or public administration or closely related areas. (Possession of the professional designation of Fellow, Life Management Institute (FLMI) or Chartered Property and Casualty Underwriter (CPCU) may be substituted for one year of the required experience.)
This description may not include all of the duties, knowledge, skills, or abilities associated with this classification.
Analyzes a variety of complex individual and/or commercial accident, health and life insurance policy contracts and related forms of insurers, health service corporations, health maintenance organizations and prepaid dental plans to ensure compliance with statutes and regulations and to evaluate potential impact on the insurance-buying public.
Analyzes a variety of complex individual and/or commercial property and casualty policy contracts, endorsements, premium rates, manuals of rules and related forms to ensure compliance with statutes and regulations and to evaluate potential impact on the insurance-buying public.
Advises insurance company officials of the results of policy analysis and recommends revisions to correct identified deficiencies and omissions.
Approves or disapproves complex policy contracts and related insurance forms for use in the State of Missouri.
Approves or disapproves proposed premium rate changes based on analysis of loss ratio data to ensure compliance with published rates and minimum loss ratio standards.
Analyzes advertising materials, brochures, television and radio scripts, letters and videos to ensure compliance with rules and regulations and to assess impact on the insurance-buying public.
Analyzes filings and makes recommendations concerning admission of insurance companies applying to do business in the State of Missouri.
Provides input for proposed administrative rules governing the regulation of insurance products available within Missouri.
Functions as supervisor in the absence of the Insurance Product Section Supervisor; serves as project leader on special assignments.
Participates in the orientation and training of lower-level Insurance Product Analysts and provides advice on the review of policy contracts and interpretation of statutes and regulations.
Performs other related work as assigned.
Considerable knowledge of accident, health and/or life insurance, health service corporations, health maintenance organizations and prepaid dental plans.
Considerable knowledge of property and/or casualty policy contracts, endorsements, premium rates and manuals of rules.
Considerable knowledge of state and federal insurance laws, contract laws, regulations and court decisions affecting the insurance industry.
Considerable knowledge of marketing, underwriting, rate establishment and other practices and procedures routinely utilized in the insurance industry.
Ability to interpret and apply Missouri statutes and regulations pertaining to complex insurance policy contracts and related forms.
Ability to analyze insurance policy contracts and related forms and recommend revisions relating to identified deficiencies and omissions.
Ability to communicate clearly and concisely.
Ability to establish and maintain effective working relationships with insurance agents, brokers, company representatives, the general public and other employees.
Ability to analyze data and prepare reports.