INSURANCE ANALYST 3 RATING
Rating
Career Family: INSURANCE ANALYST
In New Jersey, Insurance Analyst 3 Rating is filled through the competitive process: candidates take a civil service exam and are hired off a ranked list, not picked at will.
On the Insurance Analyst ladder it falls between Insurance Analyst 4 Rating and Insurance Analyst 2 Rating. The stated bar is a bachelor's degree, but candidates can swap in added experience for the diploma. The FY 2027 range lands between $69,668 and $101,951, and state payroll currently lists 2 people in the title, most of them at Banking and Insurance.
How to apply
This title is filled by competitive examination.
See every real route in, and where to apply. One agency employs it. We don't track live vacancies.
See where to apply for this title →Who employs this title
Insurance Analyst 3 Rating appears on the State payroll at one department, Department of Banking & Insurance.
State departments
| Employer | Employees |
|---|---|
| Department of Banking & Insurance | 2 |
State payroll and independent authority payroll are separate systems and are never merged. See data sources.
Pay ladder: Insurance Analyst series
- Insurance Analyst 4 Rating — $60,876 – $88,743
- Insurance Analyst 3 Rating — $69,668 – $101,951 (this title)
- Insurance Analyst 2 Rating — $83,582 – $122,832
- Insurance Analyst 1 Rating — $95,955 – $141,386
Promoting to Insurance Analyst 2 Rating raises the top of the band by about $20,881. Its top salary lands around the 48th percentile of all NJ civil service titles that publish a range.
Rungs are ordered by FY 2027 pay. NJ level numbers are not always sequential, so ordering follows salary rather than the title number.
Who employs this title
State payroll records show 2 people working under this title. The median actual salary is $81,348. The agencies employing the most are:
- Banking and Insurance (2)
Counts from NJ YourMoney agency payroll. See statewide workforce analytics.
Official job specification
The text below is the official specification published by the New Jersey Civil Service Commission. The plain-language summary and analysis above are derived from it by NJ Civil Service Navigator. Source: the official specification page at NJ CSC.
Definition
Under supervision of an Insurance Analyst 1 (Rating) or other supervisory official in the Division of Actuarial Services, Property/Liability, Department of Insurance, reviews and analyzes the filings submitted by insurance companies and rating organizations representing insurance companies pursuant to the requirements of the rating and form filing laws and prepares recommendations for the approval or disapproval thereof; does related work as required
Examples of work
Does a comparatively large portion of the difficult work involved in the study and analysis of the material filed by insurance companies and rating organizations pursuant to the requirements of the rating and forms filing laws to determine compliance with statutory and department standards. Studies and analyzes premium and loss experience data filed pursuant to the statutory statistical requirements applicable to the operations of insurance companies and rating organizations. Studies and analyzes policy contracts, forms, riders, and endorsements which are to be used in New Jersey insurance companies. Participates in examinations at the divisional office or site of rating organizations, advisory organizations, joint underwriting associations, insurance companies, and agents and brokers. Prepares clear, sound, accurate, and informative statistical and other reports containing findings, analysis, conclusions, and recommendations. Prepares written responses to inquiries and complaints received from the public concerning rates, rules, and policy forms. Participates in research projects involving contact with other state and federal agencies, library research, and contact with insurance industry organizations. Utilizes computer programs to assist in rate analysis and verification in connection with pricing change requests for all kinds of insurance and to verify rates as a result of an inquiry from an insured. Examines companies' license paragraphs and rating systems to determine insurance writing authority for the various types of property and casualty insurances. Corresponds with companies and rating bureaus. Notifies other state and private agencies of insurance companies writing authority. Will be required to learn to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units.
License
Appointee will be required to possess a driver's license valid in New Jersey only if the operation of a vehicle, rather than employee mobility, is necessary to perform the essential duties of the position.
Knowledge, skills and abilities
Knowledge of the principles of rating and insuring procedures followed by insurance companies and rating organizations. Ability to analyze and interpret the state and other laws and regulations pertaining to insurance company operations. Ability to organize assigned work, analyze rating problems, and develop effective work methods. Ability to review and analyze detailed and complex material submitted in filings made pursuant to the rating and form filing laws and to prepare appropriate recommendations based thereon. Ability to make studies and analyses of policy contracts, forms, orders, and endorsements. Ability to learn to operate P/C computers and pertinent software. Ability to assist in examinations of rating organizations, joint underwriting associations, insurance companies, agents, and brokers. Ability to prepare clear, sound, technically accurate and informative reports containing findings, conclusions, and recommendations. Ability to learn to utilize various types of electronic and/or manual recording and information systems used by the agency, office, or related units. Ability to read, write, speak, understand, or communicate in English sufficiently to perform the duties of this position. American Sign Language or Braille may also be considered as acceptable forms of communication. Persons with mental or physical disabilities are eligible as long as they can perform essential functions of the job with or without reasonable accommodation. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible.
Note
The examples of work for this title are for illustrative purposes only. A particular position using this title may not perform all duties listed in this job specification. Conversely, all duties performed on the job may not be listed. Applicants must meet one of the following or a combination of both experience and education. Thirty (30) semester hour credits are equal to one (1) year of relevant experience. Six (6) years of professional experience in work involving the analysis of property/liability rating systems and policy forms used by insurance companies and/or rating organizations, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science. Successful completion of at least two parts of the Chartered Property Casualty Underwriters Program (CPCU) or one Actuarial Exam of the Casualty Actuarial Society, or a Certified Insurance Counselor (CIC) designation, or an Accredited Adviser in Insurance designation, or an Associate in Underwriting, or an Associate in Insurance Accounting and Finance from the Insurance Institute of America. OR Possession of a Bachelor's degree from an accredited college or university, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science. Successful completion of at least two parts of the Chartered Property Casualty Underwriters Program (CPCU) or one Actuarial Exam of the Casualty Actuarial Society, or a Certified Insurance Counselor (CIC) designation, or an Accredited Adviser in Insurance designation, or an Associate in Underwriting, or an Associate in Insurance Accounting and Finance from the Insurance Institute of America; and two (2) years of the above-mentioned professional experience. OR Possession of a Bachelor's degree from an accredited college or university, including or supplemented by twelve (12) semester hour credits in mathematics, statistics, and/or actuarial science; and three (3) years of the above-mentioned professional experience. "Professional experience" refers to work that is creative, analytical, evaluative, and interpretive; requires a range and depth of specialized knowledge of the profession's principles, concepts, theories, and practices; and is performed with the authority to act according to one's own judgment and make accurate and informed decisions.