INSURANCE ANALYST 2 LIFE AND HEALTH
Career Family: INSURANCE ANALYST
Insurance Analyst 2 Life and Health is a state title in New Jersey's competitive civil service, which means the way in is an open exam rather than a direct appointment.
On paper it calls for a bachelor's degree, though the specification lets enough relevant experience stand in for the degree. Pay on the FY 2027 schedule runs $83,582 to $122,832, and state payroll currently lists 6 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 2 Life and Health appears on the State payroll at one department, Department of Banking & Insurance.
State departments
| Employer | Employees |
|---|---|
| Department of Banking & Insurance | 6 |
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
- Insurance Analyst 2 Rating — $83,582 – $122,832
- Insurance Analyst 1 Rating — $95,955 – $141,386
Its top salary lands around the 69th 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 6 people working under this title. The median actual salary is $114,886. The agencies employing the most are:
- Banking and Insurance (6)
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 the direction of an Insurance Analyst 1, (Life and Health) or other supervisory official in the Division of Actuarial Services, Life/Health, takes the lead in the review and analysis of policy submission and or reserve valuations and/or financial solvency of insurers in accordance with insurance statutes; does related work as required.
Examples of work
Makes determinations on policy form submissions by citing reasons for approval or disapproval. Takes the lead in reviewing the life and health policy form submissions and related rates for compliance with applicable statutes, Department regulations, guidelines and standards. Interprets contract wording and policy provisions to ensure compliance with Department policy. Takes the lead in reviewing and verifying life and health reserve valuations, including reserves for new applicable statutes, Department regulations, guidelines and standards. Reviews life and health insurer's statutory financial statements and related data on company operations for analysis of financial condition. Reviews the submissions of life and health applications, makes determinations, prepares reports which include findings for the analysis of the Admissions Committee, and prepares correspondence approving or disapproving the request for admission based on action of the Admissions Committee, indicating any special conditions for approval. Corresponds with insurers regarding requests for additional information or clarification and changes to company submissions. Prepares technical correspondence. Identifies unusual benefit structures and refers such items to the Insurance Analyst 1 or other supervisory official for consideration. Analyzes and if necessary challenges actuarial memorandums included with insurers' submissions to verify that statutory minimum standards and Department requirements are met. Participates in meetings with company officials to discuss Department positions and requirements. Responds to inquiries from company officials concerning statement made in Department correspondence or status of company submissions. Assists in the training of new analysts in Department procedures and policies. Coordinates assignments for completion within established time frames. Assists in the completion of research projects. Maintains records and files. 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
Ability to interpret and apply the laws and regulations of New Jersey relating to policy submissions and minimum standards for life and health benefits, or minimum reserving and financial requirements. Knowledge of actuarial procedures and of the formulas use in calculations. Knowledge of the principles underlying the statutory financial statements of insurance companies. Ability to comprehend, analyze interpret and apply insurance law, Department regulations and established policies, standards and procedures to specific situations. Ability to organize assigned work to produce desired results within time restrictions imposed by statutes. Ability to prepare accurate and informative correspondence containing findings, conclusion and recommendations. Ability to take the lead in and coordinate the work of subordinates. Ability to establish and maintain cooperative working relationships with those interested or involved with the work of the unit. Ability to organize and maintain records and files. 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 the essential functions of the job after reasonable accommodation is made to their known limitations. If the accommodation cannot be made because it would cause the employer undue hardship, such persons may not be eligible. CODES: 26/P26 MCK 11/13/04 <
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. Seven (7) years of professional experience in the analysis of life/health insurance forms and benefits or reserve valuations and financial statements, including or supplemented by twelve (12) semester credit hours in mathematics, statistics, and/or actuarial science, supplemented by successful completion of eight (8) parts of the LOMA education program, or by completion of the first four (4) examinations of the Society of Actuaries. OR Possession of a Bachelors degree from an accredited college or university, including or supplemented by twelve (12) semester credit hours in mathematics, statistics, and/or actuarial science, supplemented by successful completion of eight (8) parts of the LOMA education program, or by completion of the first four (4) examinations of the Society of Actuaries.; 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.