INSURANCE ANALYST 1 LIFE AND HEALTH
Career Family: INSURANCE ANALYST
In New Jersey, Insurance Analyst 1 Life and Health is filled through the competitive process: candidates take a civil service exam and are hired off a ranked list, not picked at will.
The stated bar is a bachelor's degree, but candidates can swap in added experience for the diploma. The FY 2027 range lands between $95,955 and $141,386, and state payroll currently lists 7 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 1 Life and Health appears on the State payroll at one department, Department of Banking & Insurance.
State departments
| Employer | Employees |
|---|---|
| Department of Banking & Insurance | 7 |
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 84th 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 7 people working under this title. The median actual salary is $130,021. The agencies employing the most are:
- Banking and Insurance (7)
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 the Bureau Chief or other supervisory official in the Division of Actuarial Services, Life/Health, performs varied types of supervisory and non supervisory work in connection with the review and analysis of policy submissions, and/or reserve valuation and financial solvency of insurers in accordance with insurance statutes, does related work as required.
Examples of work
Responsible for supervising and performing the work involved with the review of life/health policy submissions and related rates for compliance with applicable statutes, Department regulations, guidelines, and standards. Interprets contract wording to ensure compliance with Department policy. Makes determinations on policy form submissions by citing reasons for approval or disapproval. Responsible for supervising and performing the work involved with all aspects of life and health reserve valuations for compliance with applicable statues, Department regulations, guidelines, and standards. Reviews life and health insurers' statutory financial statements and related data on company operations and analyzes financial condition. Supervises the work operations and/or functional programs and has responsibility for employee evaluations and recommending the hiring, firing, promoting, demoting and/or disciplining of employees. Corresponds with life and health insurers regarding requests for additional information or clarification and changes to company submissions. Prepares technical correspondence. Responds to inquiries from company officials concerning statements made in Department correspondence or company submissions. Analyze and if necessary challenges actuarial memorandums included with submissions and verifies that statutory minimum standards and Department requirements have been met. Provides recommendations concerning Department policy to Bureau Chief or their supervisor about the treatment of unusual life and health benefit structures. Provides technical assistance in the training of new analysts in Department procedures and policies. Conducts meetings with company officials to discuss department positions and requirements. Assists in the completion of research projects. Organizes 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
Knowledge of the principles underlying the statutory financial statements of insurance companies. Knowledge of actuarial procedures and formulas used in calculations. Knowledge of statutory financial statements and operations of insurers. 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. Ability to comprehend, analyze interpret and apply insurance law, Department regulations and established policies, standards and procedures to specific situations. Ability to prepare clear, actuarially sound, technically accurate and informative correspondence containing findings, conclusions and recommendations. Ability to provide assignments and instruction to staff, and supervise work performance. Ability to investigate and report on special problems. Ability to interpret statutory financial statements and operations of insurers. Ability to establish and maintain cooperative working relationships with those interested or involved in the work of the unit. Ability to organize 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: 29/R29 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. Eight (8) years of professional experience in the review of life/health policy submissions or reserve valuations and financial statements, one (1) year of which shall have been in taking the lead in the review and analysis of complex life, and health policy forms and benefits or reserve valuations and financial statements, including or supplemented by twelve (12) semester credits in mathematics, statistics, and/or actuarial science, plus a Fellowship in LOMA and/or completion of the first four actuarial examinations of the Society of Actuaries. OR Possession of a Bachelor's degree from an accredited college or university, including or supplemented by twelve (12) semester credits in mathematics, statistics, and/or actuarial science, plus a Fellowship in LOMA and/or completion of the first four actuarial examinations of the Society of Actuaries; and four (4) 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.