Associate Actuary Life, SG-24

New York State Department of Financial Services; Albany (OR); On-site; USD 95,000 - 120,000; Full time

Benefits offered by this job

Downstate adjustment

Job summary

The New York State Department of Financial Services seeks actuarial candidates for the Life and Health Bureaus to help build an equitable, transparent, and resilient financial system for New Yorkers. The roles cover supervision, rate reviews, valuations, and regulatory compliance in life and health insurance regulation.

Responsibilities include reviewing filings, producing valuations and experience studies, and mentoring junior staff while contributing to policy form issues and reserve analyses.

Qualifications

• A bachelor's degree is required.
• Two Society of Actuaries examinations completed.
• Three years of actuarial experience in regulatory or related areas.

Responsibilities

• Review and approve life/health insurance filings for rates and policy forms.
• Produce or review actuarial valuations, experience studies, and cost calculations.
• Assist in supervising lower-level actuaries and consultants; oversee rate projects.
• Assist in policy form actuarial aspects, asset/liability management and risk reviews.

Skills

Bachelor's degree

SOA exams

Actuarial experience

Education

Bachelor's degree

Job description

Description

Duties Description

The New York Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; driving economic growth through responsible innovation; and preserving the stability of the global financial system. DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Life and Health Bureaus. The Life and Health Bureaus are responsible for the supervision and regulation of the entire life and health insurance industries in New York State and does so by establishing standards for financial solvency, market conduct and corporate oversight and produces regulations, while monitoring the compliance of regulated entities with such standards.

Duties

• Reviews and approves credit life, credit disability, and credit unemployment insurance filings such as rates, rating plans, and policy forms for compliance with applicable regulations;
• Reviews and tests the adequacy of rate adjustment applications;
• Produces or checks the annual actuarial valuation, experience studies, and actuarial liability and cost calculations for fiscal notes;
• Analyzes actuarial gains and losses of operations;
• Assists companies to resolve actuarial problems and develop and implement rates;
• Audits reserve valuation and valuation methods for compliance;
• Assists in monitoring compliance with statutory accounting requirements;
• Assists in the review of insurer rates, non-guaranteed elements, illustrations, and actuarial aspects of policy forms;
• Reviews minimum statutory formula reserves;
• Investigates complaints on premium matters;
• Analyzes new and amended regulations;
• Reviews community rate adjustment applications of HMOs and health insurers;
• Participates in field examinations of life and health insurance organizations and fraternal benefit societies;
• Performs premium rate reviews for new contracts for all types of health insurance;
• Prepares new actuarial tables, including the construction and graduation of the experience rates;
• Prepares, tests, and runs the gain/loss analysis and experience studies;
• Assists in the supervision of consultants and supervises lower-level actuaries; and
• Assists in overseeing the development of new or revised requirements for policy form requirements, asset/liability management, and risk management.

Minimum Qualifications

Minimum Qualifications: On or before the date of filing your application, you must have all of the following:

• A bachelor's degree or higher; AND
• Successful completion of two examinations of the Society of Actuaries; AND
• Three years of actuarial experience in one or more of the following activities:
• actuarial or statistical work for operating units or management;
• governmental regulatory actuarial functions;
• governmental or private pension actuarial functions; OR
• performing actuarial computations for reserves, premium rates, and/or policy forms.

NY HELPS: This title is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS).

For the duration of the NY HELPS Program, this title maybe filled via a non-competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications of the title for which they apply (see minimum qualifications above). At this time, agencies may recruit and hire employees by making permanent non-competitive appointments.

At a future date (within one year of permanent appointment), it is expected employees hired under NY HELPS will have their non-competitive employment status converted to competitive status, without having to compete in an examination. Employees will then be afforded with all of the same rights and privileges of competitive class employees of New York State. While serving permanently in a NY HELPS title, employees may take part in any promotion examination for which they are qualified.

Transfer: Candidates must have one year of permanent competitive service in a title eligible for transfer via Section 70.1 or 52.6 of the Civil Service Law. Information regarding transfer eligibility may be available on the Civil Service Career Mobility Office website at http://careermobilityoffice.cs.ny.gov/cmo/.

Please Note that under Civil Service Law, an employee cannot have two consecutive upward 70.1 or 52.6 transfers without an intervening eligible list appointment if such transfers would exceed two salary grades.

Additional Comments

Please note that a change in negotiating unit may affect your salary, insurance and other benefits.

Salary: $$95,406 - $120,439

Positions located within the New York City metropolitan area, as well as Suffolk, Nassau, Rockland, and Westchester Counties, are also eligible to receive an additional $4,150 annual downstate adjustment.

Appointment Status: Permanent & Contingent Permanent