Auto Underwriting Unit Supervisor, (Director Financial Services Programs 1), SG-31

New York State Department of Financial Services; Albany (OR); On-site; USD 137,000 - 167,000; Full time

Job summary

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system benefiting individuals and business. This role involves supervising examiners, leading regulatory meetings, and coordinating with industry regulators to ensure prudent oversight of auto insurance rates and policy forms.

The position requires extensive financial services experience with a regulator or financial entity, including leadership responsibilities.

Qualifications

• Eleven years of financial services experience with regulated entity having regional/national/international presence, or a governmental regulatory entity.
• Two years of experience at a managerial level.

Responsibilities

• Supervises and oversees a team of examiners reviewing rates and policy forms for auto products.
• Leads meetings with insurers and regulators on filings and policy forms.
• Participates in meetings with insurers, industry representatives, other divisions, and regulators on insurance-related issues.
• Reviews amendments to the plan of operation of the NY Automobile Insurance Plan and appointments to committees.
• Develops collaboration with actuarial, market analysis, regulatory services, and market conduct units.

Job description

Duties Description

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.

Description

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.

Duties

• Supervises and oversees a team of 10 examiners reviewing rates and policy forms for all types of Personal Auto and Commercial Auto products including motorcycles, motor homes, auto dealers/servicers, for hire vehicles, snowmobiles, all-terrain vehicles, and antique autos;
• Leads meetings with P/C insurer representatives pertaining to pending rate/form filings and for pre-filing meetings regarding complex and innovative policy forms, classifications, and rating methodologies;
• Participates in meetings and conferences with insurers, representatives of industry organizations, other divisions or bureaus of DFS, other states’ regulators and other governmental agencies on automobile insurance-related issues such as availability or affordability of certain types of vehicles and risks;
• Reviews amendments to the plan of operation of the New York Automobile Insurance Plan (NYAIP aka "Assigned Risk Plan") and appointments to various committees that administer the NYAIP;
• Develops a collaborative working relationship with the Bureau’s casualty actuarial staff, market analysis and regulatory services and market conduct units;
• Provides advice to supervisors, upper management, and the Office of General Counsel on proposed legislation and regulations;
• Applies knowledge of applicable statutes and regulations pertaining to specialty type products and rating such as multi-tier programs, public auto for hire vehicles and Transportation Network Company and Peer-to-Peer Car Sharing group policies;
• Informs upper management of unique problems affecting the industry or consumers;
• Develops, implements and monitors new methods to accomplish the Unit’s objectives. Mentors, motivates, and encourages development of subordinates including the review of performance evaluations;
• Prepares memoranda, letters, reports and other documents on issues of importance to the Department, consumers or the industry either for own signature or for signature of higher levels in the Bureau or Executive;
• Utilizes fiscal, physical and staff resources to maximize the effective achievement of the Bureau’s goals and objectives;
• Uses available technological resources appropriately; and
• Other duties as assigned.

Minimum Qualifications

Candidates must meet the minimum qualifications listed below in order to be eligible for appointment.

Non-Competitive: Eleven years of financial services experience** with EITHER a regulated entity who has a regional, national, and/or international presence; OR a governmental regulatory entity. This experience must include practical and technical knowledge about State, federal and/or international financial services laws, rules and regulations. Two years of the experience must have been at a managerial level.

Substitutions: An associate degree may substitute for two years of experience; a bachelor’s degree may substitute for four years of experience; a master’s degree may substitute for five years of experience; and a doctorate may substitute for six years of experience.

• Qualifying professional financial services experience is defined to include, but may not be limited to related experience gained with public accounting/auditing firms; cyber security and intrusion detection/mitigation firms; law firms, lobbying firms and consulting firms/companies; risk assessment, asset hedging and loss control firms; commodities markets, virtual currency and credit scoring; currency markets/exchanges, bond markets, stock markets and money markets; hedge funds, mutual funds, investment houses and rating firms; business valuation, stock valuation, and cash management; wealth management, wealth portfolio, and trust companies/corporations; firms with a nexus to corporate mergers, acquisitions, management and accounting; mortgage backed securities, swaps and swap valuation; underwriting, policyholder services and claims services; workers’ compensation, income protection plans, gap insurance and liability coverage; property/casualty insurance, life insurance and health insurance; retirement/savings plans such as social security, pension plans, Roth IRA, 527 Plans, 401(k) Plans, 403(b) Plans, annuities and related income tax savings vehicles; fair lending practices and urban analysis; public finance/financial management and taxation, central bank, tax, tariff and trade; and monetary policy, monetary reform and investment theory.

Additional Comments

Negotiating Unit: Professional, Scientific and Technical (PEF)

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

Salary

• Salary: The starting salary for this position is $137,163 with periodic increases up to $166,974
• 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
• Appointment to this position is pending Governor Appointment’s Office and Division of Budget approval.