Principal Actuary Casualty, SG-28

New York State Department of Financial Services; Albany (OR); On-site; USD 112,528 - 138,203; Full time

Job summary

A state financial regulatory agency seeks an experienced Actuary to supervise and review actuarial issues related to pricing and market conduct of insurers. Candidates should have a bachelor's degree, complete four exams from the Casualty Actuarial Society, and possess at least four years of relevant actuarial experience. The role includes analyzing loss data, preparing statistical reports, and making recommendations on actuarial methods. A competitive salary ranging from $112,528 to $138,203 is offered, with potential additional adjustments for certain locations.

Qualifications

• Bachelor's degree or higher.
• Successful completion of four examinations of the Casualty Actuarial Society.
• Four years of actuarial experience in relevant activities.

Responsibilities

• Supervise review of actuarial issues related to pricing and solvency.
• Analyze and audit loss experience and expense data submitted by insurers.
• Prepare statistical exhibits for public and legislative queries.

Skills

Statistical analysis

Ratemaking techniques

Laws and regulations regarding insurance

Expert testimony

Education

Bachelor's degree or higher

Job description

Overview

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.

Responsibilities

As an Actuary in the NYS Department of Financial Services, you will supervise, review, or assist in the review of actuarial issues related to pricing, solvency, and market conduct of casualty insurers conducting business in New York State. Duties include, but are not limited to, the following:

• Directs the analysis and auditing of loss experience and expense data submitted by insurers;
• Oversees the preparation of statistical exhibits and other information requested by the public, media, and legislature;
• Oversees the analysis of credible frequency, severity, and loss experience data;
• Reviews and analyzes new and existing ratemaking methods;
• Advises on balance‑sheet items impacting reserves;
• Makes recommendations to management on the analysis of loss and expense experience, loss reserving methods, and ratemaking techniques;
• Assists in designing statistical sampling tests to detect the accuracy of data submitted by insurers;
• Recommends reserves be incorporated on examination reports and defends examination findings to management;
• Testifies as an expert witness at hearings and court proceedings;
• Assists in preparing testimony on insurer financial condition and solvency matters;
• Develops estimates of ultimate losses and loss adjustment expenses;
• Oversees the calculation of safety‑group accounting statements and estimates the impact of dividend requests;
• Calculates reserves for loss‑sensitive policyholders;
• Analyzes proposed new products and contracts;
• Advises on the projection of future cash flows;
• Approves and assigns report preparation including diagnostic reports; and
• Supervises lower‑level actuarial staff.

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 four examinations of the Casualty Actuarial Society; AND
• Four 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; OR
• Performing actuarial computations for reserves, premium rates, and/or policy forms

Appointment Method

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 may be filled via a non‑competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications. At a future date, employees hired under NY HELPS are expected to have their non‑competitive employment status converted to competitive status without having to compete in an examination.

Salary

Salary: $112,528 – $138,203. 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 $4,000 annual downstate adjustment.

Appointment Status

Permanent & Contingent Permanent.