Principal Actuary Life, SG-28

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

Job summary

A state department in Albany, Oregon is seeking candidates for actuarial positions. Applicants need at least a bachelor's degree, Society of Actuaries exam completion, and four years of relevant experience. Responsibilities include evaluating proposals, reviewing policy forms, and supervising staff. Salary ranges from $112,528 to $138,203, and competitive benefits are offered. This is a permanent position under the NY HELPS Program, providing unique employment opportunities.

Qualifications

• A bachelor's degree or higher in a relevant field.
• Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations.
• Four years of actuarial experience related to policy forms, government or private pension functions.
• Extensive knowledge in actuarial theory and its practical application to life and health policy.

Responsibilities

• Perform difficult actuarial duties requiring extensive knowledge in actuarial theory.
• Review rating of individual and group policy forms.
• Evaluate reserve strengthening and de-strengthening proposals.
• Analyze trends and drivers in community rate adjustment applications.
• Investigate difficult actuarial problems.

Job description

Overview

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. DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Life and Health Bureaus.

Responsibilities

• Performs difficult actuarial duties requiring extensive knowledge in actuarial theory and its practical application to life and health policy from construction and values;
• Reviews rating of individual and group policy forms;
• Evaluates reserve strengthening and de‑strengthening proposals submitted by insurers;
• Reviews community rate adjustment applications for HMOs and health insurers; analyzes trends and drivers;
• Analyzes proposed new products and contracts;
• Investigates and makes recommendations on difficult actuarial problems in valuations, field examinations, dividend methods, and related issues; and
• Supervises actuarial staff.

Minimum Qualifications

• A bachelor's degree or higher; AND
• Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations; 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;
  • governmental or private pension 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 of the title for which they apply. At this time, agencies may recruit and hire employees by making permanent non‑competitive appointments. At a future date (within one year of 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 Sections 70.1 or 52.6 of the Civil Service Law.

Salary & Benefits

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

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