Property 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 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

Qualifications

• Eleven years of financial services experience with regulatory exposure.
• Two years of managerial level experience.

Responsibilities

• Supervises and oversees a team of examiners reviewing rates and policy forms for property products.
• Leads meetings with insurers regarding rate/form filings and complex policy forms.
• Participates in meetings with insurers and regulators on property insurance issues.
• Reviews amendments to the NYPIUA plan of operation and board appointments.
• Advises supervisors and management on proposed legislation and regulations.

Skills

Financial services experience

Managerial experience

Regulatory knowledge

Education

Bachelor's degree

Master's degree

Job description

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 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 team of 14 examiners reviewing rates and policy forms for all types of Property products including but not limited to homeowners, commercial property, commercial multi-peril, mortgage guaranty, and title insurance;
• 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 property insurance-related issues such as availability or affordability of certain types of policies;
• Reviews amendments to the plan of operation of the New York Property Insurance Underwriting Association (NYPIUA) and appointments to the NYPIUA Board;
• 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 commercial insurance products such as title, financial guaranty and fidelity and surety programs;
• 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.

Appointment Method

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: 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: Contingent Permanent

Appointment to this position is pending Governor Appointment’s Office and Division of Budget approval.