Senior Actuary Life, SG-19

New York State Department of Financial Services; Albany (OR); On-site; USD 74,000 - 94,000; Full time

Job summary

The New York State Department of Financial Services seeks actuarial professionals to support the Life and Health Bureaus, evaluating data used in plan valuation and testing reserve adequacy. You will contribute to regulatory solvency analyses and rate filings while working with experienced staff across life and health insurance supervision.

Minimum qualifications include a math/statistics/actuarial degree, Society of Actuaries exam completion, and at least one year of actuarial experience.

Qualifications

• Bachelor's degree in mathematics, statistics, and/or actuarial science.
• Successful completion of one Society of Actuaries exam.
• One year of actuarial experience.

Responsibilities

• Reviews accuracy and completeness of data underlying plan valuation.
• Assists in establishing and testing adequacy of loss and loss adjustment expense reserves.
• Prepares exhibits displaying ultimate estimates, premiums, and loss ratios.
• Reviews insurer rates, nonguaranteed elements, illustrations, and actuarial aspects of policy forms.
• Reviews ratemaking procedures.
• Reviews insurer risk management practices and asset adequacy analyses.
• Reviews minimum statutory formula reserves, reinsurance treaties, liquidity filings, and actuarial aspects of risk based capital filings.
• Reviews premium rate filings for individual and group accident and health products.
• Reviews and analyzes actuarial aspects of commission submissions, experience rating formula submissions, and premium rate complaints.
• Requests additional information on incomplete or inaccurate filings.
• Prepares various calculations approved by higher-level staff.
• Explains actuarial computations to staff, policyholders and their representatives; and
• Analyzes case reserves and recommends that certain calculations be final or interim.

Education

Bachelor's degree in mathematics, statistics, and/or actuarial science

Job description

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.

Duties Description

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 accuracy and completeness of the data underlying plan valuation;
• Assists in establishing and testing the adequacy of loss and loss adjustment expense reserves;
• Prepares exhibits displaying ultimate estimates, premiums, and loss ratios;
• Reviews insurer rates, nonguaranteed elements, illustrations, and actuarial aspects of policy forms;
• Reviews ratemaking procedures;
• Reviews insurer risk management practices and asset adequacy analyses;
• Reviews minimum statutory formula reserves, reinsurance treaties, liquidity filings, and actuarial aspects of risk based capital filings;
• Reviews premium rate filings for individual and group accident and health products;
• Reviews and analyzes actuarial aspects of commission submissions, experience rating formula submissions, and premium rate complaints;
• Requests additional information on incomplete or inaccurate filings;
• Prepares various calculations approved by higher-level staff;
• Explains actuarial computations to staff, policyholders and their representatives; and
• Analyzes case reserves and recommends that certain calculations be final or interim.

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 including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science; AND
• Successful completion of one examination of the Society of Actuaries; AND
• One year of actuarial experience.

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 (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: $73,755 - $93,682

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