Senior Actuary Life, SG-19

New York State Department of Financial Services; Albany (OR); On-site; USD 70,579 - 89,645; Full time

Job summary

A state financial regulatory body is seeking an actuary to review data accuracy and prepare valuation exhibits. Required qualifications include a bachelor's degree with 24 credit hours in mathematics or actuarial science, successful completion of an exam by the Society of Actuaries, and one year of relevant experience. The salary range is $70,579 to $89,645, with locations in New York City metropolitan area and additional adjustments for specific counties. This is a permanent position.

Qualifications

• Bachelor's degree with 24 credit hours in relevant subjects required.
• One year of actuarial experience needed.
• Completion of one Society of Actuaries examination essential.

Responsibilities

• Review data accuracy for plan valuations.
• Assist in setting adequacy of loss reserves.
• Prepare exhibits showing premiums and loss ratios.
• Review insurer rates and policy forms.

Skills

Mathematical and statistical analysis

Actuarial science

Data analysis

Education

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

Job 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, 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

• 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.
• Analyzes case reserves and recommends that certain calculations be final or interim.

Minimum Qualifications

• A bachelor's degree or higher, including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science.
• Successful completion of one examination of the Society of Actuaries.
• One year of actuarial experience.

Salary

$70,579 – $89,645

Location

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