Senior Life Actuary – Regulatory & Valuation Expert

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

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.