Supervising Actuary Casualty, M-4

New York State Department of Financial Services; Albany (OR); On-site; USD 127,507 - 160,911; Full time

Job summary

A government financial agency seeks actuaries in Albany, Oregon, to supervise pricing and market conduct in the property and casualty insurance sector. Successful candidates will evaluate reserves, lead ratemaking processes, and ensure compliance with regulations. Candidates need a bachelor’s degree, five completed actuarial exams, and five years of experience. The salary for this role ranges from $127,507 to $160,911, along with potential additional adjustments for certain locations.

Qualifications

• Must have five years of actuarial experience in relevant activities.
• Experience in governmental regulatory actuarial functions is preferred.

Responsibilities

• Supervise and review actuarial issues related to pricing and market conduct.
• Evaluate liability for outstanding losses.
• Lead the actuarial ratemaking process.

Skills

Actuarial analysis

Statistical modeling

Risk assessment

Regulatory compliance

Education

Bachelor’s degree or higher

Completion of five exams of the Casualty Actuarial Society

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 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.

Description

DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Property Bureau. The Property Bureau is responsible for the supervision and regulation of the property and casualty insurance industry in New York State and does so by establishing standards for financial solvency, market conduct and corporate oversight, producing regulations, and monitoring compliance of regulated entities with such standards.

Duties

As an Actuary in the NYS Department of Financial Services, you will supervise, review, or assist in the review of actuarial issues related to pricing, solvency, and market conduct of casualty insurers conducting business in New York State. Duties include, but are not limited to, the following:

• Evaluates the liability for outstanding losses and loss adjustment expense reserves of companies writing property and casualty lines of insurance;
• Tests insurer reserving practices to ascertain that projections of future rate needs are based on appropriate loss reserve estimates and develops reasonable standards for rating plans;
• Integrates actuarial findings with examination reports;
• Interprets the rate level effects of various legislative proposals;
• Provides advice on actuarial issues such as risk transfer, cash flow, and discounting;
• Represents the agency on matters involving property and casualty loss and loss expense reserves;
• Coordinates policy with others through the National Association of Insurance Commissioners (NAIC);
• Supervises a staff of lower‑level actuaries and consultants by assigning and reviewing work, and evaluating performance;
• Ensures actuarial soundness of all rating plans offered to policyholders;
• Leads the actuarial ratemaking process;
• Conducts internal rate reviews and analyzes impact of industry loss cost filings;
• Estimates pricing parameters;
• Performs segment profitability analysis to identify trends;
• Provides actuarial guidance in support of predictive modeling;
• Estimates accrual entries for financial statement reporting;
• Prepares various measures of capital adequacy for review by senior management; and
• Testifies before state and federal governmental bodies as an expert on actuarial issues.

Appointment Method

Applicants may be recruited via 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. At a future date (within one year of permanent appointment), it is expected that employees hired under NY HELPS will have their non‑competitive employment status converted to competitive status without having to compete in an examination.

Eligibility & Transfer

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. 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.

Minimum Qualifications

At the time of filing your application you must have all of the following:

• A bachelor’s degree or higher; and
• Successful completion of five examinations of the Casualty Actuarial Society; and
• Five 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; or
• Performing actuarial computations for reserves, premium rates, and/or policy forms.

Additional Comments

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

Salary

$127,507 - $160,911

Locations & Downstate Adjustment

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