Supervising Actuary Life, M-4

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

Job summary

A financial regulatory agency in Albany is seeking an experienced actuary to oversee actuarial analysis and ensure compliance within the Department of Financial Services. The successful candidate will be responsible for evaluating reserve valuations, analyzing compensation plans, and supervising a team of junior actuaries. A bachelor's degree and successful completion of Society of Actuaries examinations, along with five years of actuarial experience, are required. The salary range is $127,507–$160,911.

Qualifications

• Successful completion of Society of Actuaries exams MLC, MFE, and additional exams.
• Five years of actuarial experience in relevant fields.

Responsibilities

• Oversees actuarial analysis of reserve valuations.
• Analyzes actuarial implications of agent compensation plans.
• Determines reserve estimates for life insurance products.
• Drafts proposed regulations and legislation.

Skills

Actuarial analysis

Statistical work

Regulatory compliance

Team supervision

Education

Bachelor's degree or higher

Job description

Overview

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 it regulates, and driving economic growth through responsible innovation.

Responsibilities

• Oversees actuarial analysis of reserve valuations of domestic life insurance companies; accepts the valuation methods by domestic companies;
• Analyzes the actuarial implications of existing and proposed plans for agent compensation;
• Evaluates actuarial projections in connection with acquisitions, mergers, and tests of solvency;
• Determines proper reserve estimates for life insurance annuities, disability benefits, and accidental death benefits;
• Determines the effectiveness of regulations and proposes modifications;
• Drafts proposed regulations, legislation, and circular letters;
• Reviews reinsurance treaties for adherence to laws and regulations;
• Evaluates actuarial components of experience rating formulas of health insurance organizations;
• Reviews and critiques actuarial reports of continuing care retirement communities;
• Participates in field examinations of life and health insurance organizations, and fraternal benefit societies;
• Represents the agency on task forces and at NAIC meetings;
• Reviews the most difficult premium rating policy forms to determine that premiums comply with rules, guidelines, and regulations;
• Supervises a staff of lower‑level actuaries.

Minimum Qualifications

• A bachelor's degree or higher; AND
• Successful completion of the Society of Actuaries examinations MLC, MFE, and four additional examinations OR be an Enrolled Actuary with successful completion of the Society of Actuaries examinations MLC, MFE, and three additional examinations; 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;
  • Governmental or private pension actuarial functions; OR
  • Performing actuarial computations for reserves, premium rates, and/or policy forms.

Additional Comments

NY HELPS: This title is part of the New York Hiring for Emergency Limited Placement Statewide Program. During the program, the position may be filled via a non‑competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications. At a future date, employees hired under NY HELPS are expected to have their non‑competitive employment status converted to competitive status.

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.

Salary: $127,507 – $160,911. 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.