Principal Actuary Life, SG-28

Duties

The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.

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 producing regulations, while monitoring the compliance of regulated entities with such standards.

• Performs difficult actuarial duties requiring extensive knowledge in actuarial theory and its practical application to life and health policy from construction and values;
• Reviews rating of individual and group policy forms;
• Evaluates reserve strengthening and de-strengthening proposals submitted by insurers;
• Reviews community rate adjustment applications for HMOs and health insurers; analyzes trends and drivers;
• Analyzes proposed new products and contracts;
• Investigates and makes recommendations on difficult actuarial problems in valuations, field examinations, dividend methods, and related issues;
• Supervises actuarial staff.

Minimum Qualifications

• A bachelor's degree or higher;
• Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations;
• Four 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;
• 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: $112,528 – $138,203

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

Some positions may require additional credentials or a background check to verify your identity.