Supervising Actuary Casualty, M-4

Duties

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.

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

• 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;
• 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;
• Counsels and 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;
• Ledges 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;
• Testifies before State and federal governmental bodies as an expert on actuarial issues.

Minimum Qualifications

• A bachelor's degree or higher;
• Successful completion of five examinations of the Casualty Actuarial Society;
• 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
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

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

Email Address: human-resources@dfs.ny.gov

Address: Suite 301, One Commerce Plaza, Albany, NY 12257

Public Service Loan Forgiveness: Employment with New York State qualifies an individual for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on any Direct Student Loans after you have made 120 qualifying monthly payments while working full-time for a U.S. federal, state, local, or tribal government or not-for-profit organization. To learn more about the program and whether you would qualify, please visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

AMERICANS WITH DISABILITIES ACT: REASONABLE ACCOMMODATIONS: Under the Americans with Disabilities Act (ADA), the Department of Financial Services is required to provide reasonable accommodation for known physical or mental limitations of an otherwise qualified applicant with a disability if an accommodation would enable the applicant to perform the essential functions of the job. If the accommodation would constitute an undue hardship on the operations of the agency, the agency is not required to provide it.