Principal Actuary Casualty, SG-28

Description

Duties 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.

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 produces regulations, while monitoring the 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:

• Directs the analysis and auditing of loss experience and expense data submitted by insurers;
• Oversees the preparation of statistical exhibits and other information requested by the public, media, and legislature;
• Oversees the analysis of credible frequency, severity, and loss experience data;
• Reviews and analyzes new and existing ratemaking methods;
• Advises on balance sheet items impacting reserves;
• Makes recommendations to management on the analysis of loss and expense experience, loss reserving methods, and ratemaking techniques;
• Assists in designing statistical sampling tests to detect the accuracy of data submitted by insurers;
• Recommends reserves be incorporated on examination reports and defends examination findings to management;
• Testifies as an expert witness at hearings and court proceedings;
• Assists in preparing testimony on insurer financial condition and solvency matters;
• Develops estimates of ultimate losses and loss adjustment expenses;
• Oversees the calculation of safety group accounting statements and estimates the impact of dividend requests;
• Calculates reserves for loss-sensitive policyholders;
• Analyzes proposed new products and contracts;
• Advises on the projection of future cash flows;
• Approves and assigns report preparation including diagnostic reports; and
• Supervises lower-level actuarial staff.

Appointment Method

Minimum Qualifications

Minimum Qualifications: On or before the date of filing your application, you must have all of the following:

• A bachelor's degree or higher; AND
• Successful completion of four examinations of the Casualty Actuarial Society; AND
• 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; OR
• performing actuarial computations for reserves, premium rates, and/or policy forms

NY HELPS: This title is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS).

For the duration of the NY HELPS Program, this title maybe filled via a non-competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications of the title for which they apply (see minimum qualifications above). At this time, agencies may recruit and hire employees by making permanent non-competitive appointments.

At a future date (within one year of permanent appointment), it is expected employees hired under NY HELPS will have their non-competitive employment status converted to competitive status, without having to compete in an examination. Employees will then be afforded with all of the same rights and privileges of competitive class employees of New York State. While serving permanently in a NY HELPS title, employees may take part in any promotion examination for which they are qualified.

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. Information regarding transfer eligibility may be available on the Civil Service Career Mobility Office website at http://careermobilityoffice.cs.ny.gov/cmo/.

Please Note that under 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.

Additional Comments

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

Salary: $117,592 – $144,422

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 $4,150 annual downstate adjustment.

Appointment Status: Permanent & Contingent Permanent