Location: One State Street, New York City Business Unit: Property
Negotiating Unit: Management Confidential (MC)
Please note that a change in negotiating unit may affect your salary, insurance and other benefits.
Salary: Salary commensurate with experience
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 $3,026 annual downstate adjustment.
Appointment Status: Exempt
Appointment to this position is pending Division of Budget approval to fill.
The Department of Financial Services (DFS) is seeking candidates for the position of Chief Actuary. Under the general direction of the Deputy Superintendent, the incumbent will be responsible for overseeing the Property Bureau Financial and Market Actuarial Sections. Other duties will include, but not be limited to, the following:
Supervises analyses of property/casualty company reserves, performed in accordance with NAIC accreditation and actuarial standards. Duties include, but are not limited to: monitors workflow to meet deadlines; provides critiques and suggests improvements to subordinate actuaries’ work product; prepares memoranda regarding reserve findings and recommendations; and meets with internal/external participants to discuss/defend reserve indications;
Monitors and recommends new/updated procedures to improve quality of reserve analyses, performance and productivity;
Supervises comprehensive reviews of actuarial opinion documents; recommends and oversees implementation of improvements as needed;
Supervises analyses requiring actuarial input for other financial transactions, such as reinsurance agreements, mergers and acquisitions, and risk-based capital calculations;
Supervises the review and analysis of all types of property and casualty rate filings including, but not limited to: automobile, medical malpractice, Workers Compensation, homeowners, title, mortgage guaranty and commercial liability and property; reviews and analyzes innovative and complex filings;
Prepares recommendations regarding policy forms and rate filings;
In accordance with the needs of the Business Unit, reviews various ratemaking related documents including, but not limited to: rate adjustment requests; policy forms; asset adequacy analyses; minimum loss ratio requirement calculations, actuarial projections related to company transactions; and dividend formulae;
Designs and maintains rate adjustment application templates and related applicant instructions;
Assigns projects to staff and monitors their progress;
Monitors outsourcing of actuarial projects and supervises consultants from initial contract development to completion of the project;
Supervises subordinate actuarial staff; establishes goals and priorities; monitors performance; completes performance evaluations; and ensures that assigned staff meet their objectives;
Performs special studies, prepares management reports, and provides technical assistance to Department staff as needed;
Participates on various task forces of the National Association of Insurance Commissioners;
Provides input in developing new regulations/legislation requiring actuarial expertise;
Drafts memoranda or reports, for internal and/or public purposes, ensuring proper support and documentation for any findings and recommendations;
Maintains ongoing communication with other Department staff regarding significant issues and findings in the course of reserve/rate analyses;
Recommends, reviews and monitors implementation of new actuarial techniques/methods, new computer templates and databases and new work flow procedures and guidelines to conduct risk focused actuarial analyses in compliance with the current NAIC standards and practices;
Performs/supervises research on reserving and ratemaking topics and analyzes insurance data;
Advocates for actuarial resources needed to perform required functions; and
Represents DFS at hearings and court proceedings, as well as at meetings with internal personnel, insurance companies, sister state agencies, NAIC committees and the general public.
Extensive actuarial experience in the field of property/casualty insurance
Bachelor’s or master’s degree in mathematics, actuarial sciences, or statistics
This is an appointment to a position in the exempt jurisdictional class. As such, the incumbent of this position would serve at the pleasure of the appointing authority.
To Apply: Interested qualified candidates must submit a resume and letter of interest no later than August 15, 2019 to the email address listed below. Please include the Box # (Box 09154) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.
All candidates that apply may not be scheduled for an interview
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.
Pursuant to Executive Order 161, no State entity, as defined by the Executive Order, is permitted to ask, or mandate, in any form, that an applicant for employment provide his or her current compensation, or any prior compensation history, until such time as the applicant is extended a conditional offer of employment with compensation. If such information has been requested from you before such time, please contact the Governor’s Office of Employee Relations at (518) 474-6988 or via email at email@example.com
About NYS Department of Financial Services
NYS Department of Financial Services
Careers with DFS - General Information
New York State offers competitive salaries and an attractive benefits package. The Department of Financial Services is an Equal Opportunity/Affirmative Action Employer. Women, Minorities and Individuals with Disabilities are encouraged to apply.