The Supervising Actuary of Financial Reporting will be responsible for overseeing all workers’ compensation actuarial reserving activities of the department.
Responsibilities include, but are not limited to:
Manage and lead the NYSIF Actuarial workers’ compensation reserving team, clarify job responsibilities and performance expectations, establish goals and job competencies, identify skill gaps, create development plans, coach and mentor on a continuous basis and provide performance evaluations
Oversee the establishment of appropriate loss and loss adjustment expense reserve balances in conjunction with the Finance Department
Oversee the preparation of monthly and quarterly statutory reports such as Schedule X and Schedule P
Design, implement and oversee a continuous process of reserve analysis and monitoring to ensure actuarial soundness in the roughly $10B of workers’ compensation loss and loss adjustment expense reserves held by NYSIF
Work with Claims, Underwriting, Finance and senior management to develop actuarially sound loss and loss adjustment expense reserve recommendations
Analyze impact of trends over time and communicate drivers to senior management
Evaluate and oversee the implementation and use of new analytical and diagnostical reserving tools and software packages
Advise and assist business partners with actuarial and mathematical techniques and complete analytical assignment to support business decision making
Provide actuarial guidance in support of NYSIF’s predictive modeling efforts, especially regarding claims reserving
Work with and provide guidance to external consultants on matters involving workers’ compensation loss reserving, including data issues, changes in settlement and case reserving patterns, Claims Department initiatives, impact of legislative reforms and any other changes relevant to the establishment of actuarially sound loss and loss adjustment expense reserves
Assist with Risk Based Capital monitoring and other capital modeling initiatives
Perform all work in accordance with Actuarial Standards of Practice as promulgated by the Actuarial Standards Board
A bachelor’s degree or higher; AND
Successful completion of five examinations of the Casualty Actuarial Society; 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; OR performing actuarial computations for reserves, premium rates, and/or policy forms.
Applicants should be an Associate or Fellow of the Casualty Actuarial Society (ACAS or FCAS) and a member of the American Academy of Actuaries (MAAA).
About New York State Insurance Fund
The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair market place and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 150,000 policyholders, with more than $2 billion in annual premium and $20 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 60,000 New York employers. In 2018, NYSIF added Paid Family leave as a component of its ...disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.