Position Information

NY HELPNo

AgencyFinancial Services, Department of

TitlePrincipal Actuary Life

Occupational CategoryOther Professional Careers

Salary Grade28

Bargaining UnitPS&T - Professional, Scientific, and Technical (PEF)

Salary RangeFrom $95136 to $116844 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Competitive Class

Travel Percentage 0%

Schedule

Workweek Mon-Fri

Hours Per Week 37.5

Workday

From 9 AM

To 5 PM

Flextime allowed? No

Mandatory overtime? No

Compressed workweek allowed? No

Telecommuting allowed? No

Location

County Albany

Street Address One Commerce Plaza

City Albany

StateNY

Zip Code12257

Job Specifics

Minimum Qualifications A bachelor's degree or higher; AND
Successful completion of the Society of Actuaries examinations MLC, MFE, and two additional examinations; 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;
governmental or private pension actuarial functions; OR
performing actuarial computations for reserves, premium rates, and/or policy forms.

Duties Description The Department of Financial Services is seeking candidates for the position of Principal Actuary (Life) in the Health Bureau. Under the supervision of a Supervising Actuary (Life) and/or a Chief Life Actuary 3, the duties of the position will include, but not be limited to, the following:

• Reviews premium rate filings of individual and group accident and health products of health maintenance organizations, not-for-profit corporations, and commercial medical and dental insurers in connection with (i) new policy submissions or (ii) premium rate increase requests in order to determine compliance with statutes, regulations and guidelines. Includes the analysis of the actuarial information and loss ratios supporting the rate filings, and recommendations to Bureau management as to the reasonableness of the rate filings submitted to the Department;
• Identifies and develops rating material and supporting exhibits to be submitted by companies under the rate application process, assists with standardizing the process and addressing issues related to confidential information;
• Reviews and verifies material provided to the Department via System for Electronic Rates & Forms Filing and from other sources that is required to be submitted to the U.S. Department of Health and Human Services (HHS) under the Federal Grant program. Includes rating information and disclosure information required by HHS;
• Reviews Federal Medical Loss Ratio (MLR) rebate calculations and coordinates the Federal calculation with State-based statutory rebate calculations where the State has stricter standards for such rebates. Includes the preparation of summary reports for all companies, and the development of recommendations to Business Unit management as to modifications in the content of the current loss ratio reports and instructions;
• Reviews and analyzes actuarial aspects of commission submissions, experience rating formula submissions, and other analyses as required by Bureau Management;
• Determines proper reserve bases for insurers providing accident and health insurance coverage;
• Investigates complaints on rates and actuarial related matters;
• Responds to consumer inquiries;
• Assists in overseeing the Business Unit’s development of new or revised requirements (e.g. regulation/legislation) regarding policy for requirements, asset/liability management, risk management, capital markets issues, and minimum statutory formula reserves;
• Meets with representatives of the insurance industry, trade groups, other governmental agencies and Department personnel to discuss rating issues and explains or advocates the Department’s or Bureau’s position, and participates on workgroups within the Department or with the industry, NAIC or other governmental agencies;
• Attends and participates in Seminars/Conferences/Training Sessions, communicating the Bureau’s practices and procedures to interested parties;
• Assists in the preparation and review of model laws, regulations and guidelines on actuarial matters;
• Trains and supervises actuaries and assist with the management of a unit;
• Performs actuarial analyses to estimate the fiscal impact of proposed changes to the insurance law;
• Develops or aids in the development of software tools to improve the functioning and efficiency of the Bureau; and
• Performs actuarial studies, developing management reports, and other tasks as assigned.

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

Contact Information

Name Ryan Taratus

Telephone 518-473-0296

Fax 518-402-5071

Email Address ryan.taratus@dfs.ny.gov

Address

Street One Commerce Plaza

Suite 301

City Albany

State NY

Zip Code 12257

 

Notes on ApplyingAppointment method:

List Appointment: Candidates must take the Civil Service open-competitive examination for Principal Actuary (Life) (#20-120).
The examination announcement and application can be found using the link below. Successful candidates will have their names added to the eligible list based on final score and will be eligible for appointment to this position if their score is immediately reachable or for future appointments at the time their score does become reachable. There is an ongoing need for persons qualified for appointment to this title and applications are accepted at any time.

http://www.cs.ny.gov/examannouncements/announcements/oc-cr/decentralized/20-120.cfm

To apply for the Continuous Recruitment Examination for Principal Actuary (Life), please complete the Examination Application materials, found here: https://www.cs.ny.gov/extdocs/pdf/20-115.pdf, and return them, along with a copy of your collegiate transcripts, to the address below*:

NYS Department of Financial Services
Office of Human Resources Management
One Commerce Plaza, Suite 301
Albany, NY 12257
Human-resources@dfs.ny.gov

*Note: There is no deadline to apply for the Principal Actuary (Life) examination as applications are accepted on a continuous basis, however, to be considered for this recruitment, please submit your exam application no later than November 23, 2018.

Transfer: Candidates must have a Bachelor’s Degree, successful completion of at least four courses from the Society of Actuaries, four years of actuarial experience AND one year of permanent competitive service in a title eligible for transfer via Section 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 or one “M” grade.

Transfer candidates my apply by submitting a resume and letter of interest no later than November 23, 2018 to the email address listed below. Please include the Box # (LIFE-05351) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.

Ryan Taratus
Box LIFE-05351
New York State Department of Financial Services
Office of Human Resources Management
One Commerce Plaza, Suite 301
Albany, NY 12257
Email: ryan.taratus@dfs.ny.gov
Fax: (518) 402-5071

All candidates that apply may not be scheduled for an interview