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Review Vacancy

Date Posted 05/09/22

Applications Due05/23/22

Vacancy ID104484

AgencyFinancial Services, Department of

TitleAssociate Actuary Life

Occupational CategoryFinancial, Accounting, Auditing

Salary Grade24

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

Salary RangeFrom $83550 to $105472 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Competitive Class

Travel Percentage 0%

Workweek Mon-Fri

Hours Per Week 37.5

Workday

From 8 AM

To 5 PM

Flextime allowed? No

Mandatory overtime? No

Compressed workweek allowed? Yes

Telecommuting allowed? Yes

County To Be Determined

Street Address *NYC: One State Street

Albany: One Commerce Plaza

City New York/Albany

StateNY

Zip Code10004

Minimum Qualifications Minimum Qualifications:

On or before the date of filing your application, you must have all of the following:
1) A bachelor's degree or higher; AND
2) Successful completion of two examinations of the Society of Actuaries; AND
3) Three 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.


Appointment method:
Continuous Recruitment List Appointment: Candidates must be reachable for appointment on the Civil Service eligible list for Associate Actuary Life - Department of Financial Services (#20-115).
If you are not yet on the eligible list for this title, the examination announcement and application can be found at: https://www.cs.ny.gov/examannouncements/announcements/oc-cr/decentralized/20-115.cfm
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.

Transfer: Candidates must have one year of permanent competitive service in a title eligible for transfer via Sections 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.

Duties Description The Department of Financial Services is seeking candidates for the position of Associate Actuary Life. Duties include, but are not limited to, the following:

• Reviews rate applications of medium complexity submitted by health maintenance organizations, commercial insurers, and non-profit medical and dental indemnity corporations for compliance with all applicable state and federal statutes and regulations. Analyzes financial information and loss ratios supporting these applications and draft recommendations as to their reasonableness;
• Assists in the review of more complicated rate applications submitted by health maintenance organizations, commercial insurers and non-profit medical and dental indemnity corporations, including experience rating formulas;
• Assists in the analysis of the adequacy of claim reserves reported in the companies’ financial statements and the review of annual loss ratio reports and other financial information submitted by insurance entities;
• Recommends solutions to difficult actuarial problems connected with the valuation of reserves or pricing matters;
• Assists in the analysis of new and proposed regulations or laws;
• Assists in the investigation and study of problems of reserves, annual statements, policy forms, rates and other matters;
• Investigates public complaints on actuarial-related matters, including premium matters;
• Conducts special studies and prepare reports as needed;
• Trains and supervises actuaries and assist with the management of a unit;
• Assists in the automation of Department procedures using Microsoft Access, Excel and other software as needed;
• Performs mathematical, quantitative, or qualitative analysis for special projects that may arise on an ad-hoc basis;
• Assists in the development of new or revised legislation, regulations and other rules and guidelines;
• Assists in the review and approval of agent and broker compensation plans;
• Assists more senior actuaries with their participation on various task forces of the National Association of Insurance Commissioners such as the Health Actuarial Task Force;
• Assists in the review of Actuarial Opinions for compliance with applicable requirements;
• Assists in monitoring capital markets and risk management activities of New York’s insurers, including development of risk profiles and analysis of company solvency;
• Assists in the review of health insurance claim reserves; and
• Checks method and calculation of approximations employed for reserve liabilities.

Additional Comments 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.

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

Name Ryan Taratus

Telephone

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 ApplyingTo Apply: Interested qualified candidates must submit a resume and letter of interest no later than May 23, 2022 to the email address listed below. Please include the Box # (Box 05035) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.

Ryan Taratus
Box 05035
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

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.

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