Albany: One Commerce Plaza
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.
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.
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.
New York State Department of Financial Services
Office of Human Resources Management
One Commerce Plaza, Suite 301
Albany, NY 12257
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.