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Review Vacancy

Date Posted 02/16/24

Applications Due03/15/24

Vacancy ID151524

NY HELPNo

AgencyFinancial Services, Department of

TitleChief Actuary Market Actuarial

Occupational CategoryOther Professional Careers

Salary GradeNS

Bargaining UnitM/C - Management / Confidential (Unrepresented)

Salary RangeFrom $162868 to $201711 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Exempt Class

Travel Percentage 0%

Workweek Mon-Fri

Hours Per Week 37.5

Workday

From 9 AM

To 5 PM

Flextime allowed? No

Mandatory overtime? No

Compressed workweek allowed? Yes

Telecommuting allowed? Yes

County New York

Street Address One State Street

City New York

StateNY

Zip Code10004

Minimum Qualifications Preferred Qualifications:
• Bachelor’s or master’s degree in mathematics, actuarial sciences, or statistics.
• At least 10 years of relevant actuarial experience in the field of Property/Casualty insurance.
• At least 5 years of managerial supervision.

Appointment method:
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.

Duties Description The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.
DFS is seeking candidates for the position of Chief Actuary Market Actuarial in the Market Actuarial Section of the Property Bureau. The Property Bureau is the largest business unit in the Insurance Division and oversees over 1000 regulated entities with more than $1.5 trillion of assets. Under the general direction of the Deputy Superintendent for Property, the Chief Actuary Market Actuarial will be responsible for overseeing the Market Actuarial Section, which regulates and monitors the property/casualty insurance market to ensure the protection and fair and equitable treatment of all policyholders.
Duties include but are not limited to:
• 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 (NAIC);
• 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 workflow 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 public.

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 $3,087 annual downstate adjustment.

Appointment Status: This is an appointment to a position in the exempt jurisdictional class.

Appointment to this position is pending Governor Appointment’s Office and Division of Budget approval.

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

Name Kara Waters

Telephone

Fax 518-402-5071

Email Address kara.waters@dfs.ny.gov

Address

Street One Commerce Plaza

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 March 15, 2024, to the email address listed below. Please include the Vacancy ID # in the subject line of your email to ensure receipt of your application. Email submissions are preferred.
Kara Waters
New York State Department of Financial Services Office of Human Resources Management
One Commerce Plaza, Suite 301
Albany, NY 12257
Email: NCE.Notifications@dfs.ny.gov
Fax: (518) 402-5071

All candidates that apply may not be scheduled for an interview

Public Service Loan Forgiveness
Employment with New York State qualifies an individual for Public Service Loan Forgiveness (PSLF). This program forgives the remaining balance on any Direct Student Loans after you have made 120 qualifying monthly payments while working full- time for a U.S. federal, state, local, or tribal government or not-for-profit organization. To learn more about the program and whether you would qualify, please visit: https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service

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) 473-3130 or via email at response@oer.ny.gov.

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