Review Vacancy
Occupational CategoryFinancial, Accounting, Auditing
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $120187 to $151674 Annually
Minimum Qualifications Minimum Qualifications:
Reachable on current Civil Service list for this title; or one year of permanent, competitive class service as a Supervising Actuary (Life), or one year of permanent competitive class service in a title eligible for transfer under Section 52.6 of the Civil Service Law; and must also meet the following requirements:
• A bachelor’s degree or higher; AND
• Successful completion of the Society of Actuaries examinations MLC, MFE, and four additional examinations OR be an Enrolled Actuary and successfully completion of the Society of Actuaries examinations MLC, MFE, and three additional examinations; AND
• five years of actuarial experience in one or more of the following activities:
1. actuarial or statistical work for operating units or management;
2. governmental regulatory actuarial functions;
3. governmental or private pension actuarial function; OR
4. Performing actuarial computations for reserves, premium rates, and/or policy forms.
As this title is filled by Continuous Recruitment examination, candidates who meet the requirements listed above must complete a NYS-application form to apply for list eligibility. Please visit the Department of Civil Service website here for more information on how to apply: https://www.cs.ny.gov/announ/applications.cfm
Preferred Qualifications:
Applicants should be an Associate or Fellow of the Society of Actuaries (ASA, FSA) and a member of the American Academy of Actuaries (MAAA).
Please be advised that the New York State Insurance Fund does not offer sponsorship for employment visas to employees or potential employees. Candidates sponsored for employment by an organization should be aware of their sponsorship status and the relevant expiration date(s) of that sponsorship before applying to this position.
Duties Description The Supervising Actuary (Life) for the Disability Fund will report to the Chief Actuary and will be responsible for performing the following duties with respect to the Disability Benefits Fund (DBF) which may include, but not be limited to, the following:
• Performing actuarial pricing and reserving calculations involving disability insurance and Paid Family Leave in compliance with applicable regulations and statutes;
• Estimating the impact of actual and proposed changes in regulations and laws on the DBF;
• Representing NYSIF on, and/or providing actuarial support to, industry task forces and committees;
• Performing difficult actuarial duties requiring extensive knowledge in actuarial theory;
• Oversee all actuarial calculations related to the DBF;
• Recommend large account pricing;
• Supervise Actuarial and non-actuarial staff;
• Provide actuarial support for Paid Family Leave coverage;
• Analyze trends and drivers;
• Prepare, develop and review monthly, quarterly and annual internal and external financial and statistical reports;
• Review adequacy of DB and PFL rates and propose changes necessary to ensure proper pricing levels; prepare rate filings;
• Calculate premium returns due policyholder via the Return of Premium program and Premium Adjustment program;
• Monitor profitability by segment
• Analyze proposed new products and contracts;
• Develop analytics and models to support executive level decision making;
• Advise and assist business partners in the use of actuarial and mathematical techniques to analyze the business.
Additional Comments NYSIF has a telecommuting policy
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 marketplace 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 ten largest workers’ compensation carriers in the nation, insuring approximately 131,000 policyholders, with more than $1.6 billion in annual earned premium and over $22 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 57,500 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.
NYSIF Commitment to Diversity, Equity, and Inclusion
The New York State Insurance Fund (NYSIF) prioritizes and champions diversity, equity, and inclusion (DEI) throughout our agency. NYSIF provides equal opportunities to all employees and applicants for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability, veteran status, or any other protected category under federal, state, and local law. We believe that embracing our differences brings richness, new ideas and experiences to NYSIF, which energizes a creative and innovative work environment. We strive to foster a workplace where diverse individuals are able to participate fully in the decision-making process and have ample opportunity for advancement. We are committed to investing the necessary resources and attention to improving the engagement, retention, and promotion of the extraordinary talent we have.
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