Please note: State agencies that contact job applicants do not usually request personal or financial information via text message or over the phone in connection with your response to a job posting. If you are contacted for such information by these methods, or any other method, please verify the identity of the individual before transmitting such information to that person.
Note: For questions about the job posting, please contact the agency that posted this position by using the contact information provided on the "Contact" tab for the position.

Review Vacancy

Date Posted 09/01/21

Applications Due10/31/21

Vacancy ID90714

AgencyFinancial Services, Department of

TitleDirector FS Programs 1 (Reinsurance Specialist)

Occupational CategoryAdministrative or General Management

Salary Grade31

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

Salary RangeFrom $110970 to $135089 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Non-competitive Class

Travel Percentage 0%

Workweek Mon-Fri

Hours Per Week 37.50

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 Required Knowledge:

• Familiarity with NYS DFS Rules and Regulations governing reinsurance.
• Familiarity with NAIC financial statements, exhibits, schedules and disclosures.
• General understanding of NAIC accounting and reinsurance standards.

Preferred Skills:
• Strong organizational skills to assess and oversee multiple assignments simultaneously and coordinate with other areas of the Department (i.e., actuarial, financial analysis, corporate regulatory units).
• Good written and oral communication skills necessary to interact with supervisors, subordinates, personnel from other areas of the Department, NAIC, other regulators and company personnel.
• Analytical skills to interpret information and formulate conclusions and recommendations with respect to reinsurance analysis findings
.

Appointment Method:

Candidates must meet the minimum qualifications listed below in order to be eligible for appointment:

Non Competitive: A Bachelor’s Degree in accounting, actuarial sciences, auditing, banking, business, business administration, business and technology, commerce, computer information systems, computer science, consumer sciences, criminal justice, cyber security, econometrics, economics, finance, financial administration, health, health administration, information systems, information systems engineering, information technology, internal controls, international or public affairs, law, market analysis, mathematics, public administration, public policy, risk management, statistics, taxation, or technology and seven (7) years of financial services experience with: 1) a regulated entity who has a regional, national and/or international presence; or 2) a governmental regulatory entity. This experience must include practical and technical knowledge about State, federal and/or international financial services laws, rules and regulations. Two (2) years of the experience must have been at a managerial level.

Substitutions: A J.D. or a master’s degree may substitute for one (1) year of specialized experience; and a Ph.D. may substitute for two (2) years of specialized experience.

Duties Description The Department of Financial Services (DFS) is seeking applicants to fill the position of Director FS Programs 1 (Reinsurance Specialist) in the Life Bureau of the Insurance Division. The Life Bureau is responsible primarily for performing complete contract reviews of reinsurance treaties/arrangements which directly impact the financial solvency of New York insurers. The incumbent of this position will perform this critical task, and will make determinations regarding: the transfer of financial risk; the financial soundness of, and regulatory risks posed by, the proposed arrangements; the appropriate accounting methodology used to record these transactions; and the impact to New York policyholders.

The duties will include, but will not be limited to, the following:

• Reviews complex reinsurance agreements submitted for approval to evaluate, among other matters, whether the treaty effectively transfers legitimate risk to allow the cedent to take statutory reserve credit in its filed NAIC annual statement;
• Determines that the terms of treaties are appropriate when the parties to the treaty are within a holding company organization;
• Identifies captive reinsurance and other reinsurance transactions prohibited and/or closely scrutinized by the Department in order to protect the solvency of domestic insurers;
• Determines the types of collateral (i.e., letters of credit, funds withheld and/or trust agreements) used to fund the statutory reserve credit under such treaties pursuant to insurance laws and regulations and consistent with internal guidelines developed by the Department;
• Evaluates applications by professional reinsurers for certified reinsurer status pursuant to Regulation No. 20;
• Measures the impact of reinsurance on statutory reserving requirements;
• Reviews a reinsurance structure’s overall compliance with New York laws and regulations;
• Reviews reinsurance disclosures in the annual statements, 10-Ks, annual reports, etc. and tabulating industry data;
• Determines whether reinsurance accounting is in accordance with SSAP guidelines;
• Prepares memoranda for supervisors and Executive summarizing reinsurance transactions and writes public reports;
• Participates in meeting with insurance companies and NAIC working groups with other regulators to address and resolve issues of concern; and
• Provides assistance to field examiners handling complex examination reinsurance issues and trains them to become proficient in reviewing reinsurance transactions.

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 Sandra Mell

Telephone

Fax (518) 402-5071

Email Address NCE.Notifications@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 October 31, 2021 to the email address listed below. Please include the Box # (DFSP1-LIFE-10019) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.

Sandra Mell
Box DFSP1-LIFE-10019
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

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.

Printable Version