Senior Actuary Life, SG-19

Actuary Position

The New York Department of Financial Services seeks to build an equitable, more transparent and resilient financial system that benefits New Yorkers and supports business. Through engagement, data-driven regulation, and operational excellence, DFS is responsible for empowering consumers and protecting them from financial harm; ensuring the health and stability of the financial entities we regulate; driving economic growth through responsible innovation; and preserving the stability of the global financial system.

Duties

As an Actuary in the NYS Department of Financial Services, you will supervise, review, or assist in the review of actuarial issues related to pricing, solvency, and market conduct of life and health insurers conducting business in New York State. Duties include, but are not limited to, the following:

• Reviews accuracy and completeness of the data underlying plan valuation;
• Assists in establishing and testing the adequacy of loss and loss adjustment expense reserves;
• Prepares exhibits displaying ultimate estimates, premiums, and loss ratios;
• Reviews insurer rates, nonguaranteed elements, illustrations, and actuarial aspects of policy forms;
• Reviews ratemaking procedures;
• Reviews insurer risk management practices and asset adequacy analyses;
• Reviews minimum statutory formula reserves, reinsurance treaties, liquidity filings, and actuarial aspects of risk based capital filings;
• Reviews premium rate filings for individual and group accident and health products;
• Reviews and analyzes actuarial aspects of commission submissions, experience rating formula submissions, and premium rate complaints;
• Requests additional information on incomplete or inaccurate filings;
• Prepares various calculations approved by higher-level staff;
• Explains actuarial computations to staff, policyholders and their representatives; and
• Analyzes case reserves and recommends that certain calculations be final or interim.

Minimum Qualifications

Appointment method:

Minimum Qualifications: On or before the date of filing your application, you must have all of the following:

• A bachelor's degree or higher including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science; AND
• Successful completion of one examination of the Society of Actuaries; AND
• One year of actuarial experience.

NY HELPS: This title is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS).

For the duration of the NY HELPS Program, this title maybe filled via a non-competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications of the title for which they apply (see minimum qualifications above). At this time, agencies may recruit and hire employees by making permanent non-competitive appointments.

At a future date (within one year of permanent appointment), it is expected employees hired under NY HELPS will have their non-competitive employment status converted to competitive status, without having to compete in an examination. Employees will then be afforded with all of the same rights and privileges of competitive class employees of New York State. While serving permanently in a NY HELPS title, employees may take part in any promotion examination for which they are qualified.

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

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.

Additional Comments

Please note that a change in negotiating unit may affect your salary, insurance and other benefits. Salary: $70,579 $89,645. 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 $4,000 annual downstate adjustment. Appointment Status: Permanent & Contingent Permanent.

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