What are the responsibilities and job description for the Supervising Actuary Life, M-4 position at New York State Department of Financial Services?
Description
Duties Description
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; and driving economic growth through responsible innovation.
DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Life and Health Bureaus. The Life and Health Bureaus are responsible for the supervision and regulation of the entire life and health insurance industries in New York State and does so by establishing standards for financial solvency, market conduct and corporate oversight and produces regulations, while monitoring the compliance of regulated entities with such standards.
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:
Minimum Qualifications
Minimum Qualifications: On or before the date of filing your application, you must have all of the following:
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 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.
Additional Comments
Please note that a change in negotiating unit may affect your salary, insurance and other benefits.
Salary: $127,507 - $160,911
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
Duties Description
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; and driving economic growth through responsible innovation.
DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Life and Health Bureaus. The Life and Health Bureaus are responsible for the supervision and regulation of the entire life and health insurance industries in New York State and does so by establishing standards for financial solvency, market conduct and corporate oversight and produces regulations, while monitoring the compliance of regulated entities with such standards.
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:
- Oversees actuarial analysis of reserve valuations of domestic life insurance companies; accepts the valuation methods by domestic companies;
- Analyzes the actuarial implications of existing and proposed plans for agent compensation;
- Evaluates actuarial projections in connection with acquisitions, mergers, and tests of solvency;
- Determines proper reserve estimates for life insurance annuities, disability benefits, and accidental death benefits;
- Determines the effectiveness of regulations and proposes modifications;
- Drafts proposed regulations, legislation, and circular letters;
- Reviews reinsurance treaties for adherence to laws and regulations;
- Evaluates actuarial components of experience rating formulas of health insurance organizations;
- Reviews and critiques actuarial reports of continuing care retirement communities;
- Participates in field examinations of life and health insurance organizations, and fraternal benefit societies;
- Represents the agency on task forces and at NAIC meetings;
- Reviews the most difficult premium rating policy forms to determine that premiums comply with rules, guidelines, and regulations; and
- Supervises a staff of lower-level actuaries.
Minimum Qualifications
Minimum Qualifications: On or before the date of filing your application, you must have all of the following:
- 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 with successful 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:
- 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.
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 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.
Additional Comments
Please note that a change in negotiating unit may affect your salary, insurance and other benefits.
Salary: $127,507 - $160,911
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
Salary : $127,507 - $160,911