Associate Actuary Life, SG-24

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; driving economic growth through responsible innovation; and preserving the stability of the global financial system.

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. Job duties include, but are not limited to:

• Reviews minimum statutory formula reserves, including the underlying actuarial reserve factors for traditional life, interest sensitive life, annuities, accident and health, and supplementary contracts. Verify compliance with applicable laws and regulations and correspond with companies on atypical methodologies where applicable. Use Microsoft Excel spreadsheets in performing aspects of this duty;
• Reviews Actuarial Opinions for compliance with applicable regulations. Also, reviews the associated Actuarial Memoranda for completeness and analyze related data;
• Assists in monitoring capital markets and risk management activities of New York's insurers, including development of risk profiles and analysis of company liquidity and product self support;
• Assists in conducting concurrent reviews and monitoring work of actuarial consulting firms, retained via the actuarial request for proposal, as they review minimum statutory formula reserves;
• Assists in drafting new and revised legislation, regulations, actuarial standards of practice, etc. for reserves for traditional and variable life insurance, fixed and variable annuities, and accident & health;
• Automates Department procedures using Microsoft Access databases, Microsoft Excel spreadsheets, or other appropriate software; and
• Performs special studies and provide technical assistance to reserve unit actuaries.
  

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; AND
• Successful completion of two examinations of the Society of Actuaries; AND
• Three years of actuarial experience in one or more of the following activities:

o Actuarial or statistical work for operating units or management;
o Governmental regulatory actuarial functions;
o Governmental or private pension actuarial functions; OR
o Performing actuarial computations for reserves, premium rates, and/or policy forms.
OR

• One year of service as a Senior Actuary and successful completion of two examinations of the Society of Actuaries.

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 https://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.

Non-Competitive Promotion (NCP): In accordance with Section 52.7 of the Civil Service Law, if the number of qualified candidates who apply for the position is three or less, a permanent appointment can be made, at agency discretion, by non-competitive promotion of an applicant who meets the minimum qualifications.