Principal Actuary Casualty, SG

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.

The Property Bureau is responsible for the supervision and regulation of the property and casualty insurance industry in New York State by establishing standards for financial solvency, market conduct, and corporate oversight, and producing regulations while monitoring compliance of regulated entities with such standards.

• Direct the analysis and auditing of loss experience and expense data submitted by insurers.
• Oversee the preparation of statistical exhibits and other information requested by the public, media, and legislature.
• Oversee the analysis of credible frequency, severity, and loss experience data.
• Review and analyze new and existing rate making methods.
• Advise on balance‑sheet items impacting reserves.
• Make recommendations to management on the analysis of loss and expense experience, loss‑reserving methods, and rate making techniques.
• Assist in designing statistical sampling tests to detect the accuracy of data submitted by insurers.
• Recommend reserves be incorporated on examination reports and defend examination findings to management.
• Testify as an expert witness at hearings and court proceedings.
• Assist in preparing testimony on insurer financial condition and solvency matters.
• Develop estimates of ultimate losses and loss‑adjustment expenses.
• Oversee the calculation of safety‑group accounting statements and estimate the impact of dividend requests.
• Calculate reserves for loss‑sensitive policyholders.
• Analyze proposed new products and contracts.
• Advise on the projection of future cash flows.
• Approve and assign report preparation including diagnostic reports.
• Supervise lower‑level actuarial staff.

• A bachelor’s degree or higher.
• Successful completion of four examinations of the Casualty Actuarial Society.
• Four 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.
  • Performing actuarial computations for reserves, premium rates, and/or policy forms.

Salary: $112,528 – $138,203. 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.

The position is part of the New York Hiring for Emergency Limited Placement Statewide Program (NY HELPS). For the duration of the NY HELPS Program, the title may be filled via a non‑competitive appointment, which means no examination is required but all candidates must meet the minimum qualifications. At a future date, employees hired under NY HELPS will have their non‑competitive employment status converted to competitive status.

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.

Under the Americans with Disabilities Act, 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. All people with disabilities are encouraged to apply to all jobs for which they meet the minimum qualifications.