Supervising Actuary Casualty, M

Overview

The New York Department of Financial Services (DFS) seeks to build an equitable, more transparent, and resilient financial system that benefits New Yorkers and supports business. 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.

DFS is seeking candidates of varying experience and skill levels for actuarial positions in the Property Bureau. The Property Bureau supervises and regulates the property and casualty insurance industry in New York State by establishing standards for financial solvency, market conduct, and corporate oversight, and by monitoring compliance of regulated entities with those standards.

• Evaluate the liability for outstanding losses and loss adjustment expense reserves of companies writing property and casualty lines of insurance.
• Test insurer reserving practices to ascertain that projections of future rate needs are based on appropriate loss reserve estimates; develop reasonable standards for rating plans.
• Integrate actuarial findings with examination reports.
• Interpret the rate level effects of various legislative proposals.
• Provide advice on actuarial issues such as risk transfer, cash flow, and discounting.
• Represent the agency on matters involving property and casualty loss and loss expense reserves.
• Coordinate policy with others through the National Association of Insurance Commissioners (NAIC).
• Supervise a staff of lower‑level actuaries and consultants by assigning and reviewing work and evaluating performance.
• Ensure actuarial soundness of all rating plans offered to policyholders.
• Lead the actuarial rate making process.
• Conduct internal rate reviews and analyze the impact of industry loss cost filings.
• Estimate pricing parameters.
• Perform segment profitability analysis to identify trends.
• Provide actuarial guidance in support of predictive modeling.
• Estimate accrual entries for financial statement reporting.
• Prepare various measures of capital adequacy for review by senior management.
• Testify before state and federal governmental bodies as an expert on actuarial issues.

• A bachelor's degree or higher.
• Successful completion of five examinations of the Casualty Actuarial Society.
• Five years of actuarial experience in at least one 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 range: $127,507 – $160,911 per year. Positions within the New York City metropolitan area, as well as in Suffolk, Nassau, Rockland, and Westchester counties, are eligible for an additional $4,000 annual downstate adjustment.

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.

All people with disabilities are encouraged to apply to all jobs for which they meet the minimum qualifications.