Supervising Actuary , M

Overview

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, protecting them from financial harm, ensuring the health and stability of the financial entities it regulates, and driving economic growth through responsible innovation.

• 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;
• Supervises a staff of lower‑level actuaries.

• 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.

NY HELPS:
This title is part of the New York Hiring for Emergency Limited Placement Statewide Program. During the program, the position 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 are expected to have their non‑competitive employment status converted to competitive status.

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.

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.