Associate 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 in New York through responsible innovation;

and preserving the stability of the global financial system.

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 in New York through responsible innovation;

and preserving the stability of the global financial system. DFS is seeking candidates of varying experience and skill levels for various actuarial positions in the Property Bureau. The Property Bureau is responsible for the supervision and regulation of the property and casualty insurance industry 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.

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 casualty insurers conducting business in New York State. Duties include, but are not limited to, the following:

• Examines loss adjustment expense reserve of companies writing property and casualty lines of insurance;
• Establishes loss and adjustment expense reserves on the examinations of casualty insurers in financial difficulty;
• Reviews actuarial reserve reports and loss reserve opinions;
• Assists in the review of insurer rates, non-guaranteed elements, illustrations, and actuarial aspects of policy forms;
• Reviews minimum statutory formula reserves;
• Examines rating plans and analyzes technical components underlying auto rate filings;
• Reviews statistical plans that form the basis for the accumulation of statistical data;
• Compiles and audits insurance company experience in the insurance expense exhibits;
• Assists in preparing rate making guidelines;
• Assists in analyzing and approving workers' compensation deviations;
• Analyzes the general rate revision filed by NYCIRB;
• Assists in analyzing and approving multi-tier rating programs for private passenger automobile insurance;
• Develops special actuarial formulas;
• Handles requests for information and complaints regarding actuarial aspects of insurance practices;
• Prepares instructions and memoranda relating to the actuarial valuations involving mortality and remarriage contingencies and interest factors;
• Investigates difficult actuarial and statistical problems or directs such investigations;
• Assists in the supervision of consultants; estimates required premiums for large accounts, and accounting entries for financial statement reserves;
• Assists in the development of new or revised requirements regarding policy form requirements, asset/liability management, policy requirements, and risk management; and
• Supervises lower-level staff.

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 Casualty Actuarial Society; AND
• Three 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; 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 (NY HELPS).

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