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; and driving economic growth through responsible innovation; and preserving the stability of the global financial system.
DFS is seeking candidates for entry-level actuarial positions in various Bureaus within the Insurance Division. The Life and Health Bureaus are responsible for the supervision and regulation of the entire life and health insurance industries 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. 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:
- Assists in constructing actuarial tables by analyzing and presenting data;
- Assists in reviewing the actuarial basis of plans and calculates premiums;
- Evaluates premium rates, reserves, and liabilities;
- Assists in reviewing methods used to value categories of policies, special benefits, or special liability terms;
- Assists in checking the mathematical accuracy of calculations;
- Participates in field examinations of life insurance companies, fraternal benefit societies, health maintenance organizations (HMOs), commercial carriers, and non-profits;
- Assists in preparing valuation memoranda;
- Assists in reviewing health insurer rate submissions and statistical compilations; reviews insurance company rate filings and reserve analysis for compliance with standards;
- Maintains in-house databases;
- Assists with large account pricing by prepping models and templates with requisite data; and
- Assists in the preparation of quarterly loss reserve analysis.
Minimum Qualifications Appointment method:
Minimum Qualifications: On or before the date of filing your application, you must have a bachelor's degree including 24 semester credit hours in mathematics, statistics, or actuarial science.
Advancement Placement to the Assistant Actuary: You will be required to provide proof of your successful completion of one examination from the Society of Actuaries or the Casualty Actuarial Society to the appointing authority at the time of completion. Failure to provide proof to the appointing authority will delay the advancement.
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.
Additional Comments Please note that a change in negotiating unit may affect your salary, insurance and other benefits.
Salary: $53,764 - $68,630 (Journey Level, SG-14)
$50,844 - $65,061 (Trainee Level, equated to SG-13)
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.
Appointment Status: Permanent or Contingent Permanent
Some positions may require additional credentials or a background check to verify your identity.
