Duties Description The New York State Department of Financial Services seeks to build an equitable, transparent, and resilient financial system that benefits individuals and supports business. Through engagement, data-driven regulation and policy, and operational excellence, the Department and its employees are responsible for empowering consumers and protecting them from financial harm; ensuring the health of the entities we regulate; driving economic growth in New York through responsible innovation; and preserving the stability of the global financial system.
Under the general direction of the Property Bureau’s Director of Market Regulation, the Director of Market Conduct, Market Analysis, and No-Fault Administration may perform, but is not limited to, the following duties:
- Briefs and advises the Director of Market Regulation and the Deputy Superintendent for Property on a wide range of supervisory, regulatory, legislative, novel policy proposals, enforcement, and other matters related to the Property Bureau’s Market Division, including major Insurance Division initiatives;
- Assists in implementation of the Superintendent’s goals and objectives for the Property Bureau;
- Makes recommendations that are relevant to the issues based on a thorough understanding of the short and long-range impact of the P/C insurance industry;
- Supervises and oversees the Property Bureau’s Market Conduct, Market Analysis and Regulatory Services (MARS), and No-Fault Claims Administration Units;
- Responsible for market conduct investigations of hundreds of P/C insurance entities operating in New York including the recommendation of penalties to be assessed against such entities for Executive review;
- Oversees the MARS unit for the intake and assignment of product filings; records maintenance and reporting functions including analysis of legislative and regulatory proposals; the preparation of data requests and studies; and supervision of the Bureau’s procedures for FOIL requests and internal controls;
- Oversees the Bureau’s activities involving regulation and monitoring of No-fault and automobile physical damage insurance activities;
- Interacts with other state agencies, industry representatives, other government officials and various Business Units in the Department such as OGC, CPFED, and other Bureaus as warranted;
- Advises insurance Division’s management and OGC’s Deputy General Counsel and staff on proposed insurance legislation, regulations, and for issuing guidance in circular letters or on the Department’s website;
- Consults with upper management and company officials on unique problems, procedures and stator provisions; and
- Other duties as assigned.
Minimum Qualifications Appointment Method:
Candidates must meet the minimum qualifications listed below in order to be eligible for appointment.
Non-Competitive: Twelve years of financial services experience** with EITHER a regulated entity who has a regional, national, and/or international presence; OR a governmental regulatory entity. This experience must include practical and technical knowledge about State, federal and/or international financial services laws, rules and regulations. Three years of the experience must have been at a managerial level.
Substitutions: An associate degree may substitute for two years of experience; a bachelor’s degree may substitute for four years of experience; a master’s degree may substitute for five years of experience; and a doctorate may substitute for six years of experience.
** Qualifying professional financial services experience is defined to include, but may not be limited to related experience gained with public accounting/auditing firms; cyber security and intrusion detection/mitigation firms; law firms, lobbying firms and consulting firms/companies; risk assessment, asset hedging and loss control firms; commodities markets, virtual currency and credit scoring; currency markets/exchanges, bond markets, stock markets and money markets; hedge funds, mutual funds, investment houses and rating firms; business valuation, stock valuation, and cash management; wealth management, wealth portfolio, and trust companies/corporations; firms with a nexus to corporate mergers, acquisitions, management and accounting; mortgage backed securities, swaps and swap valuation; underwriting, policyholder services and claims services; workers’ compensation, income protection plans, gap insurance and liability coverage; property/casualty insurance, life insurance and health insurance; retirement/savings plans such as social security, pension plans, Roth IRA, 527 Plans, 401(k) Plans, 403(b) Plans, annuities and related income tax savings vehicles; fair lending practices and urban analysis; public finance/financial management and taxation, central bank, tax, tariff and trade; and monetary policy, monetary reform and investment theory.
Additional Comments Please note that a change in negotiating unit may affect your salary, insurance and other benefits.
Salary: The starting salary for this position is $145,754 with periodic increases up to $176,123
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
Appointment to this position is pending Governor Appointment’s Office and Division of Budget approval.
Some positions may require additional credentials or a background check to verify your identity.
