StateJobsNY

NY HELPNo

AgencyFinancial Services, Department of

TitleSupervising Actuary (Life)

Occupational CategoryFinancial, Accounting, Auditing

Salary Grade664

Bargaining UnitM/C - Management / Confidential (Unrepresented)

Salary RangeFrom $98605 to $124437 Annually

Employment Type Full-Time

Appointment Type Permanent

Jurisdictional Class Competitive Class

Travel Percentage 10%

Workweek Mon-Fri

Hours Per Week 37.5

Workday

From 9 AM

To 5 PM

Flextime allowed? No

Mandatory overtime? No

Compressed workweek allowed? No

Telecommuting allowed? No

County New York

Street Address One State Street

City New York City

StateNY

Zip Code10004

Minimum Qualifications Appointment method:

Transfer: Candidates must have a Bachelor’s Degree, successful completion of at least six courses from the Society of Actuaries, five years of actuarial experience AND one year of permanent competitive service in a title eligible for transfer via Section 52.6 of the Civil Service Law. Information regarding transfer eligibility may be available on the Civil Service Career Mobility Office website at http://careermobilityoffice.cs.ny.gov/cmo/

Please Note that under Civil Service Law, an employee cannot have two consecutive upward 70.1 or 52.6 transfers without an intervening eligible list appointment, if such transfers would exceed two salary grades or one “M” grade.

List Appointment: Candidates must be reachable on the Civil Service eligible list for Supervising Actuary Life (#20-125).

If you are not yet on the eligible list for this title, the examination announcement and application can be found using the link below. Successful candidates will have their names added to the eligible list based on final score and will be eligible for appointment to this position if their score is immediately reachable or for future appointments at the time their score does become reachable. There is an ongoing need for persons qualified for appointment to this title and applications are accepted at any time.

http://www.cs.ny.gov/examannouncements/announcements/oc-cr/decentralized/20-125.cfm

Duties Description The duties of the incumbents may include, but not be limited to, the following:

• Performing tasks related to one or more of the following actuarial functions in accordance with the needs of the Business Unit:

o Reviewing insurer rates, nonguaranteed elements, illustrations and actuarial aspects of policy forms;

o Reviewing insurer risk management practices and asset adequacy analyses;

o Reviewing minimum statutory formula reserves, reinsurance treaties, liquidity filings, self-support memorandums, and actuarial aspects of risk based capital filings;

o Reviewing separate account plans of operations and actuarial projections related to mergers, acquisitions, and/or licensing of new insurers;

o Reviewing insurer dividend formulas, closed block filings, allocation of investment income and agent compensation filings; reviewing of funding and other actuarial aspects of public and private retirement systems overseen by the Department;

• Supervising consultants and/or lower grade level actuaries; establishing goals and priorities; monitoring performance; and ensuring that assigned staff meet their objectives;

• Performing special studies, developing management reports, and providing technical assistance to the Business Unit and Department;

• Participating on various task forces of the National Association of Insurance Commissioners such as the Life Actuarial Task Force and the Life Risk Based Capital Working Group;

• Assisting in the Business Unit’s development of new or revised requirements (e.g. regulation/legislation) regarding policy for requirements, asset/liability management, risk management, capital markets issues, and minimum statutory formula reserves;

• Performing actuarial review and analysis of rate adjustment applications for various segments of community?rated health insurance business consisting of small group, large group, individual plans and Healthy NY, submitted by commercial insurers, managed care organizations, and NYIL Article 43 not?for?profit health plans. Interacting with company consulting or staff actuaries to resolve NYSDFS questions and comments regarding rate adjustment applications;

• Evaluating compliance with minimum loss ratio requirements (MLRs) as well as all applicable federal and state statutes and regulations;

• Designing and maintaining a rate adjustment application template and applicant instructions;

• Drafting memoranda or reports, portions of which will become part of the public opinion and decision, describing and supporting NYSDFS findings and recommendations and/or actions taken on rate adjustment applications;

• Distributing rate application review and other assignments, establishing performance programs and procedures, and reviewing calculation and analysis work of lower level actuaries;

• Performing analyses on the adequacy of the reserves and liabilities of commercial insurers, managed care organizations, NYIL Article 43 not?for?profit health plans and municipal cooperative plans;

• Participating in meetings with the Business Unit Chief and Deputy Superintendent to explain the Business Unit's findings and recommendations regarding rate adjustment applications;

• Evaluating the financial condition of continuing care retirement communities, including review of fee schedule changes;

• Reviewing and analyzing Actuarial Opinions and Memorandums (AOMs) submitted pursuant to Regulation 126 and related Actuarial Standards of Practice for assigned domestic companies, foreign life insurers, fraternals or reinsurers;

• Reviewing life insurance and annuity policy form or rate filings for compliance with New York requirements regarding nonforfeiture, maximum limits, illustrations and other disclosure documents;

• Reviewing actuarial projections including but not limited to those related to asset adequacy analysis, separate account plan of operations, reinsurance filings, retirement systems, agent compensation, closed block analysis, mergers, acquisitions and/or licensing of new companies for compliance with New York Insurance Law and Regulations;

• Monitoring risks and risk management activities of assigned insurers; and

• Reviewing and overseeing actuarially funded public pension systems.

Additional Comments You will be required to be fingerprinted if hired and a background check may be done.

AMERICANS WITH DISABILITIES ACT: REASONABLE ACCOMMODATIONS

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.

Some positions may require additional credentials or a background check to verify your identity.

Name Kathleen Mix

Telephone (518) 474-2994

Fax (518) 402-5071

Email Address Kathleen.Mix@dfs.ny.gov

Address

Street One Commerce Plaza

City Albany

State NY

Zip Code 12257

Notes on ApplyingInterested qualified candidates must submit a resume and letter of interest no later than August 1, 2016 to the email address listed below. Please include the Box # (LIF-05209/CAP-05345) in the subject line of your email to ensure receipt of your application. Email submissions are preferred.