Job Details

Actuary Position

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 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:

• Accumulates and reconciles internal company loss data with financial statement data;
• Assists in establishing and testing the adequacy of loss and loss adjustment expense reserves;
• Prepares exhibits displaying selected ultimate estimates, premiums, and loss ratios, and property/casualty reserves;
• Reviews ratemaking procedures;
• Examines filings to ensure that standard actuarial techniques were used;
• Analyzes insurance companies' premium trends, expense ratios, loss development factors, and profit provisions;
• Assists in reviewing routine rate submissions;
• Communicates with companies to get additional information on incomplete or inaccurate filings;
• Creates and maintains graphs, spreadsheets, and reports;
• Assists in preparing reports related to premium rate derivation; prepares various calculations approved by higher-level staff;
• Explains actuarial computations to staff, policyholders, and their representatives;
• Analyzes case reserves and recommends that certain calculations be final or interim; and
• Responds to data requests from outside entities.

Minimum Qualifications: On or before the date of filing your application, you must have all of the following:

• A bachelor's degree or higher including or supplemented by 24 semester credit hours in mathematics, statistics, and/or actuarial science; AND
• Successful completion of one examination of the Casualty Actuarial Society; AND
• One year of actuarial experience.

Salary: $70,579 – $89,645. 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.