Assistant Actuary, SG-14

New York State Department of Financial Services

About the Role

The New York Department of Financial Services (DFS) is seeking candidates for entry-level actuarial positions in various Bureaus within the Insurance Division. DFS aims to build an equitable, more transparent, and resilient financial system for New Yorkers and businesses. The Life and Health Bureaus regulate the life and health insurance industries, establishing standards for financial solvency, market conduct, and corporate oversight. The Property Bureau regulates the property and casualty insurance industry in a similar manner.

Key Responsibilities

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 operating in New York State. Specific duties include:

• Assists in constructing actuarial tables by analyzing and presenting data.
• Assists in reviewing the actuarial basis of plans and calculating 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.
• Assists in the preparation of quarterly loss reserve analysis.

Requirements & Tech Stack

• A bachelor's degree including 24 semester credit hours in mathematics, statistics, or actuarial science.
• Successful completion of one examination from the Society of Actuaries or the Casualty Actuarial Society is required for advancement.

Qualifications

• A bachelor's degree including 24 semester credit hours in mathematics, statistics, or actuarial science.
• Proof of successful completion of one examination from the Society of Actuaries or the Casualty Actuarial Society must be provided to the appointing authority at the time of completion for advancement.

Salary

• $56,132 - $71,719 (Journey Level, SG-14)
• $53,132 - $67,990 (Trainee Level, equated to SG-13)
• Positions within the New York City metropolitan area, Suffolk, Nassau, Rockland, and Westchester Counties are eligible for an additional $4,150 annual downstate adjustment.

Appointment Status

• Permanent or Contingent Permanent